Which Currency Trading Tutorial Should You Opt For?

With more and more people scrambling to get onto the currency trading, or forex, band wagon every day, there’s a plethora of tutorials – courses, videos, and ebooks – coming onto the market to satisfy the demand for information in this field.

It’s a real problem for the newcomer because, as with most of the internet, there is information overload. And you never know what is real information and what is phoney. This article will help you differentiate between the two.

Nearly everyone who tries to sell you a currency trading tutorial will recite how around 95 per cent of new traders lose all their money but that you yourself can avoid that fate by purchasing their information. That’s actually quite a clever technique, using the number one reason why you should really steer clear of the forex market and turning it around into the reason you should enter this volatile market after all, but only through buying their own tutorial or using their own online brokerage with bundled tutorial.

Telling the difference between a genuine currency trading tutorial and one that is just there to earn money for the seller of it is not that difficult. The most important thing to bear in mind at the outset is that the forex market is not a wealth creation system, but a wealth redistribution system. So if some people make fabulous profits with forex, it’s because other people – far more numerous – are losing their shirts.

You can eliminate most forex tutorials from your shortlist by finding out whether the author of the information is a real trader in forex making real profits. Ask him how much profit he has made in the last 12 months from the techniques he teaches in his course. Make sure he gives you the figure for his trading, not for selling his course. Unless he convinces you that he has indeed made substantial profits himself and that this is his main form of income, then his course is a sham.

One thing you should know is this. There is a mass of information on various aspects of trading forex available online free of charge – on broker’s sites, forums and discussion boards – and there are even free ebooks available as well as videos if you look for them, and most of them deal with one or two specific techniques or methods some people have used to make some money.

These are for the most part genuinely offered by the authors to help others, though the reliability of the information is often open to question. It’s very easy to someone who knows how to make an eBook or video course to download this material and cobble it together to make a tutorial and sell it for $47 or $97 at a time.

But the chances of it helping a newcomer to forex learn how to develop a profitable trading strategy are remote.

Another most important fact you should be aware of is this. Many sellers of forex information will try to convince you that it’s possible, or even easy, to make large profits by day trading, that is, opening and closing positions on the same day on a regular basis. Keep away from any such people.

Making regular profits by day trading with a currency trading account is virtually impossible. Even if, for example, you spot an up trend on a particular market, such as the USD/JPY, that doesn’t mean there won’t be a temporary reversal that can cover up to 100 or even 200 points. That’s just the way the forex market is. Most newcomers are (wrongly) advised to have tight stop losses and will regularly lose money this way.

Of course, it’s possible to have two or three early successes with day trading, but it won’t be long before all the profits disappear in a succession of losing trades. This sounds pessimistic, but I’m afraid it’s the truth.

However, it’s not all doom and gloom, because there is a path through the jungle, if you’re prepared to resist the temptation to dive straight in to the volatile and highly strung forex market. There are one or two highly successful financial traders out there who will teach you how to make regular large profits on the financial markets. Not necessarily the forex market, but nevertheless real profits on financial markets. And it won’t cost you an arm and a leg either.

These people tend to stay away from the forex market for the reasons I’ve outlined above. Find such a person and follow them. And no, I’m not myself such a person, but, as they say, I know someone who is, and I have made real profits in the financial markets as a result. And if I can do it, so, I expect, can you.

Brainstorming Possible Topics For Your Ebook

While brainstorming, keep in mind that your objective is to come up with as many ideas as you can (think quantity, not quality at this stage of the process), that you shouldn’t judge, evaluate, or criticize the ideas that you come up with at this point, and that you can come up with a lot of ideas that are closely related, as well as ideas that initially may seem farfetched.

Here are some ways to start brainstorming about topics you could write about:

Inventory of Your Knowledge, Skills, and Talents

  • What are your innate talents (your information product can be based on explaining a process you normally perform very well)?
  • What skills do you use in your job?
  • What did you study in college? What additional courses/seminars have you taken?
  • What do you enjoy reading or learning about? What types of magazines do you like to read?
  • What do you enjoy doing in your spare time? What are your hobbies?
  • What types of major purchases have you made?
  • Do you have pets? How do you care for them?
  • Are you a parent? Can you provide valuable insight into some aspect of parenting?
  • Do your friends and family generally ask you for help in any one particular area?
  • Have you overcome a problem in your life that others may be having? For example, have you found ways to deal with a difficult boss, gotten over a cheating spouse, found the courage to back to school after age 40, and so on?

