When you're choosing a forex trading course, you'd want to choose a course that teaches you a system that's profitable, that has an acceptable drawdown, and that actually fits into your daily routine as well!
When you think about it, all three of these criteria must be there, otherwise the forex system will not be tradable, and you'll need to start over again.
If you've ever traded before, you may have an idea of what you're looking for when choosing a forex course. If not, you'll need some guidelines as to how to decide on a profitable and suitable forex course.
By the time you finish this article, you'll know how to look at a forex course to help you choose a system that's worth putting in the time to learn!
Here are 7 criteria to consider when choosing a forex trading course:
1. Are you getting a course which simply introduces you to forex, or a course which will teach you a specific forex system?
If you're like most people, you'd want to learn a specific forex system. More and more systems are becoming available on the internet now, so we all need to hone up our skills on how to assess them.
2. Is there a money back guarantee on the course?
Most forex courses and ebooks that you order online will have money back guarantees, although if you also get a physical product with the course, the shipping cost may not be refundable. But a guarantee is good.
3. What times of the day do you need to trade the system?
Depending on your time zone whether you're in the US or Canada, the UK, or Australia, and the currency pairs that you're trading, the times of peak market movements may be during the day or during the night. So check the times that the system is traded is suitable for your time zone.
4. How long does it take to assess the market and to trade the system?
Some systems take 15 minutes four times a day to trade, while others take a few hours total per day. On the other hand, systems that trade major economic announcements will only trade during these announcements, so you know exactly when you need to be available.
5. The performance of the system, including the profitability of the system, shown as either pips per month or dollar amounts based on a certain float size, the maximum historical drawdown of the system, the consistency of the system, and the “profit-loss”, “win-loss”, and “profitability” ratio.
You'd want to study these carefully so that you can compare one forex system with another. You may not find all of these details on their websites, but you normally should be able to find at least the profitability, the consistency over the months. To read more about how to tell if a forex trading system is a good one, go to this tutorial at http://www.theforextrader.net/forex-systems-strategies.php
6. Is the system 100% mechanical, discretionary, or both?
Now, depending on your trading background you may have a preference for one type of system to the other. This is a preference issue. Whatever the system, you need to paper trade it to show that it works first.
7. Is there support after you do the forex trading course, either via a forum or email support?
Some courses actually provide daily signals as well as a system, from the originator of the system to ensure that you're getting the trades right. Whichever method is available, follow up is beneficial to help answer any questions you have about the system.
So there you have it.
Keep these points in mind when you're assessing a forex trading course on the internet. If you choose well, you'll be able to get into a system that is both profitable, and suits your routine.
This will get you the best results in the shortest possible time!
Mark Hamburg helps you to go from forex novice, to actually understanding what you need to know about forex, quickly and easily. To get more valuable tips and tricks on forex, visit his site to learn more about forex trading courses and ebooks , and more.