Forex trading is fast gaining popularity. This can be attributed to the rising number of “financial gurus” on YouTube who advocates passive income, financial literacy, investments, and earning from the stock market. This sparks a lot of people to google and talking about “stock market”, “passive income”, “investments”, which inevitably will lead you to technical analysis, charting and ultimately forex (pardon the logic if you found out about forex in a different manner). With everyone on Facebook, one cannot miss FB groups posting forex and the lavish lifestyle of traders and this created a lot of curiosity and interest.
Warning: This post is based on personal experience and opinion only. It may not be the truth for all forex seminars out there.
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DO NOT PAY FOR FOREX SEMINARS. Everything you need to learn about forex can be found online. These people conducting seminars about forex also found all their information online. They surf YouTube, do additional research on Investopedia and other forums, and viola! That’s a paid forex seminar for you!
These seminars are 10% introduction to forex (which can be found online), 10% how to start forex trading (which can be found online), 40% false promises of a trader’s life (which can be found online), and 40% how to join their referral program, whether it be a broker or an EA or signal provider.
Don’t get me wrong, I have nothing against people earning extra when you sign up under their referral programs – I also post referral links in this blog, but what’s wrong is when people deny it. “I am doing this seminar because I want to help as many people become financially free! Yadah yadah blah blah bullsh*t! They should be saying “We are doing this because when you sign up under our referral links, we can earn passive income, and in turn, continue to feed your hopes that you too can earn passive income and become financially free!” – Bullsh*t.
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All the information you’ll hear in these paid seminars are available online – Free! You don’t need to pay for anything. You will not learn anything new with these expensive forex seminars! A simple googling for 10 minutes can save you hundreds if not thousands of dollars for a forex seminar!
Ok, maybe you’ll reason but at least it will save us some time because the seminar is only 1 day and forex YouTube videos can take days and days to watch. Well, you can never learn (and be successful) in forex in one day. There is no such thing. You need time and experience to learn forex. Professional traders will advise at least 2 years of practicing a demo account before going to a live account.
Don’t get the idea that the more expensive your seminar is the more effective it is. Forex success is more about trading psychology. Trading psychology is the key to a successful trading career. It is something internal – no one can teach it. The only way to master it is through time and experience.
Ok, ok… I admit these seminars are not completely useless… If you are like a tabula rasa or know nothing at all, and if you can’t (for whatever reason) search your way through Google or YouTube, then burning cash may be your only way. As I mentioned, seminars will still spend a few minutes defining forex so at least you’ll learn that. The rest of the time is just selling and convincing you to join their affiliate program.
Learn Forex Trading
You keep on blabbing about finding it online but you never say where. Alright, here’s a few for all ye’ lazy Millenials out there 😁✌
Introduction – Investopedia, Babypips.com
Charting and Indicators – Tradingview
YouTube Channels – Trading212, TraderNick, ForexSignals, RaynerTeo
Economic Calendar – DailyFX useful for fundamental analysis
MetaTrader 4 – Use MetaTrader4
Account and performance verification – myfxbook is useful for EA performance verification and copy trading
Brokers – eToro, XM, FBS. IC Markets
eToro has the highest spread among the brokers mentioned above. Spreads are the difference between the actual market price and broker price. As a beginner, if you don’t want to study and just want to copy trade others, then use eToro.
