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What’s the Matter With Forex Education and Training?

There are three models of education that dominate the Forex Market today. They all claim to have the magic formula, exclusive knowledge about the market, or some hyped up set of proprietary indicators. Their promise to the ever re-generating gaggle of hopeful FX traders is the easiest road possible to the promised land of Forex Enlightenment.

Understanding the realities of what’s out there on the market as far as education is an important thing for someone who is out there trying to become a Forex trader. This article addresses some of the more common paradigms of the current Forex Education Market.

The Seminar

This is, perhaps, the most common form taken in the FX Education Market, because it usually leverages the notoriety or charisma of a supposed master trader to convince their potential devotees to plunk down anywhere from $3,000 to $8,000 for the privilege of spending a short weekend “learning how to trade”.

Starting at nine in the morning, usually a 9:00 AM, the host of the seminar will begin. After a lunch and several breaks you might get a total of 6 hours per day a Forex education.

This type of education is marginal at best because you are only exposed to the information for a short and inefficient weekend – after that you’re on your own. If you’re lucky, you were able to take notes and make scattered “next level” observations that might carry you through until you’re able to retake the course – if they allow that!

You’re only one of maybe 100 people in the room who are all vying for the attention of the supposed master trader or trading celebrity who is running room. So, you have to wait in line in the chat to get your questions answered, and what’s worse, you have to wait behind the questions of the slowest people in the room who, no matter how many times the material is explained still have questions that are very basic, and range from repetitive to astoundingly pedestrian, As a result, the presenter must spend enormous amounts of time trying to remedially educate the slower members of the room while you wait, minute after minute watching your very expensive Forex education be wasted.

So the bottom line is that it’s a very expensive way to obtain what is usually only a rudimentary Forex education, simply because there’s not enough time to train the group in the basics of trading, much less the advanced topics that are necessary in order to profit in the Forex market.

The Chat Room

The other type of education that is very popular among the online Forex education web sites is the ubiquitous chat room. This is where a group of moderators spend the morning or just a part of the morning attempting to disseminate educational tidbits to a large group of hundreds of people. If your lucky enough not to be completely annoyed by the voices that are coming through your computer speakers, you may be able to collect enough information over the course of the next few months to construct some semblance of a proper education. There is never an organized lesson or consistent pre-scheduled teaching, and the moderators, because they are distracted from trading by the continuous questions from novice traders, become less effective as traders themselves.

Any nuggets of trading wisdom that are doled out in these chat rooms comes in sporadic bursts that are unpredictable and varying in quality. So the trader that hopes to receive a proper Forex education by participating in one of these chat rooms must do several things in order to succeed #1. He must be able to spend every available hour in the chat room to avoid missing valuable information as it is discussed, and #2 He must be able to efficiently and effectively collect all of these various data points into one organized structure, which clearly presents even the most precise thinkers a difficult challenge.

Another issue associated with chat rooms is that novice traders often use them as a crutch to avoid the difficult work of writing a trading plan, testing a training plan, and learning to read the market on their own. They often blindly follow the trades and advise of the moderators or other senior members of the room, who post loudly of their numerous winning trades (this assumes that they are honest, wink wink). And so the trader’s development is slowed for years as they just limp along, trying to follow trades of other people, trying to figure out who in the room is the best trader, so that they can mimic their style. This process retards the development of the trader for years and sometimes forever if the trader never figure is out the cause of their desperate gyrations.

The social aspect of the chat room paradigm is tempting, but there are a great many successful traders out there today who will tell you that their true success in the markets did not begin until they turned all the chat rooms off.

The PDF Course

The third main category of Forex education comes in the form of the downloadable course. Almost always delivered in PDF format these courses promise to show you proven strategies that let you easily take profits out of the Forex market.

The worst offenders out there are those who simply copy and paste volumes of information from all over the web that the unsuspecting buyer could have easily found on his own. Many a trader has been disappointed by this newly downloaded Forex course, when he or she realizes that the sum total of unique information in the course consists of nine or 10 pages, while the other 99 or so pages contain standard definitions of Forex trading and explanations that answer the eternal question ” what is a pip”?

Slightly more honest but equally ineffective are the outfits who tout their unbelievably reliable, proprietary setups which usually consist of a collection of bar patterns or moving average crosses that are corroborated by chart after chart that the authors handpicked from the market. They fail to tell you that in a sideways market, that these types of setups often lead to a series of damaging losses and a devastated psychological profile. As a result, the trader gives up on these newly learned methods, and continues his search for the next Holy Grail.

Conclusions

The common thread that runs through each of these educational methods, is that they’re quite expensive and leave the blossoming Forex trader with much less of the one commodity that he must value the most, trading capital. While it’s difficult to argue that a Forex trader would be better off entering the market with no education at all, it’s quite possible that there is a better paradigm out there at a fraction of the cost.

