As in any other profession, training in the forex market is essential prior to starting. Forex trading training can be achieved through a variety of ways. We have listed the most commonly used methods below:
Free Internet Research
There is a lot of free information on the internet on the topic of Forex Trading. Some people feel overwhelmed by the amount of information as there is often pieces of information that contradict each other. It is often helpful to read a few different articles on the same topic to form an understanding. As with all markets nowadays, there are Forex specific forums where various topics and trading strategies are discussed. We have mentioned Forex Factory in a few of our previous articles and this is simply because it the largest Forex Trading forum on the internet. Here is a link to forex factory : http://forexfactory.com
Free Online Course
Many people feel that to find proper forex trading training they have to fork out a boatload of cash to get quality content. There are a few exceptions in the forex market. We have found a couple of high quality self-study training courses with really good content. The first, and best known, is the BabyPips Froex Trading Course. This course was written in a fun, easy-to-follow way and is broken up into small pieces that are easy to digest. To do this course you can use this link : http://www.babypips.com/school
The second course that we have identified is on a website called Forex4Noobs https://www.forex4noobs.com/free-course/what-is-the-free-course/, this again has a fun ninja theme and focusses mostly on price action concepts. Both these sites have been around for quite some time and have been updated regularly. Most trading topics are covered in these two courses and they woud give a good foundation in the understanding of trading concepts and theories. Some topics are not covered in detail but the overview can be very valuable for traders that are new to the market.
Formal One-on-One Forex Trading Training
There are many companies that offer formal training. We cannot suggest any companies as this might create a conflict of interest. What we can do is give you a way of properly researching forex trading training companies before spending your hard-earned money. You should always take care to avoid falling for promises that seem to good to be true. Here are a couple of things to look at, these will not guarantee that the training company is good however it may eliminate some of the chancers.
- Visit the Company Offices to make sure that the company is indeed a proper company with training facilities. Make sure the offices you visit are those of the training company in question.
- Ask for a list of references. The company should be able to supply a list of recent clients, even if it is just five, with which you can talk to about their experience.
- Ask to see some trading records, because if the company can teach how to trade they should have trading records that show their trading results.
- Make sure that the company works with regulated brokers ONLY. In South Africa brokers need to be regulated by the Financial Services Board ( FSB ). To find out whether or not a broker is regulated you can contact the FSB at email@example.com
Although these steps will not guarantee that the forex trading training company is a good one it will eliminate some of the chancers. Make sure to do as much research as possible before parting with your money.
Learn As You Go
Most forex brokers allow clients to open a demo account to practice trading before risking their real money. This can be very helpful in determining whether the strategy you have chosen will be profitable or not. Test any strategy ot trading methodology for a period of time before applying it to a live account and only trade on a live account once you are 100% sure that you understand the risks involved and know how to operate the platform properly.
It is essential to train before you trade. We hop that this article was helpful to get you on the correct path.