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How to find a reliable Forex Trainer?

What most traders don’t know is that majority of the Forex Trainers are failed Forex Traders. They are looking for making money from new traders’ weaknesses. Knowing this, how can you find a reliable Forex trainer?

Finding a Forex Trainer is one of the most important decisions a new trader will have to make at the beginning of his trading career. At the end, investing in your Forex Education is an investment in your future, knowledge and skills. It is important you seek the relevant financial literacy from the right source.

There are various kinds of Forex Trainers in the market. Finding the right Forex trainer fitting your personality and needs is often quite a challenge.

Your selected Forex Trainer will influence your future decisions.The quality of your trade calls via your education will define the future of your financial markets career. Therefore, it is important that as a trader you take your time, assess your needs, and look for the right Forex Educator. In this short coverage I’ve gathered a list of tips to assist you in your quest for success.

Forex Trainers can be classified into three categories:

  • Tied Forex Educators – often they work for brokers and they are book smart and they have never traded in their lives. They just go through some certification and their job is to attract as many new traders as possible to their broker via some kind of education.

Cost of training with Tied Forex Educators: FREE

  • Multi-tied Forex Educators – these are often smart people with large network, not necessarily a good trader or trainer. These educators will often sign an IB or Affiliate agreement with a number of brokers. They will provide education or other services to attract new traders to their selected brokers. These are also the people often jumping from one broker to another. These educators often just care about how much commission they will receive from their IB or Affiliate referrals.

Cost of training with Multi-tied Forex Educators: FREE if you deposit with certain broker

  • Independent Forex Trainers (IFTs) – IFTs are not tied to any Forex broker and are often expensive to afford to many new traders. Despite the cost, there are many benefits of choosing an Independent Forex Trainer as they do not have conflict of interest with the trader and their sole interest is to deliver a high quality education so that you can refer more traders for their trainings.

Cost of training with Independent Forex Trainers (IFTs): Often between $500 – $25.000

Look for recommendations

Even the Independent Forex Trainers can be a scam!

Once you have decided on a reliable Forex Trainer that suits your needs the best, the next step is to looking for recommendations. Often, the best way is to ask about these trainers on different Forex Forums or if you know any real trader who was trained by this trainer. If you have a list of Forex Trainers to choose from, look for the highly recommended ones but even then you have to be careful.

Make sure that the recommendations are not promotional. Often Independent Forex Trainers operate as an organized crime unit themselves too. This is especially the case in countries like South Africa, Malaysia, Philippines, Indonesia, Spain, Brazil, Czech Republic, Poland and so on. They often have a group of fake traders sharing demo account results as live performance here and there.

These fake referrers will often play with your greed and emotions. They will share some stories with large profit. They will share pictures of expensive watches, expensive cars and money. As an example of this fake success story is the following:

Fake success story - How to find a reliable forex trainer

Look for credentials, background, and expertise

When selecting a Forex Trainer, you should look at your trainer’s experience, education, certifications and awards or titles.

In addition, you should also look for your trainer’s background from compliance perspective and meet them in person. Just take a good look at them, do they try to show off or they appear to be natural?

Forex Training fees/commission

When narrowing your search for the right Forex Trainer or a Forex Training School, one of the most important points to consider is the training fee. It is important to ask if your trainer’s program is based on per hour or per training or both. It is always best to go for a complete training package with extra advisory hours for things like monthly and quarterly performance reviews or just for that mental breakdown moment.

To summarize, here’s a checklist in order to identify a reliable Forex trainer:

  • Is your Forex Trainer tied, multi-tied, or independent?
  • What qualifications and certifications do they have?
  • Do they charge fees per training, per hour or both?
  • Can they provide testimonials from existing clients?
  • Does your Forex trainer offer ongoing mentorship?
  • Do they offer personalized training?
  • Is there any conflict of interest?
  • Does your training involve any promise to get rich fast?

“How to find a reliable Forex Trainer?” is a chapter extract from Yagub Rahimov’s upcoming “Forex Not For Dummies” trader’s journey book. 

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