Is There Any Form of Formal Education for Forex Traders?

As far as I know, there is no formal degree that is Forex specific. However, there is a certification program that measures your proficiency in many aspects of finance that correlates with a lot of things involved in Forex trading. I’m referring to Chartered Financial Analyst, or CFA for short. The curriculum of most CFA programs covers topics such as ethics, quantitative methods, economics, corporate finance, financial reporting and analysis, security analysis, and portfolio management.

You need a bachelor’s degree to be eligible for CFA certification. There are many schools on and off the Internet that offer study materials for the CFA exam.

Although this would go a long way in helping you understand the mechanics of Forex, it is not exhaustive, nor does it cover everything a good trader needs to know. However, many Forex related companies would look favorably on candidates who hold a CFA certification. That is perhaps where it makes more sense if you are planning to work for a Forex broker or some other Forex related business.

Many experienced traders however would recommend specific Forex courses that do not come with a certification But they call for much more ground with regard to Forex trading and analysis. An excellent program that has received many positive reviews is Peter Bains Forex Mentor program, which you may want to check out. In fact, even if you decide to go for CFA certification, it may be a good idea to go in the Forex Mentor program simultaneously with your CFA studies. Since the CFA program covers more ground, it turns out to be a more general view of the different elements involved in financial analysis. On the other hand, the Forex Mentor program and other similar Forex training programs are specific to trading Forex and studying them simultaneously, while demo trading accounts would provide a much higher level of education and training compared to the study of One of them by itself.

Never underestimate the value of using demo accounts in your Forex education. In Forex, what is important is the real world trade. There are so many different ways to analyze the market and although it is good to know most if not all of them eventually you will need to focus on just a couple of analysis tools because using many tools will slow down your trading and will Result In missed opportunities due to over-analysis. Thus, Forex specific programs will show you the fundamentals of different tools for analysis. The CFA on the other hand will provide you with the knowledge needed to analyze the fundamentals effectively. Taken together, you will be equipped with a fundamental and necessary technical tools to chart your Forex trading direction. So by using the demo account you are able to select and adjust your analysis tools of choice until you are able to come up with your own custom and effective trading system.

Forex trading involves quite a lot of studying but the great thing about it is that you are able to get instant gratification in the sense that you are able to see the connection between what you are studying in what you are doing , Or intend to make the trade wise.

You can also look for a coach, mentor or counselor. Here’s a cool article I found online that looks at the advantages of having someone help you (hopefully it’s OK to copy and paste here …)

Why have a mentor to Using Forex

Forex allowed beginners to catapult themselves into the exciting world of currency trading, but currency trading is not a guessing game and beginners are often unsuccessful. Like anything else Forex trading requires training and know-how. Consider the following reasons why you should consider using a Forex mentor, tutor or platinum training solution to improve your trading skills:

Understanding the unknown

When trading currencies, or any Merchandise, you will undoubtedly find alien graphics and figures. Platinum Trading Solutions says that without formal training you will not be able to correctly interpret daily information feeds, which will hamper your ability to do business informed.

Know your resources

Need to regularly check a list of critical resources. If you do not feel comfortable using: The Law of Charts, Probabilities, Investopedia, Forex News, FX Diary, Forex Blogs, Forex Symbols Table, Historical Currency Exchange Rates and More

The most important, and difficult, aspect of trading is knowing when to buy and sell. Novice buyers often sell out of excitement and anticipation, regardless of the correct timing. A Platinum Trading Solutions Forex mentor can teach you the patience you need and show you how to recognize the right time to buy and sell. Remember that this is an art form and being accurate is critical.

Frustrations

As a novice trader, you will be frustrated. No one is successful in Forex overnight and there are many obstacles that you should get passed in order to be successful. A mentor, tutor, platinum training solution can help you through the tough times and ensure you make for the light at the end of the tunnel.

Save time

For those eager to make it rich in Forex quickly, save yourself the time and effort of learning the hard way. When you go it alone in Forex you will undoubtedly make a lot of mistakes on your way to success, and this is ok but it will cost you precious time. A mentor or platinum training solution will take you on those obstacles while ignoring the mistakes (and the costs associated with them).

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