When it comes to Forex education, novice traders have a number of options available to them: they can explore the markets through self-paced online workshops, they can read Forex books, or they can take a face-to-face Forex course or Forex workshop.
From all of these options, face-to-face courses offer some unique benefits. Firstly, training centres and workshops are often designed and taught by professional Forex traders so students have direct access to industry experts – an option not always available when taking an online course. Secondly, classroom-based Forex courses are not that dissimilar from boot camps – enabling the trader to gain the skills, tools and knowledge they need sooner than they would on their own.
With so much to gain from face-to-face courses, we’ve compiled our top five reasons why you should consider going back to the classroom:
- Learn the Forex Fundamentals
Having an in-depth understanding of the Foreign Exchange is a fundamental step to becoming a master trader. Day-traders who understand how currency values are determined and the factors that can impact exchange rates are in a better position to develop strategies and profit from these market fluctuations.
In addition, successful traders also have a strong grasp of risk management, using online trading platforms, and money management. During a face-to-face Forex course, students gain hands-on experience working on these subjects under the guidance of a teacher – an impossible level of instruction for online, self-paced courses.
- Learn Trading Strategy and Mindset
All successful traders have similar mindsets: they understand that trading is not a sprint but a marathon and expect success while welcoming failure as a learning opportunity. Developing the trader’s mindset is critical when preparing for a career in Forex trading. Online courses, although great for learning some of the basics, aren’t designed to help students think like professional traders.
Forex courses also discuss and explain the importance of strategy, where students are often given several proven strategies to experiment with. For example, in Learn to Trade’s Learn Forex Course, beginners learn how to use four low-risk and profitable trading strategies. Armed with these strategies, students can actually begin to trade live in the markets after the very first class, supported by the teacher. In online learning, students have to determine how to use strategies on their own without the immersive training environment and with little instruction.
- Hands-On Practise and Live Trading
Traders in face-to-face courses get hands-on experience using real trading platforms. Supervised trading experiences are invaluable for novice traders, but not all offer the same benefits. Live trading is often done under the guidance of an expert trader so students can ask questions, learn how to set-up trades for profit, and manage risk in an actual trading environment. Simulated trading, often the only offering in online courses, is more difficult to translate into real-world scenarios as students must learn to make sense of it on their own.
- Networking Opportunities
Although day-trading is an individual pursuit, it’s still important that traders have a strong network of colleagues. Why? Beginners who surround themselves with experienced professionals and novice Forex traders have more access to knowledge and expertise, so are more likely to be successful. With an enhanced network, the trader has list of contacts who they can seek advice from, and discuss analysis and strategy with.
- Mentoring Opportunities
Beginner Forex traders often experience problems when they start out, but the cause of these issues is difficult to diagnose without another trader watching over the transactions. During a face-to-face course, students often have the opportunity to be mentored by an expert Forex trader. This is an invaluable experience for students, as mentors can help spot issues, and workshops can offer career development advice.
Forex courses are not only designed to offer students the tools and fundamentals they need to succeed as traders; they provide hands-on experience using real-life, proven trading strategies. Students develop a network of peers, and can ask advice from real professionals.