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Forex trading courses?

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Super Contributor
My youngster has just finished his Bsc civil and is employed earning a measly salary and needs to broaden his horizons, he seems keen on forex trading but I have no clue in which direction to point him. Any good suggestions?
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17 REPLIES 17
Frequent Contributor
Start with the free stuff.
This is a good site, its free as well.
http://www.babypips.com/school

Open a demo account on metatrader and trade on that for practise.
Its obviously not the same as a real account but it gives you a chance to understand it more clearly and try things in a safer environment
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Super Contributor
Thanks Bchip, that sounds like a great place to start. Are there any good physical courses that are worth sending him too, preferably in the Jhb area?
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Not applicable
Im busy investigating the courses available, even though I know of some I dont want to recommend anything if I havent really seen the content. What Im trying to do is to load all these courses onto myshares.co.za and get people who have gone through it to rate the courses.

Maybe Ill have a better answer in the next couple of months for you, luckily in the mean time theres enough to do with free stuff.

If there is one tip I can give, that none of the courses seem to give is that at end of the day he will only be successful if he finds his trading personality. For example is he a long term trader or short term? Is he mechanical, technical or fundamental?

Considering he is an engineer he will most likely be very analytical and will prefer a mechanical approach (it may or may not be robotic). But to get that lesson to sink in he needs to get to that realization himself, which takes time. The demo account will help with that process but real money tends to speed it up.
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Gert15
Contributor
Tell him to work hard and byt vas. Once he's proofed himself and starts moving up his salary will double and again and again.
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Gert15
Contributor
Tell him to work hard and byt vas. Once he's proofed himself and starts moving up his salary will double and again and again.
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Not applicable
Yes, Please note Im not advocating that he rushes off and becomes a full time trader or anything. Just like what he studied takes time. The earlier he starts the more he'll learn, but theres unfortunately no rush, 99.9999% of traders arent profitable in the first 3-5 years of trading. So be careful when you place real money into that account, because you will most likely lose the first 3 accounts (please remember that if/when making the leap).
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Gert15
Contributor
No I agree with you. Good luck to him
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Super Contributor
BC01, where do you get that figure of 99.9999% from?!
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Super Contributor
Thanks guys, he has no intention of side stepping his career for now, he knows he has to stick it out, but he would like to broaden his horizons and make some extra money if that makes sense! Parenting is not for sissies, would rather trade, lol
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Not applicable
Hi Gulac. I have done quite a few online and offline courses. The best one I found so far is the one done by EMQ based in Pretoria. Its a one time lifelong membership so I repeat it completely free from time to time when they have it in Cape Town even years after I initially bought it. They get a small rebate on the trading fees from the suggested brokers so what I find is that they truly have your success as their main objective since the more succesful you become the better for them as well. Send me an email and I'll see if I can get you complimentary tickets to their next seminar in Joburg later this month. They also discuss other wealth creation vehicles so maybe something else piques his interest. [email protected]
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Super Contributor
http://adamhgrimes.com Adam Grimes have a got a free course on trading. About 8 hours of material. Recommended to me by one of the most successful SA traders I know.
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Super Contributor
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Frequent Contributor
Hi Russ, admittedly it is thumbsucked, but it is from experience. I remember even Garth Mackenzie telling me of some horrific statistic like that.
I admit its not from concrete evidence but just from my understanding from trading in that there are VERY few people that understand the pillars of trading for the long run within the first 3 years.

How do you truly understand risk management if you havent blown an account yet?
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Super Contributor
Most traders don't stick around to become good traders because they run out of money. To trade, you need money. To learn you need time. To learn while you trade costs a lot of money. You can blow R20k a year or you can blow R20bar a year, but blow you will. Plan for two years before you can think of becoming sustainably profitable.
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Super Contributor
Garth also always has a stop loss in place. The secret is to get out of losing trades early because shares can sometimes head south for a long time (think resources). I think not having an exit strategy for losing trades is the biggest cause of wipe outs (at least it always was for me!).
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Aldrin
New Contributor

Well since he seems keen on starting to trade Forex, let him do so, however the best way to start trading is by starting to learn exactly what is happening in the market by learning the basics and using a demo or a practice account.


@Galuc wrote:
My youngster has just finished his Bsc civil and is employed earning a measly salary and needs to broaden his horizons, he seems keen on forex trading but I have no clue in which direction to point him. Any good suggestions?

First of all lets define Forex trading - Forex Trading is the process of buying or selling currencies which are executed by a number of foreign exchange market participants like Individual, Banks, Small financial firms and Investors.

 

Forex trading is not simple as people conspire, the market is so volatile in such a way that within minutes you can make millions and also it is so volatile that you can lose millions within a minute interval.

 

The best way to start trading

 

  • Find the right broker, however standard bank webtrader is having a good program for traders which I also use.
  • Get more knowledge
  • Start with the small amount before you can put a huge amount
  • Do not trade with what you cannot afford to lose
  • Avoid over use of too much leverage
  • No not quit your current job, wait and see that coin whether it falls on head or tail.

Hope you will find this information very helpful

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Aldrin
New Contributor

@Galuc wrote:
My youngster has just finished his Bsc civil and is employed earning a measly salary and needs to broaden his horizons, he seems keen on forex trading but I have no clue in which direction to point him. Any good suggestions?

There is one Financial and FOREX encyclopaedia website that specifically explain and covers words , terms and topics related to finance, the website is very helpful since it is open for everyone to add, edit ,erase contents written by other people, people of all countries meet and discuss and they

 

write about FOREX topics, so it is not a mistake that the website provides high quality information

 

The website name is Tradingview and may be a good source whether to trade or not and might boost your FOREX and or financial knowledge, you will not find it so difficult to use, you will just have to type any financial word on the search box and automatically the response will display on the screen.

 

I am you will find this information helpful

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