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The best advice that you can follow prior to trading Forex is to get a good high quality Forex course to get you on the right footing. The Course should covers the foundations forex basics and give you an efficient and user friendly trading system.
The problem is that often those people advising you to buy a course just happen to be promoting one-usually an expensive one at that. They're usually not giving you unbiased recommendations. So how do you separate the good courses from the junk? It's easy when you know which factors are the most important. All things considered, there are four essential rules for choosing a quality Forex course.
1 . It should have a comprehensive system
There are literally dozens of systems out there and many of them do, in fact, work reasonably well. When you're starting out, though, it's hard to decide which trading system to go with. For beginners, there's a tendency to cherry pick seemingly good techniques from several different systems. Unfortunately, you probably won't end up with anything but mush this way.
This defeats the whole purpose of having a system where all the various components in synchronization with each other helping you achieve profitability. Therefore ensure that the system you wish to use has Setup conditions, Entry and Exit Rules, Stop Loss points and of course leave nothing to chance.
2 . Technical analysis based System
Here we are talking about a system which incorporate past market data and just using the fundamental data. Also ensure that it is not 100% mechanical as a mechanical system cannot make value judgments at time. But instead go for a system which allows you to fine tune it as you get more proficient in using it. If you are reliant upon a 100% mechanical system, you could end up forgetting to ensure that it up to date.
3 . Provision of Guidelines for the management of Finances
Knowing how to make good trades and profiting from it is just part of the picture. You must also know how to manage your financial position as well. As such see to that the course has also guidelines on how to manage your financial position so that you can maintain a healthy portfolio.
4. Requires less than 20 minutes operation time
While we'd all like to make money with less than an hour of work a day, most of us will readily admit that's not likely to happen. So why should anyone care whether a trading system takes 20 minutes or two hours a day as long as it's effective? The reason is that trading is mentally draining. It requires complete focus and after even an hour of trading, you get tired, start to lose focus and start making bad trades.
Therefore if you follow these four guidelines to shopping for an ideal forex course it should be relatively easy to find one that can qualify as a high quality forex course.
By: Joel Gardner
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Find out which forex trading softwares and forex trading systems actually make you the money. Stop wasting time and effort on systems that don't deliver results.
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