Forex Trading Courses for Beginners
The foreign exchange markets are the largest financial markets on the planet. The size of it eclipses the U.S. stock exchange and commodities exchange combined. On a daily basis as much as 3.5 trillion dollars is exchanged. Although there is a lot of money to be made, you can also lose your shirt. So if your a beginner, getting a basic understanding of the business is important.
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Learning Basics in Free Course
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A good place to begin your forex journey is BabyPips.com. This site has a comprehensive free course that covers all of the basics of forex trading and even gets into some advanced stuff, such as news trading. It begins with the absolute fundamentals, includin g what are the forex markets and how to open up a brokerage account and then progresses into things as how to read a chart, how to understand patterns and how to use indicators. It will even give you some ideas about how to design a trading system and test it.
Well Reviewed Paid Course
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If you have gone through Baby Pips and want more a course that has been consistently well reviewed over the past five years, there is one from Peter Bain called the ForexMentor. It covers all of the basics, such as which currencies to trade, when to trade and what indicators to use. He mainly trades during the London session, which may be a drawback for those living in the United States as it is very early morning there. Also at $599 as of 2010, the course is fairly expensive. However he does offer a 30-day no questions asked money-back guarantee.
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Finding Other Courses
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Finding a trading course for beginners can be an overwhelming task. There are so many available and it's hard to tell what is being taught actually works. One way is to find other people who have tried the system out. A few good forums to talk to other traders places are at ForexPeaceArmy. EliteTrader, and Trade2Win (See Resources). All of these sites have ratings for software, courses, brokers and trading systems. Also no affiliate links are allowed, so you generally get unbiased reviews.
Where to Buy Forex Trading Courses
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One of the best places to buy a forex trading course once you have found one that you like is at TradersLibrary.com. Although many of the same items are offered at Amazon, Traders Library specializes in this niche and usually has better prices. They also have a weekly rewards membership, which often offers free books and additional discounts on videos, courses and software. You can find deals up to 80 percent less than what you would pay in a retail store here.
Start in Simulator
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The best way to learn to trade forex is to trade forex. Although you can learn some things from books and videos, you won't know whether you can actually do this business until you put on a trade. Using the strategies that you learn in your courses in a simulator will help you to find out whether this business is actually for you, without the heartache of losing money. A few brokers that offer free simulators are Interbank, FXOpen and Alpari UK.
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References
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- Photo Credit information and money image by Vladimir Melnik from Fotolia.com
