Forex Article - Training in the Jungle

Forex is currently SO popular world wide, that a complete industry has sprung up, almost overnight. Just go and type 'Forex' into your search engine and see.

There are currently over 2000 different types of training courses, self help books, cd tutorials, web based flash presentations, broker trainings, guru trainings, opt-in Forex tips of the day and people who will sell you trade entry and exit points on a daily basis.

And if a good friend approaches you about Forex - bet your life - it's MLM too, so watch out . . . that's exactly what happened to me ;-)

In my experience, which is not inconsiderable, more than 90% of what's on offer is nothing but 'smoke and mirrors'. How can a set of cd's be worth thousands of dollars (it's just pennies to copy cd's) and how does a book that deals with complex indicators, answer a simple question like, "where do I put my stop loss on Non Farm payroll day?"

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Now I'm not saying that none of these multiple ways to 'make your fortune' overnight - aren't any good. What I am saying is that an awful lot of them aren't - and those that are - are so often, terribly over-priced or MLM 'rip-offs.'

Watch out for Forex courses that sound too good to be true

It's the internet - and as we all know - the internet is a great place for never having to look someone 'in the eye' when you take money off them. Yes, it's good - but boy, it can be bad, and recourse is difficult, if not impossible a lot of the time.

I have had letters asking for help, from people who have spent tens of thousands on, so say, 'specialised' training, only to find that all they've got is empty pockets at the end of it.

One person, now an ex'student and friend from the US, paid a minimum of $255 a month for FOUR YEARS and never made a cent.

"Sid, I saw your advertising on STA . . . . I have been trading for 4 years . . . . . I have been paying Concorde Forex Group (CFG) a minimum of $225 per month for charts/tools/radar/info – I have done this since 2002.

I am no further than when I started- matter of fact, I am out $5,000 (this was the 2-day “jam” session on Forex training.

I really believe Forex Trading can achieve my goals in the short run. I am still with CFG – I listen to something called the “hoot-n-holler” each morning. I don’t want a magic wand to get me there but I do need some insight . . . . With paying for the CFG monthly hit, I cannot afford much beyond this. Do you have any suggestions? Sid, I would appreciate any advice/counsel at this time. Thanks for your help! "

Another student and new friend from also spent - an incredible total of $30,000 over a long period, trying to learn to be a successful Forex Trader.

"Hi Sid: Yes, I'm consistently making small pippage daily now. Prior to your "enlightenment" I was continually taking larger risks than necessary and finding myself in trouble as a result. You got my attention when you sent out the excel spread sheet.

My motivation for learning forex all along has been for the kids but now I think I'll begin to take it seriously for myself. To think that I just "wasted" $30k on other stuff makes me want to vomit. But, on the bright side - if it had worked I wouldn't have been looking for something else and would never have found you."

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This is just a SMALL sample of the many disasters that I hear about, they are are exerpts from emails from real people and can be verified on request.

A checklist for choosing a Forex course:

The explosion of 'beginner' traders into the Forex Market - only made possible and available to you and me by the benefits of the home computer - has meant another kind of explosion. An explosion of a rotten breed of people, taking money off the innocent and unsuspecting general public.

If you are contemplating ANY training that costs more than a few hundred dollars, I suggest these guidlines may be worth considering.

1. Ask if you have DIRECT ACCESS with the chief trainer, by email AND telephone if necessary through-out the course. Be specific about this.
   
   
2. Find out EXACTLY what it is you are being asked to pay for.
   
   
3. Is there a recommendation to a broker who will be paying the trainer a commission for the introduction?
   
   
4. Be cautious if you are asked for more than a few hundred dollars for training.
   
   
5. Beware of information overload 'mumbo jumbo.' (This is the biggest single reported disappointment with training courses)
   
   
6. Does the Trainer, actively trade for a living?

So folks, in conclusion of this 1st part - as the TV, NYPD desk sergeants say - "BE CAREFUL OUT THERE"

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