I have personally noticed that Forex trading gurus in Singapore has been in a high demand for the past 3 years. They have continue to sweep the markets conducting courses. The Forex trading gurus are springing up faster now than they did decades ago, and how can you know which courses to choose?

As i was previously involved in the Forex trading education industry, i would like to share with you the top 10 tips on choosing a Forex trading course;

1) The Background of the Trainer?

A good trader does not mean that he/she is a good trainer. I would like to share with you the market truth, and urge you to think twice, before putting your signature on the enrollment form.

For newbies, Forex trading seem complex and mysterious. This type of Gurus like to perpetuate this myth so you’ll enroll in their “Superstar” courses at ultra-high prices. They want you to believe that there is a super-magic formula to “trade like the pros in the banks”. This is not true! The real professionals in the banks trade with simple trend and momentum trading systems with sensible money management skills.

In my personal experience, choosing a trainer who will share with you the downside of Forex trading will be a better choice. You can always check the forum for the credibility of the particular trainer (pls beware of the marketing hype posted their business associates!)

2) How Much Hype is Being Used?

It is very common for Forex trading courses to use some marketing hype, and this is part and parcel of running a business, and i am not againist it. Afterall, a business need to have some form of marketing to survive.

However, i would like to warn you of “gurus” who make unrealistic promises to lure the greed in their audiences.

Some of the overhype headlines;

“How i turn $10k to $2 million dollars in 2 years’

(Yes i believed its true, but what is your initial capital? $150k)

“I make 1000% in 2 days”

(if i use $1 to make $10, i make 1000%, but what is your success ratio? 10%?)

“I make $100k in 1 year”

(Yes it is achievable, but can it be done for newbies? And what is your trading capital?)

P.S Even the world greatest investors/traders like Warren Buffet & George Soros have a consistent profits of 25% per year.

3) What kind of Supports are Given?

These Magic Formula Gurus usually charges you super high prices to trade with them, high fees for newsletters, and produced endless flows of theories. They are so good at motivating the audiences that created a group of followers.

A good Forex trading course should provide free support or review sessions for an extended period of time. Just like surgeon who needs to go through a period of training before they can operate on the patient. As new Forex trader, you will need alot of guidence, especially in the 1^st year.

Some of the supports you should be looking out for;

-Forums

-Is the trainer easily accessible

-Support groups

-Review sessions

-Live trading sessions

-Live Chat sessions

4) What Are The Drawbacks of The Strategy?

Forex traders are always looking out for a cutting-edge trading tools or better methods over others. They are like medieval knights shopping for new weapons or armour to kill the monster. And in any kind of strategies used in Forex trading, there are always some draw backs. Lets look at the performance chart below;

An initial look at the performance chart (1990 to 2006) above shows profitability of the strategy, and it is indeed impressive! However, looking closer at the circled areas, you will notice that there are a drawback of almost 20% from Jan 1992 to Jan 1994, and Jul 2002 to Dec 2003.

The questions you need to ask yourself truly are; Are you able to take the drawback of your Forex trading account in the period of 2 years? Will you lost confident of your strategy during these dark period?

5) Ask for Feedbacks From Course Attendees

Some of the course providers will invite former attendees and lied to the audiences about them being successful and volunteering to share their experience. This is the tricky part, because you need to differentiate between the voluntary ones from the paid ones.

Some of the things to observe are;

-Do they put their names in the enrollment forms (usually for referral commission in a successful enrollment)

-Are they aggressive in pressuring you to put your name in the dotted line?

-Ask them if they have experience 100% winning trades (every traders will experience some form of cutting losses from time to time, there is no 100% winning trades!)

Sometimes, you need experience to differentiate between a sales pitch and something from the heart.

This article on Top 5 Tips for Choosing a Forex Trading Course is brought to you by www.onlinetradingfx.com