A beginner’s FXCM Markets course should include three elements. It should demonstrate a scientifically-proven trading strategy, effective money management or risk-management, and a trading mindset.
The foreign exchange currency markets fluctuate. Forex trading is volatile. It is easy to lose significant amounts of money if you do not have any prior foreign exchange training, fx classes or technical analysis classes.
There are many Forex-training courses. You should be aware that not all courses teach forex strategies. Some may also provide indicators. But, they will not give students the necessary knowledge to trade forex. If forex strategies are provided by forex brokers that are not licensed, this can lead to even more problems.
These topics are essential for a Forex course.
1. A proven and scientifically valid forex trading strategy. These strategies should have more than 60% to 70% winning chance under all market conditions. These strategies must be tested over time. This should include at the very least five to ten decades of scientific testing. Many currency trading professionals cannot afford to test these foreign strategies because they lack the expertise, facilities or resources.
2. Sound money and risk management strategies. Warren Buffet’s #1 rule in investing is “Do Not Lose Your Capital!” It is crucial to preserve your capital. The key to success in forex trading is good money management. Do not take on more than 5% risk for any single trade. Forex traders with 60-70% success rate in winning 100 trades at an online currency exchange will have more success that those who trade the same amount.