Many people had bad experience with forex training courses. They paid a high fee to get the training and lost money in the trading activities (as the methods are not reliable). Here is an exception. This student still lost money, but he felt that the training provided was worth the money spent:
Dear Mr Tan,It would be my pleasure to share my experience with you.
Let me tell you upfront that I am not yet profitable trading forex. Please allow me to explain why I was still happy with the course.
I took up the forex training course with X in December 2010. At that time, I was retrenched for about 3 months and was unsuccessful in finding a new job. With time on my hands and not knowing what else to do, I attended a few forex sales seminars and eventually signed up with X. I paid about $3000 upfront for the course.
Before I signed up, I had already educated myself on forex trading. I was aware that there were forex training providers who created the impression that forex was easy money. X was honest about what forex trading was really about. This convinced me to sign up.
The course started with 2 days of classroom training over the weekend. This covered the theoretical knowledge needed to trade forex. After the classroom sessions, students are entitled to attend regular tutorial sessions for 1 year. The tutorial sessions were officially on the evenings of Mondays and Wednesdays. During each session, the Chief Trainer Y would conduct an analysis of one or more currency pairs to demonstrate how he applied his techniques and then pointed out potential trades. This would be followed by hands on session during which students learn to apply the techniques on their demo accounts while Y would go around answering questions. For those who have the time, X was open daily for students to go in and trade with other traders. Y would conduct two analysis for the students; once before London session opened and once before NY session. As I did not have a job, I went in daily, from afternoon until night. During these sessions, Y would analyse a currency pair and point out potential trades. I found out over time that most of his trade calls were good and resulted in profitable trades. However, it was a different matter when I did my own analysis and took my own trades. Most of my trades turned out to be losers. Faced with Y's successful trades and my own unsuccessful trades, it became obvious to me that it was not the technique but the trader that was the problem. I spent practically all my weekdays at X until I found a job in June. When I was there, I found Y to be genuine about helping his students. I was using air-con, Internet and electricity for free. Although I could not go into X anymore because of work, I still joined the Wednesday sessions via webex meetings. This was something additional that Y provided. I didn't have to pay a single cent after that initial $3000 payment. In fact, I wondered if he could be profitable like this. When I saw your online survey on forex and a comment that all forex courses are overpriced and useless, I knew where you were going with this. You probably heard feedback from unhappy people who felt that they were cheated by forex schools. Hence, I felt I should provide a balanced view. There are indeed forex schools that use questionable tactics to sign up students but there are genuine ones too. Evaluating whether a forex course is good based on trading results can be tricky. This is because forex trading techniques are easy to learn but it takes time and experience to learn how to apply them correctly. It takes time, discipline and effort and is not a get rich quick scheme. Like in any business, only a small percentage eventually master the skill to become successful. I personally found that it is quite safe to trade forex. I am still working on my forex trading skills. I have heard of people losing lots of money trading forex but it was usually because they could not follow simple trading rules that would keep them safe. For example, students are taught not to trade large amounts until they are successful with paper trading or trading with mini accounts for a few months. Another rule is that you are not supposed to risk more than a small percentage of your capital per trade. However, there are many people who simply could not follow these simple rules. Mr Tan, if you have read up to this point, thank you for your patience! And thank you for what you are doing to help ordinary Singaporeans!