Four signs that an aspiring Kenyan forex trader must read before choosing a Kenyan forex tutor as an instuctor ~ demo trading forex bahasa indonesia
If you have not read the article titled, Can forex trading be taught? I would urge you to follow the link after reading this article. This article is a follow up to that previous piece of writing and is intended as small talk to those who are either learning how to trade forex under a forex instructor or those who have plans of purchasing an online forex trading course. You need toknow what you are entering into before taking that step. This is because we live in a world of fakes. There is even a phrase to the effect that we
should fake it if it is the only way that we can make it. It so turns out that dozens or more of the online forex instructors are simply faking it. And if you are new to matters forex, it can be a little bit harder on your part to
discern the genuine or real from the fakes. It is such sad situation encountered by forex beginners that has necessitated the writing of this article.
Below are some of the signs that will enable you to tell whether your forex instructor is worth the money you are paying him and the amount of hours you appropriate to his course.
1. He is never current
If your forex instructor is not updated then you are getting a wrong deal. The forex instructor should not be tutoring basing on some old forex charts of the nineties. Most of forex is not some chemical formulae that you cram and subject any calculation you meet thereafter. The forex market is a fluid sphere and strategies that worked five years ago could be loss making strategies today. The charts used in your lessons must be real time charts or those brought out by you in form of questions. Short of that the forex instructor will simply impress you with the power of hindsight when in actual sense he is simply another guy faking it to make both ends meet.
2. He is not incubating the small forex account with you
Practical learning is the best way to develop. You will not be a profitable trader by simply taking notes from the instructor. The lessons must involve practical learning. A good forex instructor will encourage you to open a live forex trading account with a small amount. It is his duty to grow that account with your through his recommendations of how and when to trade. Incubating the small account is the only way of getting to know whether the strategy you are being taught actually works. Learning how to trade forex successfully is not like a history lesson based on imagination. A live forex trading account will enable the instructor to teach you the proper money management styles which most forex instructors often ignore. It will also be the best way that the forex tutor can recommend ways of handling emotions that come after a loss or that desire to take more trades after a string of winning trades. In forex practice makes perfect.
3. He is a jack of all strategies and a master of none
Your forex instructor must be good at a particular trading strategy. If he is teaching you price action based on technical analysis and also claims to teach others how to trade the news or how to scalp then he is confused. He must show belief in the strategy you are paying for. The strategy must include reasons for taking a trade, when to take the trade, entry and the exit criteria. If your forex instructor takes you through all forms of trading it implies that he still lacks a trading philosophy and is simply experimenting with what can and cannot work. Anybody can do that and you are probably paying for the forex trading course because you’ve become tired of your trial and error strategies.
4. He does not provide market analysis
A good forex instructor should be providing constant market analysis. He should have his on views as to which pairs are good to trade. He should be able to tell which pairs are good to sell and which are good to buy. A positive result from his market analysis could tell whether or not his strategy works. Through his market analysis you could also get to know whether or not he is a long term or short term trader. This is absolutely important because you do not want to be taught how to trade on the weekly charts when you prefer or are more comfortable trading the 1 hour or daily chart. His market analysis should be close to what you have imagined forex trading to be and the fact that he offers no market analysis should be reason enough for you to ignore him altogether.
Those four signs should help you weed out the wrong forex instructors in your quest for a forex trading strategy that works. Forex instructors tend to have blogs or websites through which they interact with their students. Check on such sites to see whether they have a link to you tube where the forex instructor has left any latest views on the markets. Check whether the strategy he used in analyzing the market is easy to grasp and the number of times he has been right about the direction of a trade. Do not put much emphasis on the good reviews left on the site by former students. Most of them tend to be solicited reviews.
Conclusively, my philosophy is to the effect that the best way to learn forex trading is to be self taught by subjecting yourself into some kind of personal trading academy. There are thousands of freely downloadable materials on how to trade forex online. Most of them are useful and will help you grow into a self made forex trader. But if you must be taught, then be only under the best forex instructor.
You do not need huge capital to start trading. Open a trading account with NORDfx and trade both forex and binary options for only 10 dollars.
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