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What to Choose: Self-Study or Professional Courses

12:16 PM Apr 1, 2021
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For beginners

Your future success depends on your training. The more you learn and practice at the very beginning, the less you will lose in the first months of real trading. But what is the best way to learn: on your own or with the help of professionals? Let me say from the outset that there is no best way to learn trading, as we all have a unique psychological type and approach to learning. Let's figure out which method is right for you.

Self-Study

This method is used by most beginners. Probably because it’s free. However, self-study is not suitable for everyone. What to expect:

  • It will take lots of your free time. You will find tons of articles on any topic on the Internet but it can take months to find, sort and master them.
  • You need to figure out everything yourself. Along with the worthwhile material, you will stumble upon a lot of misinformation. Make sure to follow the correct advice before starting real trading. To make things easier, choose sources you can trust. For example, read books and publications by world famous traders.
  • You will learn from your mistakes. When you do something wrong, there will not be a professional nearby who will tell you how to fix everything. You will have to learn how to analyze your trading and draw the right conclusions. Expect your mistakes to cost you money.

The method seems complicated but it has its advantages:

  • You choose the time for training yourself.
  • Self-study can be completely free.
  • There’s no need to delve into topics that you are not interested in. For example, if you are not planning to trade precious metals or exotic pairs, you can immediately forget about them. When taking courses, you might have to listen to and master all the material.
  • You don’t have limits. Courses might be narrowly focused which deprives you of versatile development. Self-study gives you the opportunity to grow at your own pace and direction.

Professional Education

This method has a number of advantages over self-study:

  1. You only get verified information. You don't have to filter out unnecessary and even incorrect facts yourself.
  2. If something is not clear, you can ask a question and get a competent answer.
  3. A professional trader will analyze your trading history, point out your mistakes, and give advice to increase your chances of winning from the first trades.
  4. Some courses provide a turn-key trading system. This way you don't have to look for a working strategy and create a plan. This can make your first steps in trading easier.

Though there are a few disadvantages:

  • Some courses cost a lot of money.
  • You may need to master topics that you are not interested in. For example, you might be required to learn swing and position trading even if you plan to become a scalper.
  • Often you have to adjust to the course schedule.

Not all courses are expensive. Some traders give basic lessons absolutely free. If you have an opportunity to learn from a professional, make sure to do so. However, remember that Forex is full of scammers. Before giving money for expensive courses, make sure that the teacher is competent: read reviews about him, talk to him personally.

Do You Need to Learn Trading, and Why Doesn't It Always Work?

Sometimes, courses don't work. Of course, you need to learn basic terms, candlestick analysis, patterns, etc. However, many "gurus" actually promise mountains of gold by showing you pictures of expensive cars, lots of money, and a luxurious life instead of real learning. Moreover, many teachers sometimes do not trade themselves but use PR and marketing to sell their courses.

Here is an interesting fact: most successful stock speculators of the 18th, 19th, and even early 20th centuries had no education. Hundreds and thousands of new people come to the market every day, their skills and level of training vary greatly, and the sad statistics say that only 5% of them will succeed, while 95% will lose money and leave. Only practice will help you to check which of these categories you belong to.

If you decide to use a paid course or contact a professional trader, I recommend reading the reviews about the course you have chosen and making sure they are not fake. Learn as much as possible about your future mentor and his achievements in the market. Compare them with competitors, and don't hesitate to ask questions.

Which Method to Choose

Undoubtedly, nothing beats the assistance of a professional trader. However, the best way to learn is to combine the two methods. After signing up for courses, don’t give up on self-expansion of knowledge. Start by reading books by renowned Forex investors. Their personal experience will help you shape as a trader.

And most importantly, don’t forget to apply all your knowledge on a demo account first. If you go straight to real trading, then any training, independent or professional, might end in loss of your entire investment and frustration. The path to success in Forex can be long and difficult but financial independence is totally worth it.

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lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial 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market cryptocurrency market figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex 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losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance