FX Training For You, The Newbie
As with all things, knowledge is power. This applies to Forex too. So far I have covered some of the essentials to get you to understand trading and in particular Forex Trading.
So far on this website, I have covered:-
- What is Trading - A beginners intro guide explaining trading with emphasis on Forex (Fx) Currency Trading.
- Trading Hours - What times are the markets open, best times to trade and the benefits of 24 hour forex trading.
- Trading Software - The tools necessary for currency traders to execute their trades either manually or automatically.
Now we dive into Forex Trading training.
Learning Never Exhausts The Mind ~ Leornado da Vinci
Indeed. Never be afraid to learn something new. It is rarely a waste of time. Let's Begin.
Learn By YourselfThis is most certainly possible and many people have done it, but probably not recommended. I would say patience is a good virtue if you would like to go down this road.
Often newbies might give up on trading because they jumped straight into the deep end and forgot that they needed to learn how to swim first. This is especially true in forex trading. There really are big sharks out there and they will eat you so you have to be prepared. Learn Learn Learn.
This will come in two forms. FREE and PAID training. Which one to go for? You decide.
Free Forex TrainingOkay, so you want to be a Forex Pro, but don't have the funds to pay for expensive training courses or books? Well, you could be in luck. There is a dedicated free online resource to teach you everything you need to know about Fx Trading. I have used this resource and could not recommend it highly enough. Of course I am talking about BABYPIPS.COM. In my opinion, hands down the best free resource you will find online to teach you everything you need to know about forex trading. They have an awesome school and From Kindergarten, all the way up to University. Check it out!
There are also many Forums About Forex and you can learn alot from these forums. You will often find other newbie traders looking to learn as much as they can about forex. There are often Professionals in these forums and you will be surprised at how friendly people can be and they will help you on your trading journey. My favourite forex forum apart from babypips mentioned above is FOREXFACTORY.COM. Another excellent resource with plenty of genuine individuals to help you on your trading journey.
You should also be able to find many training videos on websites like YOUTUBE or VIMEO.
Do not be put off because those websites are free. That's where I got most of my Forex Education.
Paid Forex TrainingPaying for stuff doesn't make you lame. Sometimes you have to pay to get the good stuff. Education should be free, but if it were all free, who would pay the teachers? A question to ponder.
Dealing with currencies in itself sounds like a delicate matter. Money makes the world go round as they say. If you have the money to pay someone to teach you how to trade forex, It is probably not a very bad idea. The trick is finding trainers who's only interest is not vested in financial gain, but rather they are more into spreading the knowledge that they know and receiving a little something in return. This is easier said than done when it comes to Forex. Dealing with currencies may be a delicate matter, but so is dealing with people. I find it hard to recommend a good place where you can pay and not feel cheated in any way possible. I have grown to be very dubious about people claiming to be Forex Professionals and they will teach you what they know for X amount. Be very careful. There are many scamming individuals out there and even companies. Remember, you are primarily dealing with a financial market. Unfortunately, when it comes to money, most people cannot be trusted.
But always remember even if you pay for trading training, that you actively engage in learning whatever you can by yourself. That single piece of advice will really help you out.
Altogether, I have decided not to recommend anyone. I would hate for someone to feel as if they have been cheated. Head over to google and search for Forex Training or Learn Forex and you will find many people and companies willing to train you for money.
Most Paid Forex Courses that you would subscribe to online will have a center where you will be required to go for training. Mostly these average out from a few days to a month or two. On rare occasions, they may have a six months to a year course, but this is rare and might be very expensive.
You will also find other companies via flyers leaflets or in magazine and newspaper advertisements. Certainly here in London, there are plenty of places advertising for forex training.
As with the paid training I talked about above, I would find it very difficult to recommend anyone. I am self taught for the most part, but know of friends who have paid for very expensive training courses and learned pretty much the basics and nothing concrete. Be very wary before you part with your hard earned money on any forex course.
Having a friend who is a professional trader is also another way to get yourself trading in no time. Trading can be an Isolate Profession and if your friend trades from home he/she might appreciate the extra company and they might get you on your way to Trading Fx in no time.