What Are Your Blog Readers Saying?

  • If you have a blog, which are your most popular blog posts? Can you elaborate on them?
  • Again, if you have a blog, what questions are your readers frequently asking you in the comments section or through emails? Consider polling your readers and asking them what they would be interested in learning more about.

Visit Clickbank and Amazon

  • Find topics for ebooks-or even printed books-that people are buying right now, and enter the market yourself. To find popular ebooks visit the Clickbank Marketplace (they let you sort by popularity). And, of course, to see which topics are selling well in printed books, visit Amazon.com.

Visit How-To Sites

  • Visit web sites people go to in order to learn how to do things, such as ehow. Which are popular topics in which you either have expertise, or you’re willing to do the necessary research to be able to write well about the subject and provide value? Here are some examples of problems people might be trying to solve:
  • How to Avoid Credit Card Scams How to Incorporate Your Small Business How to GrowYour Own Herbs How to Manage Your Time in College The Bachelor’s Guide to Cooking Quick, Healthy Meals

Will Video Tutorials Explode Your Business?

Website promotion used to be a simple process before all the Web 2.0 processes exploded audio and video across the Internet. In what seemed like overnight, sales pages expanded their horizons until audio and video promotions became standard on thousands of websites.

While mixing your marketing focus is always a good idea, video tutorials are making an unstoppable impact on what used to be a text based search and find process. There’s a couple of major benefits to both you and your customers that should not be ignored or taken for granted when you are considering promoting with videos.

Tutorials have long been popular with those looking for instruction or steps to do something. Video tutorials have become one of the hottest online attractions in a flood of information processing techniques. What’s that mean to you? Let me explain.

Downloadable ebooks took the Internet by storm several years ago and created virtual home industries for creating and selling them. They were a Godsend to those searching for information on niche topics or quick solutions to problems. The shortcoming with ebooks, though, was their text base, requiring reading sessions, either on monitors or after printing 40-60 pages. Thousands bought them, but few followed through and actually read them.

Video tutorials have displaced some ebooks and are taking the Internet Marketing scene by storm. There’s two main benefits to consider carefully before you dismiss videos as valuable promotion tools that will increase your sales page conversions considerably.

For your customers, video tutorials fill the need for your readers who need one of the three different types of stimulation to absorb your message. The videos are heaven-made for visual learners or readers. You don’t have to paint pictures with words to get their attention…just show them. Make your presentation come alive with examples of what you are talking about.

Auditory readers need to hear your message in order to understand and be stimulated to provide the response you want. Make your presentations interesting by letting your own passion for your topic shine through your voice. Use a conversational tone to explain the process or product you are promoting. Don’t skip steps in your verbal presentation, thinking your audience will get it from the bulleted list you are showing on the video. Your auditory readers will not get it.

The tactile readers in your audience need to touch and feel what they are expected to learn. While this might be difficult in your video presentation, there are solutions that will fill the gap for you. A simple solution would be with your choice of words. Use action words that can reach their emotions with tangible perceptions, like “Do you feel…?” “Take your customers by the hand and show them…” or “Get a notepad and write this down!” You might want to consider offering a downloadable short report for those who want to hold something real in their hands.

For you, the Internet Marketer, video tutorials are easy to make with any of the popular video creation software packages available. You don’t need a studio or fancy equipment to do a good job promoting your own business. Your costs would be minimal for a very powerful effect on your conversion rate, way cheaper than what you can spend on AdWords.

But, the best reason for using video tutorials has been saved for the last. Your videos can be uploaded to almost any of the social bookmarking sites, like YouTube, and get spread across the globe in a very short time. Viral marketing is a proven business booster and videos on any subject that get downloaded and uploaded all day long are definitely viral.

They also can reach millions of viewers every day. What’s not to like?