Paid Forex Training - Do You Need It?

Even now, in an era when everyone is looking for freebies, I am sometimes asked: "So, there is a company called 'Horns and Hooves' in our city, they offer paid Forex training. Is it worth going?" If you ask such a question on some forum, cries of "Scam!", "Cheap swindle!" and so on will immediately rain down in response. Is everything really that bad?

First of all, a person interested in Forex training has a reasonable question arise in their head: "if you (the instructor) are so smart, why do you make money from courses and not from trading?". This question can arise only with superficial thinking, without delving into the essence of the matter. Before drawing any conclusions, it is worth dividing the offered trading training services into 2 categories:

If you see an advertisement somewhere saying that for some sum of money you will be taught a super-profitable trading method or they even name specific amounts ("You will earn 200$ a day!!"), then you can be 100% sure that this is an ordinary scam. Sometimes they also offer personal training services, saying the person will sit next to you and help you trade, but this also leads to nothing good, you will only lose money. Such offers should be avoided.

For a person who knows how to make money on Forex, it is much more profitable to create an investment fund or open the same PAMM account, for example, or to sell trading signals. This is a much less energy-consuming and more profitable way of earning additional income than paid training.

In the case of training in various basics, theory, and practice of Forex trading, when you are offered information specifically on the fundamentals, everything is much more prosaic and down to earth. What do I mean by theoretical aspects: the history of the exchange, information about trends, chart analysis, trading by indicators, their internal structure (formulas), how to open/close orders, and so on. This is information from textbooks, which will not change much depending on how good the instructor is at trading.

After all, a math teacher at school does not have to be a laureate of the "Millennium Prize" at all (like comrade Perelman), and a music teacher absolutely does not need to have several "Grammys" in a prominent place in the cabinet in order to teach children their subject. The same is true with Forex. An employee of the dealing center "Horns and Hooves" may have a week of trading experience on a demo account, but they will tell you the basics of trading from textbooks without any special problems. Because this information is constant, like mathematical formulas, and does not depend on personal interpretation.

Most Forex firms offer in-person courses for beginners for a small fee, usually around 5-6 thousand rubles. Despite the fact that these are the very basics and knowing them is necessary, but will not make you a super trader, I would still advise paying and taking in-person training for beginners. Many will ask: "Why? After all, you can download some video course for free...".

There are several reasons:

There are also theoretical courses for more experienced traders. For example, recently I saw an advertisement somewhere for an in-person course on trading with the Ichimoku indicator. Again, the formula of the indicator will not change depending on how successful the instructor is in trading, but in live communication everything will be "chewed over" for you thoroughly.

In the case of theory courses, it is quite possible to pay for training, but do not think that after that you will become Soros. This is information, but whether or how you apply it is the key to success.