Do you have to pay to be trained in trading?

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Do you have to pay to be trained in trading? If you are a new trader, you have probably asked yourself this question. On all trading sites, you see advertisements for training courses on all topics related to the financial markets. The problem is that these training courses are not free. The price is very variable and can go up to several thousand euros for a few days training. The question you have to ask yourself is: What do you expect from this trading training? Do you intend to learn the basics of trading? Do you want to make your strategy successful? Would you like them to provide you with a turnkey strategy for success in the financial markets?

Scams to avoid in trading training

I’m going to eliminate a lot of training to start with, by telling you that if the trainer sells you a turnkey trading strategy, it is a scam. This type of training plays on your desire to become a trader and earn money quickly. Trainers then make trading look like an activity in which it is easy to succeed. "If you follow my strategy, you'll win for sure." Of course, the trainer chooses several examples from his training course which highlight the success of his trading strategy.

These trainers are simply crooks and the worst thing is that among them are people known to the general public. I cannot mention their names (or logos) otherwise I risk being sued for defamation. Don't laugh, this has happened to us before on Tribuforex with a training site. The crooks are not afraid of anything. Only one thing drives them, money. They have no remorse in stealing from individuals by offering them training at premium prices.

Let's get back to the subject. Why is a training course that offers a turnkey strategy a scam? For several reasons:

- Winning trading is 1/3 analysis, 1/3 money management and 1/3 psychology. In many of these training courses, it is often only the strategy that is discussed. In some cases, the trainer may mention money management, but at no time does he talk about psychology (or vice versa). Everyone is capable of winning in the short term (this is due to strategy). But it is impossible to win in the long term if you do not follow money management rules, and if you don't get to know yourself in trading. This brings us to the next point.

- You can't apply someone else's strategy in the long term. Some people are trend traders, against the trend traders, scalpers, swing traders, etc. Others prefer to trade over short terms and some prefer to trade over long terms. Trading is like preference for tastes and colours, it can’t be questioned. If you are forced to use a certain trading strategy, it's like being forced to change your favourite colour! For this reason, two traders can have two completely opposite views of the same chart.

The best trading strategy is always your own. Never forget that! Experience teaches you how to correct the flaws in your strategy to make it successful. No other strategy can replace it because it corresponds to your profile, your trading style and your market view point.

- You don't become a trader in a day (or two, or three)! To be a good trader, you need to accumulate experience. Do you know of any job where experience doesn't make you better? No, well, it's the same with trading. Some people have a more suitable profile for trading than others at the beginning, but what makes a trader progress is to be confronted with different market situations. It is by making mistakes that we learn. The learning process can happen while having fun. If you are not interested in the financial markets, do not trade. You should not trade only to earn money.

Pitfalls to avoid in trading training

Not all trading training courses are scams, far from it! But there are many pitfalls to avoid:

- Training that is too generalist: Some training courses are designed to teach you the basics of trading. In principle, this seems to be a good thing, but in practice, it is not often the case. Firstly, given the trainer's limited time to train you, he will skip over all the elements of trading but never go into detail. As a result, even if what the trainer says is right, you complete the course without having committed the lessons to memory. You will only remember 2 or 3 impact sentences.

If you want to learn the basics of trading, you will find everything on the net. There are plenty of quality sites, and it's free! And in addition, it is often much more detailed, with concrete examples. This gives you time to assimilate the wealth of information at your own pace.

- Training courses without putting it into practice: Being charismatic is one thing, but you're here to learn trading, not to listen to a good talker. There is nothing better than practice for learning. The trainer must therefore give you access to a trading station during the training course.

- Training on a single indicator: An indicator should never be used in isolation. It must be combined with other technical analysis elements. Presenting an indicator and the right settings is good, but talking about it for a whole day is pointless. This type of trainer often presents their indicator as a miracle method to win (a bit like those who sell you a trading strategy). It should be avoided at all costs.

- Overly expensive training courses: When I see trainers who charge €1,000 for trading training courses, or in some cases much more, I pull my hair out. I don't know what bothers me the most, seeing unscrupulous trainers charging such prices, or seeing that they can find clients to fill their training rooms. If you are prepared to pay this price, call me, I’ll even come to your home and bring breakfast. No, more seriously, more than €1,000 a day, imagine that, the guy pays more per hour than he would to a medical expert who has studied for over 10 years! And besides, it's not even personalized training, since there are usually groups of 10 people. Even if it's over two or three days, it's a scam! The trainer will tell you that he or she has spent time preparing the training course. Certainly, but 9/10 of the content is taken up by the other trainees. The real added value it brings is very meagre in many cases.

But then, is there such a thing as good trading training?

Good trading training courses exist but they are rare. A good training course is one that has already been adapted to your trading style. You must therefore have done some work beforehand to determine which type of trader you are (trend trader, against the trend trader, scalper, swing trader, etc.). There is no point in training in scalping if you swing trade. It is therefore important to open a demo account and learn the basics of trading by yourself (through the various websites or books specialized in trading).

A good training course essentially depends on the quality of the trainer. What is his experience in the financial markets? Does he make money from trading? Why does he do training courses? The problem in trading is that there is no qualification. Anyone can become a trainer overnight. You just need charisma and a silver tongue. You need to be able to prove your point.
A good trainer is also judged by his or her discourse. If he tells you that trading is easy, he's a con man. A good trainer must warn you about financial markets’ risks, show you examples of losing trades, even scare you about the reality of trading, crush your dreams of making a fortune, etc. In short, I would say that if you finish training and say to yourself, "I'm going to go through a lot to win", it has been a good one!

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