To my knowledge there are no formal (and impartial) forex training lessons in Qatar that are offered in a classroom environment by qualified and consistently profitable traders.
There are several ways to learn how to trade.
a) Private lessons from consistently profitable traders
b) Online classes
c) Self taught (reading, videos, simulators, etc)
d) Internship (you work for free or a small stipend) at a financial institution
From experience option d) (internship) is the most cost-effective since it won’t cost you anything and you don’t pay for losing trades. However, it’s more suited for fresh graduates or people in their early 20’s starting a career.
The second best approach would be option a) (private lessons) as it has the strongest learning curve effectiveness.
In the absence of private lessons, online classes are good (for theory) and help teach the basics, but can never teach the challenge of dealing with emotions and the discipline that is required for successful trading.
Option c) (self taught) which is the path that the majority of would-be-traders adopt is the least effective and the most expensive. It is the most expensive not because of the reading material, subscriptions, DVD's, etc but due to the fact that a lack of education in the market can be an expensive lesson. If you try to learn how to trade in the marketplace it can prove costly due to losing trades that act as your learning curve. This does not take into account the psychological impact a new trader may experience for the first time when they see open profits in the market disappear, or small losing trades turn into big losses. A worse scenario is where a new trader makes several successive trades in a row and thinks trading is easy. This usually inflates the trader’s ego and they ‘bet the farm’ on the next trade and it goes the wrong way (loss). This is more devastating to the trader’s mind and wallet.
You must also be wary of the source of credibility of where you gain your knowledge. It is very common for the forex broker to offer free lessons. The forex broker makes money from your trades so it is in their interests to see you active and trading. It is better to learn from a neutral source that has no vested interest in your trading results.
On the topic of neutrality… when the time comes for you to trade, I strongly recommend that you avoid market makers to place your trades since they take the other side of your trade. i.e. they are the counterparty to your trade and not the marketplace. Choose an ‘ECN broker’ instead of a market maker so your orders are sent direct to the market.
To my knowledge there are no formal (and impartial) forex training lessons in Qatar that are offered in a classroom environment by qualified and consistently profitable traders.
There are several ways to learn how to trade.
a) Private lessons from consistently profitable traders
b) Online classes
c) Self taught (reading, videos, simulators, etc)
d) Internship (you work for free or a small stipend) at a financial institution
From experience option d) (internship) is the most cost-effective since it won’t cost you anything and you don’t pay for losing trades. However, it’s more suited for fresh graduates or people in their early 20’s starting a career.
The second best approach would be option a) (private lessons) as it has the strongest learning curve effectiveness.
In the absence of private lessons, online classes are good (for theory) and help teach the basics, but can never teach the challenge of dealing with emotions and the discipline that is required for successful trading.
Option c) (self taught) which is the path that the majority of would-be-traders adopt is the least effective and the most expensive. It is the most expensive not because of the reading material, subscriptions, DVD's, etc but due to the fact that a lack of education in the market can be an expensive lesson. If you try to learn how to trade in the marketplace it can prove costly due to losing trades that act as your learning curve. This does not take into account the psychological impact a new trader may experience for the first time when they see open profits in the market disappear, or small losing trades turn into big losses. A worse scenario is where a new trader makes several successive trades in a row and thinks trading is easy. This usually inflates the trader’s ego and they ‘bet the farm’ on the next trade and it goes the wrong way (loss). This is more devastating to the trader’s mind and wallet.
You must also be wary of the source of credibility of where you gain your knowledge. It is very common for the forex broker to offer free lessons. The forex broker makes money from your trades so it is in their interests to see you active and trading. It is better to learn from a neutral source that has no vested interest in your trading results.
On the topic of neutrality… when the time comes for you to trade, I strongly recommend that you avoid market makers to place your trades since they take the other side of your trade. i.e. they are the counterparty to your trade and not the marketplace. Choose an ‘ECN broker’ instead of a market maker so your orders are sent direct to the market.
Which ever way you choose, I wish you well.
Plan your trades and trade your plan.