In Forex trading where psychological factors can cause trading mistakes and bad habit it is important to have an objective overview of your trading approach using a Forex mentorship service.
Often a Mentor is the missing element keeping Forex Traders from Success
More on Forex mentorship and training
Top Day-Trading Schools – Foreign Exchange (Forex)
The forex market is open 24 hours hour period. A swing trade (lasts more than a day) doesn’t have any more restrictions imposed on it than a day trade would. Therefore, schools that focus on forex often day trade and swing trade.
Winner’s Edge Trading began in 2009, providing free trade signals, strategies and advice, which it still does today. The Winner’s Edge provides its core strategy for free — to more than 70,000 subscribers — as well as frequent blog and video posts, which highlight current and upcoming trades using the “Double Trend Trap” strategy.
The strategy can be used in any time frame, although trade signals are primarily traded on the hourly chart in the New York Session Trading Room. Trades typically last about 18 hours, according to Casey Stubbs, the CEO, and there are about 10 trade signals a week. Traders can also adapt the strategy to shorter time frames if desired for more or quicker trades.
Joining the trading room is $197 per month, and promotions are often available for multi-month sign-ups. It gives traders a chance to ask questions and see trades occurring in a live environment, as well as how to manage existing trades.
In 2014 Winner’s Edge introduced personal mentoring. The training begins with learning the core method in detail as well as more advanced strategies. Once training is complete, traders are provided with a monitored demo account where a professional trader provides feedback on what is occurring in the account. The philosophy is that traders won’t improve by simply absorbing more knowledge. Traders need someone over their shoulder (figuratively) to point out what is being done well and what is being done poorly, and then personal corrective measures are taken. The cost and availability are revealed in a webinar when spots in the program come available.
The Bottom Line
Cost is an important factor when deciding which day-trading school to join, but it isn’t the only factor. Dishing out a few thousand dollars up front (or a few hundred monthly) to join a day-trading school may be a good investment if they cut your learning curve and get you on the path to profitability quicker. This is similar to paying university tuition so down the road you can make a better income. What the school gives you should be worth the cost, though. That means getting a solid foundation of information, mentoring from someone knowledgeable and successful in their field, as well as a support network that will help you succeed and stay on track even after your initial training is done.