Forex Trading for Dummies Courses

Forex trading for dummies type of training courses provide a basic introduction to the forex market. Which attempts to simplify and present concepts and ideas.

Forex Trading For Dummies and the Reality Beginner Traders Face

Many new traders want to learn forex trading the easy way, which is not an easy task, by any means. Learning through a course which promises easy forex trading for dummies, as well as fool-proof ideas, is bound to be of poor quality. These training courses tend to oversimplify the facts, and present ideas and tips. Such as the one which says that more trades will make you a better trader, and so on. That is not necessarily true, more trading may actually fail to provide you with new insights and allow you to learn from mistakes. The forex trading for dummies series of courses and books, is useful, only as an introduction to the forex market. And it just doesn’t get beyond that. Also, when one sets out to learn how to trade forex through these educational resources, they will soon find conflicting points. So that one course suggests one tip, while another course suggests the exact opposite. Difference of opinion is acceptable, but new traders will go through more than one course, and will face these conflict points. Many of these conflicting tips are based around news-trading, trendline analysis, moving averages and more. And the more the new trader reads from different resources, the more confused they get. It is as if as one keeps on accepting more and more tips and ideas from 3rd party sources. Their collective predictive power tends to zero. The list goes on and on with tips and trading ideas which differ so much from one course to another. So new traders have to be slightly more selective in their education. And should avoid too much diversification. This is true with market indicators also. Using a single indicator is too risky, but using too many is total nonsense. Ideally, one doesn’t need more than 5 or 6 specific indicators, and some skills in analyzing fundamental economic data.

Elements of Forex Trading for Dummies Education which Work

All forex trading for dummies educational materials involve the use of some moving average. The most popular being the 10 day moving average. This moving average is deceptively simple, but it does have some limited predictive power over the markets. There is something that 10 day period, and traders of various time frames pay attention, just like they do to the 200 bar moving average. All traders who really know what is forex technical trading all about, have a respect for the 10 day moving average. Some go beyond that, and study the entire trading range of the market, over the last 10 days. Many sophisticated traders actually use moving averages, in a little more advanced ways that beginners do. That is to say, some basic trading tips, are used alongside other complex indicators, in perfect harmony. Because even the seasoned trader wants to know how simple, widely watched indicators are seen by the market participants. But that’s where similarities between beginners and seasoned traders end. Introductory forex courses do not provide any leading indicators or leading analysis techniques. The whole material is based around trend and momentum following indicators, which have limited predictive power.