Academic knowledge of how the market moves and how technical analysis works is something that must be taught over an extended period. The concepts, in many cases are counter-intuitive, and therefore require a continuing education that allows the apprentice trader the opportunity to repetitively access the educational material, and be able to post questions and receive answers about its content.

As the technical side of trading is being developed under this educational model, the aspiring trader also needs some method of psychological support. We’ve already established that the moderated chat room model is an impediment to true trading mastery but surely there is another way for traders to interact, while still retaining their integrity of mind.

The current belief by our team of professionals, is that a Forex course consisting of dynamically illustrated and logically explained high quality videos is the best and most efficient way to train a novice or intermediate trader. This allows the student to repetitively access the information as many times as they deem necessary, and eliminates the negative issues associated with the other types of education mentioned above.

The trader that is able to learn with the assistance of professionally taught high definition videos has an edge, and if that trader is then supported with the latest in continuing education, then that trader has the best possible chance of success.

Price, of course, is another issue. If the trader is able to spend far less money to acquire a top quality Forex education, then that trader would be in the best possible position for success when first entering the market.

How to Find, Hire, and Train an Amazing Self Storage Manager

In businesses the most important thing is the people who run the business. If you are a fortunate business owner then I would suspect you are not doing the day-to-day tasks and delegating those to others who can likely, if trained properly, do the tasks better. Doing so frees up your time for family, friends, or fun.

When I bought my first property, I needed to learn how to run the business so I could teach my manager the correct way to do things. It is always good to teach your managers how to do tasks like you would do them. When you are not around your employee will act as an extension of yourself and not as an employee. Before you buy your first business or storage facility, I would recommend reading up on the management of these properties. Even if you do not want to run them yourself and want to hand it over to a management company, you must have the experience to teach someone else to run it or this could be a loss for your company.

The key is to train your manager to think like you do. We can go into that in our next lesson but first you have to find a manager. Without someone who is able and willing to manage your property, your business will suffer. Whenever I am about to purchase a business, I always look at the current employee situation. Are there current employees capable of finishing the tasks I want them to do? Are they currently not performing up to my standards? If the answer to the second question is no then you need to ask yourself, why they are not meeting your standards. Were they not properly trained? Are they not getting the correct support from the owners or are they just lazy and do not like the field they are in?

I specialize in buying underperforming properties being poorly managed. In some cases it is the owner’s fault who is not giving the manager what he or she needs to be successful and sometimes it is purely the manager’s fault. I like to look for combinations that have both then here you find the upside. I have found tremendous upside in properties from them simply being poorly managed.

I have found a few notable items that are necessary with managers of my business. They must be hard workers. Lazy people get nowhere in life and accomplish only the bare minimum to survive. If they are not a hard worker with motivation, then they need to be replaced. Motivation is the key to a successful manager because if they are not motivated in his or her life, he or she will not be motivated at work. They must strive for something in their lives that they want and usually their work helps them get there. If they have motivation in life to become better, most likely they will have motivation to be successful at their job.

The third thing that I look for is someone who is willing to learn. In all my properties we do a large amount of teaching. In most cases 90% of what current managers were taught is wrong and the other 10% have not been taught the correct way. This is why the majority of current managers must go because they are unwilling to learn new things and are stuck in bad habits. A willingness to change and be taught, motivation in their lives, and hard work is what I look for. If you can find these three traits, I would say you have a good start. I also look for people who I simply like and could develop a relationship with because I find that people will work harder for a boss they like as opposed to working for a boss he or she does not like.

Now how do you go about finding these people to run your multi-million dollar businesses? The first and easiest way is referrals. I always know the top brokers, bankers, and city employees in each city I tend to do business with. Due diligence is the key and you should know them all well. I like to send them out an e-mail letting them know I respect their opinions as successful and knowledgeable people in the city and if they know anyone who fits the criteria to please bring those individuals to my attention. I have yet to ever have to go outside those few contacts to hire any managers. Honestly, I have had too many people who were very qualified that could have fit the bill easily. If you cannot find someone from those contacts go introduce yourself to more well respected individuals in the community and get more referrals. The chamber of commerce meetings do wonders for this stage in the hiring process.

One you get that referral and you find yourself someone who has integrity is a hard worker, motivated in life, and willing to learn new things then it is time to start them off on the right foot. I know when I walk into a job I am more comfortable when I know what I am doing. I remember umpiring for the first time and just got thrown out there. I was nervous and blew many calls. I then remember my first meeting with investors to ask them for money to invest in one of my deals. Was I nervous? Yes, a little, but I had training from someone who has been there before and I was much more comfortable and loved my job. Managers want to be trained and they will appreciate the training because they will not feel like a fish out of water on day one.

I suggest give them a short self storage book written by Tom Litton. It is a very easy read for a self storage manager and the information from his books is readily available on the internet. Every business owner’s time is valuable, but the time you take to correctly train a new employee is well worth the time you save having to constantly retrain new employees. I would start the training process a week before they start to be sure not to give them information overload too quickly. I would give them a day or two to read these books and report to you with questions, comments, and concerns.

