Characteristics of the Best Online Trading Courses
The following is simply my opinion on the best online trading courses. It is not a guarantee for trading success and should not be considered as such.
Let me start with something controversial-a criticism of technical analysis. I believe the reason most traders fail is that they implement a rigid form of technical analysis that has little to do with what the smart money is doing. Following a technical system, by itself, can put a trader at a real disadvantage if not combined with proper risk management and the trends exhibited by institutions/whales.
If you don't believe this, I can provide evidence of how Richard Dennis, head technical Turtle Trader, lost millions of dollars of managed funds in 1988. This fact, of course, is rarely mentioned. This system was technical in the sense that it was rigidly rule based.
However, here is one technical method that I know of that has stood the test of time. What sets it apart is not that it is technically based, but that it incorporates an excellent risk management system and a focus on higher time frames. This type of risk management combined with the author's insistence on a confluence of evidence for a high probability trade makes for a robust system.
The following is the first part of a series of 3 articles highlighting three different courses which I consider to be the best available, all with a track record. The first two articles will focus on the purely technical courses, the third, a course that combines both fundamentals and technicals.
These courses focus on trading the forex market, but the basic principles behind the courses can be applied to other markets: stocks, commodities and cryptocurrencies.
The Problem with the Masses
Following the trading masses is not the way to proceed. When it comes to trading, the masses tend to ignore what the institutions do or clues they leave, over trade, enter too late, exit too early and risk too much. In short, the masses are dominated by ignorance, fear and greed.
One of the main reasons traders continually fail is because they don't place higher probability trades. They enter a trade not after considering many pointers but after only one technical indicator gives a signal. A trade should be entered after several pieces of evidence line up to up to produce a high probability trade.
The other reason many traders fail is that they risk too much per trade or have too high of an average risk to reward ratio. Risking too much per trade is a result of greed and an unrealistic expectation of trading. All you need is a 25% per year win rate and a steady job that allows $500 monthly contributions; you'll be millionaire in 15 years.
Having a high average risk to reward can be a result of not patiently waiting for good entries and exiting too early. Exiting too early can be a result of placing too much emphasis on a single trade as opposed to many trades, and a fear of losing what's on the table. Not patiently waiting for good entries can be a result of FOMO.
The Best Way to Learn Forex Trading for Beginners
The course I'm about to introduce is different than most because it combines finding high probability trades along with excellent risk management. This course helps traders enter a trade with a sense of certainty and minimum risk. This money management strategy helps sustain you psychologically so that you can have a winning edge over time.
It allows low risk overall since you enter only a small percentage risk for each trade. However, the average risk to reward is very low meaning that for every winning trading you'll gain 2 to 4 times the amount that you risk.
It's the first course mentioned in this series of articles because it covers the basics from the ground up. It also covers the basics regarding money management, risk to reward and merely placing a trade.
The other best online trading course reviews that will come in parts 2 &3 assume you've had some experience with forex.
Why Some Consider it the Best Forex Training Course : Evidence
The course I'm introducing to you is called "The Forex Trading Coach Online Forex Video Course." It is well known in the forex community especially on such testimonial sites as "Forex Peace Army." In fact, the owner of the "The Forex Trading Coach," Andrew Mitchem, is a regular contributor there.
It has a long list of positive reviews and a result is known as one of the best online trading courses, but this can always be due to affiliate marketers merely boosting their product. However, "The Forex Trading Coach" has stood the test of time.
Many students have testified, independent of the rating sites, of the gems they have gleaned from this course. I have taken some of the ideas from the course and improved upon them.
The Forex Trading Coach supplies daily, Weekly and Monthly trading signals as part of the video course for up to 12 months. These have a track record dating back eight years. The Daily signals alone have an average of about a 20% win rate, yearly. I followed them for a time, and the winnings were consistent with what was recorded by the operator.
Although 20% annually may be scoffed at by some, these results have been consistent mostly because of the excellent risk management. I mentioned earlier that you only need 25% annually with monthly contributions of $500 to make you a millionaire in 15 years.
The key to this success is not to get greedy and be consistent with the contributions and low risk. There are more ways that the course can add to this annual percentage but keep in mind with more trades comes higher risk and greater drawdowns.
What also sets this course apart is all that's included:
The Problem with a Free Online Trading Course
You tend to get what you pay for as the saying goes. The Forex Trading Coach is not cheap by any means, but it's well worth it. Over time it has turned many into profitable traders and provides a community with full support.
It is better to pay for quality and not waste your time elsewhere. You won't find a better technical course on trading out there and one that's as applicable in all markets.
Although the system itself is simple, don't let that fool you. It's the author's instance on the confluence of technical indicators for a high probability trade and sound money management that sets this course apart.
What you Need to Do if You Purchase this Top Online Trading Course
If you decide to purchase the course, then you need to go through it thoroughly and attend the webinars regularly. You also need to pay close attention to Andrew's method of finding a high probability trade.
Not all trades are of equal quality, and Andrew reasserts this in each of his webinars. Only a strong confluence of evidence leads to a more accurate trade.
A high probability trade is not enough. Andrew combines these quality trades with excellent risk management. He emphasizes that a consistently small amount risked mixed with quality trades and low risk to reward leads to success over time. It's a slow race to the finish. Keep your risks low.
Once again, this is the one technical system that I know of that is built to last. What sets it apart is that it emphasizes low risk, low risk to reward ratios, and high probability trades and excellent training in general.
Andrew's course exemplifies the philosophy of all great teaching: repetition is the mother of all skill. Andrew's course gives multiple opportunities to learn the content well.
Remember to pay particular attention to what constitutes a high probability trade for Andrew and don't be shy in asking him to highlight the criteria for you. Repeat the requirements to yourself by examining hundreds if not thousands of past trades on the charts. Remember to backtest.
Andrew emphasizes higher time frames. He tends to stick with just the 4 hr, daily and weekly time frames. Some of his students have applied his ideas to lower time frames. I can't attest to the validity of this.
If you do decide to purchase the course, please consider buying through my affiliate link here and below. The link contains more information on the course as well.