Can You Really Master Forex Trading with IM Academy? A Comprehensive Review
Forex trading is a thrilling yet risky business, but mastering it can be extremely rewarding. If you're planning to start trading in the forex market, the first step is to find a reliable education platform that can guide you from basic to advanced trading strategies. One such platform is IM Academy.
The question on the mind of many aspiring forex traders is - can you really master forex trading with IM Academy? To help answer this question, in this review article, we'll provide an in-depth overview of IM Academy, its features, benefits, and drawbacks, and whether it is worth the investment.
What is IM Academy?
IM Academy formerly known as iMarketsLive, is an online educational platform that teaches individuals how to trade forex effectively and profitably. The platform was founded in 2013 by Christopher Terry, a renowned forex trader and educator, and it has since grown to become an industry leader in forex education.
The academy provides forex trading courses, trading signals, live trading sessions, market analysis, and mentorship, all designed to help forex traders succeed. IM Academy's trading courses are available in over 100 countries, and the platform boasts of over 100,000 members.
Features and Benefits of IM Academy
Self-Paced Courses
One of the significant benefits of IM Academy is its self-paced trading courses. The platform offers different forex trading courses, ranging from beginner to advanced levels. These courses cover every aspect of forex trading, including technical analysis, fundamental analysis, risk management, and psychology.
The courses are detailed and user-friendly, with videos, PDFs, and quizzes designed to test your understanding of each concept. You can choose to take the courses at your own pace, meaning you can complete each course in a few days or weeks, depending on your schedule.
Trading Signals
IM Academy provides trading signals to help traders identify potential trading opportunities in the forex market. These signals are generated by experienced forex traders and delivered to your dashboard.
The platform's trading signals include entry and exit points, the recommended stop loss and take profit levels, and the direction of the trade. You can use these signals to help execute your trades faster, more efficiently, and increase your chances of success.
Live Trading Sessions
Live trading sessions are one of the most unique features of IM Academy. These sessions are conducted by experienced forex traders, allowing you to watch them trade the forex market live. During these sessions, you'll observe how the traders use their trading strategies, make decisions and manage risks.
Moreover, you can ask them questions during the live session and interact with other traders in the chat room. This feature is a great way to learn, as you can see how experienced traders apply their trading knowledge in real-time.
Mentorship
IM Academy provides mentorship services for its members. The mentorship program pairs new traders with experienced traders who can guide them through the trading process. They can help identify your strengths and weaknesses as a trader, give you personalized feedback, and teach you advanced trading strategies.
This approach can help you learn from experienced traders who have a proven track record of successful forex trading. Additionally, they can help you avoid the common mistakes new traders make, which can save you money and time.
Market Analysis and Webinars
IM Academy provides regular market analysis and webinars for its members. These webinars are held by expert traders and cover various topics such as technical indicators, trading strategies, and risk management.
The market analysis provides an overview of current trends in the forex market and identifies potential trading opportunities. These features allow members to stay up-to-date on market news and help make informed decisions when trading forex.
24/7 Chat Support
IM Academy provides 24/7 chat support for its members. Their customer support team can answer your questions and help troubleshoot any issues you may have with the platform. This feature is particularly helpful when you're stuck on a topic or need clarification on something you learned in the course.
Drawbacks of IM Academy
Expensive Membership Plans
IM Academy's membership plans are relatively expensive compared to other forex trading education platforms. The starter plan costs $225 upfront and $174.95 every month thereafter, while the premier package costs $325 upfront and $274.95/month thereafter.
It's worth noting that there are other costs involved in trading forex, such as brokerage fees, spreads, and commissions. Therefore, the fees for membership plans may be off-putting for some, particularly those on a tight budget.
Complicated Compensation Plan
IM Academy has a complicated compensation plan for affiliate marketing, which can be challenging to understand, especially for new traders. The platform's compensation plan is based on a binary system, and affiliates earn commissions based on their downline.
Therefore, if you're looking to earn money from referring others to the platform, you'll need to invest time and effort into building a downline. This approach may not suit everyone, and some may find it confusing.
High Risk Involved in Forex Trading
Forex trading is inherently risky, and there is always a chance of losing the capital invested. While IM Academy can teach you the technical and fundamental aspects of forex trading, it's important to note that trading psychology is equally crucial for a trader's success.
Being able to manage your emotions, stay disciplined and minimize risks is critical for trading success. IM Academy does provide some resources on trading psychology; however, the platform does not guarantee profits or risk-free trading.
Is IM Academy Worth the Investment?
Considering the features, benefits, and drawbacks of IM Academy, the question remains, is it worth the investment? The answer depends on your goals and budget.
IM Academy provides top-class forex trading education, and their platform features such as live trading sessions, trading signals, mentorship programs, and market analysis can significantly increase your chances of success in the forex market. You can learn advanced trading strategies from some of the best forex traders with years of experience.
However, the expensive membership plans and the complicated compensation plan can make IM Academy unaffordable or unattractive for some traders. Moreover, forex trading is risky, and losses are inevitable in the market.
Therefore, if you're looking to start trading forex or upskill in your trading career, IM Academy is an excellent choice. It's vital to consider the costs involved, keep a realistic approach to trading, and always practice good risk management.
Conclusion
IM Academy is an online platform that provides forex trading education, trading signals, live trading sessions, mentorship, and market analysis for its members. The platform has many features that can help traders upskill and become better at trading forex, including self-paced courses, trading signals, live trading sessions, mentorship, and market analysis.
However, the platform's expensive membership plans and complicated compensation plan can make it unaffordable and unattractive for some traders. Moreover, trading forex is inherently risky, and losses are inevitable.
Overall, IM Academy is an excellent platform for forex trading education, and its features can increase your chances of success. However, traders should carefully consider the costs involved, their trading goals, and always practice good risk management.