Currency trading training

oasis63
oasis63 Online Community Member Posts: 12 Listener
in Everyday life

This might be an unusual question but does anyone know of any free training or/and mentorship for trading with currency? It would be great to do it one to one or certainly in person as opposed to online but I'll take anything that's going, even online training.

Obviously being on UC (LCWRA) with a disability I don't have a lot of money but as I'm getting older and without a private pension to rely on when I hit state pension age I'd like to learn about this type of thing so that I could possibly do it from home either for myself or a company part time.

I've no experience but I do have a good head for numbers and I just find it of interest.

Comments

  • 1234567890qwertyuiop
    1234567890qwertyuiop Online Community Member Posts: 1 Listener

    Hi it is best to go with Trust Pilot which is genuinely safe and has good reviews for potentially making a passive income.

  • Littlefatfriend
    Littlefatfriend Online Community Member Posts: 220 Empowering

    Pardon me oasis63

    A few members of my family traded currencies (and just about everything else). They first had many years of training and then shadowed other traders before they did it themselves.

    A' levels, degrees, postgraduate study, then further training with the companies/governments they worked for/with.

    One of them is obscenely wealthy, one is very well off, the other bankrupted themselves.

    Almost invariably the people who make money from it aren't usually investing their own money and they're investing huge amounts (six or seven figures and more). It's an extremely competitive field. If not, everyone would do it and it would be taught in schools.

    Certainly how it all works can be interesting to learn, lots of books and websites have info about it.

    As a sole trader it's very unlikely you'll make much from it. Calculating risk is a whole science in itself.

    I apologise if this appears patronising, it's intended to be realistic.

    Good luck

  • Ranald
    Ranald Online Community Member Posts: 3,000 Championing
    edited August 2

    A sibling of mine got into crypto trading, but this was with money they had spare, that is they could afford to lose it.

    I used to get phone calls crowing about making thousands in a day, why don't I at least buy a part of a bitcoin etc. Something I had no interest in doing, nor in fact any spare money to gamble.

    About 3 years ago, the subject ceased to come up, and in fact, to this day, I have heard not a peep about crypto trading. I say draw your own conclusions!

  • Albus_Scope
    Albus_Scope Posts: 10,798 Scope Online Community Coordinator

    Hey @oasis63 I have a fair bit of experience with this side of things and I have to say you need to be so so careful, 99% of day traders end up failing, there's a definite knack to it that most people don't have and the upfront costs can be staggering if you're wanting to be both competitive and make decent money to begin with. There are plenty of sharks out there who will offer training and mentorship, but will run off with your money, but I'm sure there's a few decent courses out there.

    It's much simpler to buy a few stocks with some good dividend yields and just let them do their thing. It won't be a huge passive income, but it's a lot safer.

    (This is of course not financial advice!)

Categories