Many storage companies and businesses use management software. The easiest way to foul up records is to fail to have the proper knowledge on how to use the products. On my storage facility I use Site Link web edition. Site link has training videos, webinars, and manuals that explain everything in detail. I give my employees a solid day to review all of Site Link’s materials so when day one comes he or she feels very confident on how to use the software. Once again you have no real involvement and require him or her to come to you with questions, comments, and concerns.

Many other training materials that are put on by inside self storage and the national self storage association will compliment your own training tactics. If you are serious with your employees, you can have them take the QSM or CSSM courses through each medium. I am qualified in both and they are a great way to get started. I recommend that you take these for your own educational purposes and then pass your knowledge along to your managers.

The final step in the training process is to do mystery shops, mystery calls, and other role playing on events that happen at a storage facility. I would spend an entire day role playing with your manager. I would do everything from doing pretend calls with customers interested in renting a unit, current customers unsure about the new management, and collection calls to delinquent tenants who are behind on rent. I also do pretend customers who walk in to rent a unit, walk-in people that make a payment, walk-in people who are behind on rent and try to negotiate, and so on. I want to be sure that the majority of the situations that could occur, my manager have seen the situation from me first. Once we are done with a single role paying situation, we always go back in our heads on the positives, negatives, and improvements to be made. We also record some of our phone calls so we can let managers listen to them themselves.

The lifeblood of your company is the people who run it. I know I do not want to run my own company on a day-to-day basis as I am out there buying more properties. However, before you before you focus on buying another property, take the time to make sure the one you just bought is being managed properly. Trying to acquire your next deal, you need to learn the business yourself. It will give you plenty of a return on the investment of your education and I promise you, whatever you invest in your managers’ education, you will be paid back tenfold. Treat your manager like you want to be treated, be honest with them, deliver realistic expectations, and praise them in public and criticize them in private. Respect your managers and do your best to care for them as people, not just an employee and he or she will do their best to treat your business like it is his or her own. I know everyone cannot have a personal relationship with his or her employees but I care for the people who work for me and I am successful because of him or her. I want to extend a special thank you to my friends and managers Ron Harris, Amber Rowe, Natasha Redding, Ruben Rodriguez, Teri Williams, Linda Davis, Theresa Voyles and many more. They have definitely made my life happier than ever.

Field Museums Educate and Entertain

If you are into serious discovering, and I hope you do, because once you stop learning, there really is no need to continue existing, then there will be plenty of museums around about Seattle, Washington that will feed the mind while entertaining your family. The vast number of museums in this field makes it a very interesting place to visit. There are museums here that cover everything from the Klondike Gold Rush to Log Houses and many, many things between.

Additionally the pair museums mentioned above there are several interesting museums to visit while in Seattle. The first is the Museum of Flight. This is likely one of the museums that Seattle is most pleased with. It is consistently voted one of, if not the optimal of its kind in the country. Find the history of flight and even take a ride in a flight simulator or tour the original Air Force One. Irrespective your feelings about flying, I’m almost certain that someone in your group ( in particular when there are any boys) will see this museum to be of great interest.

The Northwest Railway Museum is another museum that is not just educational but also fun for the whole family as well. Visit the Depot, which has been fully restored to its originally splendor or take a ride on one of the trains. Whatever you fancy, your little guy’s (even your not so little guy’s) eyes will illuminate at the concept of riding the rails. The mission of this museum is to educate the public on the vital role that railroads have played in the growth of Washington State throughout history. I think they are attaining their goal quite nicely and am happy to be able to make more of the public aware of them and their mission.

The next museum that is a little from the ordinary and yet vastly interesting and educational is the Whale Museum. This is of particular interest if you are planning to do any whale watching although many people are visiting the fantastic city of Seattle. Whale watching is always a fantastic deal of fun and it is even more fun if you are armed with the knowledge that can be gleaned by spending a little time discovering about whales at the Whale Museum before you go any further your whale watching excursion.

The Odyssey Maritime Discovery Middle is another of the truly great museums that can be found in Seattle. This museum not just offers great resources and info about the maritime history that is so essential to Seattle these days but interactive displays that encourage children to learn and explore by doing. This is a great place to spend the day, but pay close attention to their hours for the day you are organizing to attend as this center has shorter weekday hours than most museums.

The Wing Luke Asian Museum is the only museum of its kind in the U.S. This museum is devoted to preserving and promoting Asian Pacific American culture, history, and art. This museum has a permanent exhibit that is prepared to remind us of the internment camps that were employed for Japanese American citizens during the Second World War. I feel like this, to a greater extent anything else is an essential reminder and worthwhile the visit and there are more exhibits that offer entertainment and education.

I hope that you will visit one or more of these great museums. I think you will be amazed to find how educational and fun they are actually for the complete family.