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Monday, December 3, 2007

Forex Training 102 - FOREX BROKERS! -- PART 3

Forex Training 102 - FOREX BROKERS! Who do I give my money to? Whose advice and training do I trust? -- PART 3

Let’s talk about brokers in the Forex industry as a whole as part of your premiere free forex training.


From Part 2 we have a sense of how to determine what kind of broker we are dealing with.

There is another very important topic I want to cover and that is concerning training. I have been doing Technical Analysis for over six years now and know quite a bit about trading in all markets. I have invested thousands of dollars in my trading education and have receive a very good one. I feel that the difficulty of the material…these secrets are not worth paying thousands for, however the few that are teaching the secrets are controlling the price because they know people with pay it or they won’t invest and that is fine with them.

The next thing I want to cover is all of this FOREX TRAINING that is out there. Have you noticed that all the free training out there is BROKER DRIVEN? This is clearly evident when you go to the site that is offering the free training and there is nothing but advertisements about brokers among everything else. Something that you as a consumer must know is that you are entering a new world. That world is the currency exchange world. This world is entirely online and is a global world, a world that is deregulated, a world that is making more money that any other industry. So then you tell me, “Well Mission, I want to be a part of that world!” There are two money making aspects of the forex world. One is clearly by the traders who reap in huge profits in this industry (by the way, only 5% of forex traders are these guys), the other money making aspect of the forex world is on the brokers side, the side we cannot get a hold of unless we are the one’s scamming people out the their money and getting paid by the brokers (that’s just not my style). So excluding those big traders (the banks and very select few), we are talking about small traders, you and me. The guys who trade with less than hundreds of millions of dollars. There are a lot of us out there, and we are hungry to be in this market. Statistics in the forex market shows that most people loose money in the forex markets and the brokers are banking on this. So what happens? To continue making profits the brokers have to lure more people into this market. How do they do that, by offering more incentives, some like free training? They also boast no commissions; the commissions are just built into the trades with the spread (well go over this later). This also ties into PART 2 of the previous post, can you see how the bad brokers can take advantage of all of this.

An interesting fact to know is that brokers are paying massive dollars for marketing, pay per click advertising for the forex industry is some of the highest paid. These guys are making so much money and most forex traders that I know are loosing money. The money is going somewhere, with some careful attention you can see that the brokers are ending up with it.

The brokers can care less if you loose all of your account or not, they would actually like you to slowly loose your account balance because then they would make more money. This wild world of forex trading can be very easy if you have the right education, but what kind of education do you get from the brokers. Honestly it is very basic, and had been available online fore free more many years. You have to be very careful with your brokers. Chose a broker that is not concentrating on training, and get your training elsewhere, chose your broker by Part 1 & Part 2 of the FOREX Trading 102 posts. There is training available out there that is relatively cheap. I say cheap because remember in the forex you can make 100% profit on 1 trade which I will show you in a video soon. So let’s say you invested $500, there are training programs out there that will pay for themselves in 1 or 2 trades.

It is critical that you get educated before investing money in the forex market. It is critical that you practice in a demo account before you invest any hard earned money. I cannot give you all my secrets here, but a can give you a lot of them. Most of all I want to educate you enough that you can make informed decisions about brokers and also about trading. I want to keep you from making the same mistakes that many people are still recovering from.

I don’t mean for these first few post to scare you out of the forex marker, it is highly rewarding and fulfilling. There is just some work that we must do before we blindly jump into the market.

Hang with me and I’ll be showing some cool stuff coming up in the future. Some real life trades!

Live abundantly and share that abundance with others!

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