In the world of forex trading training there are so many chancers that you cannot go into the market without doing some research. We have come up with a 5 point check to determine whether or not you can do business with a forex training company or not. Here they are :
1. Verified Live Account
If someone is good enough to teach others they have to be successful in trading forex themselves. Any good trader has a live account which they will be happy to share with any of their students. If you hear any excuses, regardless of how realistic they seem, the trader is a sham. Don’t trust any statement or online “verified” results, if the trader is a good trader they will allow you to verify the account with the broker. This only applies to regulated brokers. If the trader is using an unregulated broker … he or she is a fake.
2. Nothing left to personal analysis
A good course will teach you a rule based strategy that is not flexible at all. Flexibility may seem good but the reality is that flexibility is something for the trainer to hide behind when the student does not get the results they were hoping for. The blame will immediately be shifted onto the student and the student will be left thinking they are the one to blame.
3. Live instruction
A part of the course has to include live market instruction. In live market conditions the trainer has nowhere to hide. They have to trade the market as it is and if you hear too many excuses and too many flexible options then you can be certain you have not made a good investment. Companies that do not offer this are not to be traded with.
4. Training Facilities
If the forex trainer / forex training company is a good one they will be able to afford nice offices of their own. If they are using someone elses offices or working from a middleclass home you must knpow that something is fishy. If they are good enough to make you successful they would have achieved success themselves, you should be able to see the from the training venue, and if it is from their house it will be an impressive house.
5. Selling vs Training
Good trainers are most often bad sales people. If you meet someone flashy that says everything you want to hear a red flag should go up. A real trader will tell you the truth, the risks involved and they will tell you there are no guarantees. A good question to ask your forex trading trainer is how much money they make in a month. This answer should come naturally and without hesitation. It will also be different very month, if that is the answer ask them for the figure they made over the last 3 months and ask if you can verify that with their broker. If the answer is no look for another trainer until you find one that is willing to share this information.