There are hundreds of Forex day trading courses on the internet.
Most of them claim to be the “holy grail” of trading and promise unrealistic results after just a few hours of training. If the author of a course has really discovered the ultimate path to success, it’s very unlikely that they would need to advertise their course for $29.99.
Many Forex trading courses promise that you’ll become a successful trader and guarantee consistent profits after taking the course. Unfortunately, there are no guarantees in the markets and becoming a successful trader takes discipline, patience, and experience.
Remember the songs “Stairway to Heaven” and “Highway to Hell”?
In trading, it’s a long way to success and a trader can blow their account quickly if they’re not careful. That’s why we’ve covered the main points you need to look for in a Forex day trading course and why some educators are not completely honest.
Types of courses
In general, any course can be grouped into one of three categories:
- Online courses
- Traditional courses
- Individual courses
… and the same is true with courses that teach Forex trading.
#1 Online courses
Online courses are taught over the internet. In most cases, depending on the aims of the course, the author of an online course records their trading approach and provides information on some important trading concepts. A student can then gain access to all the course’s material for a fee.
Most online courses come with lifetime access to their video lessons in return for a one-time payment. However, be aware that some courses may restrict access to their material after some period of time or operate at a subscription basis where students have to pay each month. Check the description of a course to find out whether this is the case with your desired course.
#2 Traditional courses
Unlike online courses, traditional courses are held in a classroom the old-fashioned way. While it might be beneficial for students to have physical contact with their teacher, this article is mostly focused on online courses which have become extremely popular recently.
#3 Individual courses
Finally, individual courses can be held both over the internet or face-to-face. The main advantage of individual courses is that you’re the only student who takes the course and have the complete attention of the teacher. However, this usually comes at a cost which makes these types of courses relatively expensive.
Here’s What to Look for in an Online Course
Let’s move on with the most important points to look for in an online Forex day trading course. You’ve probably seen course titles that claim to cover “everything you need” or that include phrases such as “From A to Z” and “Trading made simple”. Course titles are primarily designed to attract traffic to the course, so don’t believe in everything you read.
What’s more important is to read through a course’s detailed description, covered lessons, and online reviews, since most titles are obviously misleading and shouldn’t be used to make a purchase decision.
Check the course’s reviews
The first thing you should do is to check whether the course has any online reviews. Students are willing to share their experience with a course with the online community, highlight its pros and cons and eventually recommend the course further.
Bear in mind that there might be not enough online reviews available for a particular course, especially if a course is brand new and students haven’t had time to review it yet.
Fortunately, there are some other helpful points which you can use to assess the quality of an online day trading course besides online reviews.
What’s the duration of the course?
While the duration of a course shouldn’t be your primary reason for purchase, it’s still an important point to consider when looking for a course.
Online trading courses come in a variety of durations, from a few minutes to a few months. That’s right, there are trading courses that last as short as 10 minutes. Those are the courses you should try to avoid, as they claim to teach you the holy grail of trading in just a few minutes.
You can also find courses that last for a few months. While there are high-quality courses among them, their price is usually measured in thousands of dollars. Most Forex day trading courses last for a few hours. That’s enough time to provide an overview of important trading concepts and strategies, but don’t expect to become a trading guru as you’ll still need some screen-time to get used to that newly-acquired knowledge.
What does the course cover?
A well-designed and complete trading course should cover all important aspects of day trading, such as how to trade breakouts, how to follow the trend and how to manage trades that are already open.
If you’re interested in complete day trading courses, don’t neglect the importance of risk and money management. A good trading course should not only cover day trading techniques but also show you how to manage risk properly, where to place your stop-loss levels and where to take profits.
While a complete trading course has the advantage that you’ll need only one course to follow, covering a wide range of topics is not a prerequisite for a course to be of high quality. Some traders may actually look for courses that cover only one specific topic, such as breakout trading for example.
Are there live training sessions?
A good day trading course should offer live training sessions or provide access to an online community of traders and students who have already taken the course. Live training sessions ensure that a student stays up-to-date on recent market developments and learns how to apply the course material in a live trading environment.
Some courses also have online communities where traders can share their trading experience, trade setups and help each other to master the art of trading. Any additional activities and tools that a course offer can be beneficial to students and help them become better traders.
What’s the price?
Last but not least, the price of a course is also often a decisive factor for many students. Online Forex day trading courses can start as low as $9.99 or reach a few thousand dollars for offline courses, have live training sessions, provide certificates of completion and offer other valuable trading tools.
There’s no right answer on how much to pay for a course. It depends on the quality of the course, its reviews and recommendations, the covered material and whether there’re any additional tools provided to traders.
As a rule of thumb, since trading courses should be considered as investing in yourself and in your future trading performance, try to allocate a part of your trading account to invest in a high-quality trading course.
This should be around 10% of your capital, so if you’ve been trading with a $5,000 account try not to spend more than $500 on a course.
Picking the best trading course among hundreds on offer can be a hard task
Don’t choose a course because you feel attracted to its catchy title as most course titles are misleading and designed to attract new students.
What you need to look for in a course are online reviews, the covered material and its length, additional trading tools provided to students and whether the price of the course is fair.
In general, the broader the covered material the better. However, you may run the risk that the material is not covered in enough detail in case of a low-quality course. Some students are also looking for a specific day trading topic to master and aren’t interested in other topics covered in a course.
Just like in any other business, there are many low-quality courses that won’t teach you anything new, or even worse, come with wrong and dangerous tips that could actually increase your losing rate in trading.
That’s why you need to do your homework and filter through dozens of courses and their reviews to find the best fit for you.
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