Currency Trading Training - What You Need to Know Before You Start

By Philip Gegan

The thing about currency trading training is that there's an awful lot of money to be made selling it. And that money is made from people like you, who believe you have discovered a way to make millions from currency trading from home.

As for the people who earn money selling currency trading training, well they for the most part don't actually trade themselves. They've found a nice way of making loads of money selling this information, so why blow it all on trading? That's the first lesson - whenever anyone is trying to sell you currency trading training, ask them how much they made themselves trading currencies over the last 12 months.

It is definitely a very attractive prospect. Who wouldn't want to make easy money without having to go out to work, just by sitting in front of their computer for a couple of hours a day and taking part in a massive market that shifts over two trillion dollars a day (over $23,000 a second)?

Well, I'm going to put something to you that you won't have read anywhere else. Would you like to read lots of little lies that make you feel good and excited but will actually rob you of your money? Or would you like to read the more down-to-earth truth about currency trading (or Forex), which will save you from this fate? And point you in the right direction to making money trading the financial markets (though not exclusively Forex)?

You'd like the truth? Good. Here it is. With Forex, only around 5 per cent of traders survive. Those that do survive average just 30 per cent a year profit. OK that's a massive return, compared to leaving your money on deposit at maybe 1 per cent, but nevertheless it's not so much when you've just been reading about earning massive amounts like thousands of dollars a week with great ease.

You may want to ask yourself why, if Forex is so easy and profitable, Warren Buffet, who has made billions from trading the financial markets, never touches Forex.

And traders that earn millions from Forex do so with the benefit of having a currency trading account with millions of dollars in it. They regularly incur massive losses and occasionally are wiped out. Usually they are employed by banks with huge amounts of money to trade with (even if some of that money has been given to them by various bailout programs). So that leaves a tiny number who are private individuals and trade full time, making large profits. Do you really think you, with no Forex training or knowledge, can start emulating them?

You have to accept that the chances are slim. So why risk your hard-earned cash, when there is a viable, if less exciting, alternative that can earn you some of the fabulous returns that Forex promises but so seldom delivers?

That alternative is trading all financial markets - stocks, bonds, indices, commodities, as well as foreign exchange. There are several successful traders who are willing to teach you everything you need to know, but whoever you choose, make sure they "walk the talk", and trade themselves, rather than just selling "how to" information about it.