An essential piece of the forex success is in trading education, forex information and learning materials. Today internet offers large variety of both free and paid trading resources to help out a beginner. Out of all available information, what is useful and what is disorienting? Are there quality free resources or it is worth paying for a trading course right from the start? Can forex forum or blogs be of any help?
Where to Find Forex Information?
Let’s review the following resources in details:
1. Articles about forex trading
There are plenty of free articles on forex-related websites, which can give you the basic idea about forex and the currency market.
2. Online Tutorials for beginners and advanced traders
Many websites contain tutorials with in depth information about forex, covering wide range of trading topics – market analysis, charts and indicators, strategies, trading styles, psychological issues, money management, trading plan and much more.
Avoid the gurus and experts that claim to know the optimal forex secret for as little as couple of hundred dollars. Not all are scam, however most definitely are, trying to sell fake tracking records, useless automated robots and other worthless trading strategies.
3. Daily Market Analysis on Forex Brokers websites, in facebook groups, twitter, telegram and other educational resources
Most forex Brokers provide daily analysis on their websites, via email, via trading platform or even mobile text message. This forex information is useful to make a decision based on the next possible price direction.
4. Seminars and Webinars provided by Forex Brokers
There are plenty of online seminars held by brokers and other forex experts all over the internet. These webinars and workshops can be extremely helpful in gaining forex knowledge without paying a cent. Try to search for the seminars and crash courses both online and in the area you live.
5. Trading Blogs
Another way to learn about forex and getting to know other traders is via blogs and forums. Blogs have lots of useful up-to-date trading information and forums have significant resources for beginners, not to mention the great way to get a quick answer for a specific question from other forum members.
Unfortunately, not all forums are useful and not every member is a honest, successful trader. Stay away from users who have posted less than 50 posts, from users who tend to advertise some kind of garbage automated software in every other message and stay away from those who promise 100% profits!
6. Demo Accounts
It is not a surprise – practice makes perfect. Almost all forex brokers provide free demo practice accounts for beginners. You get virtual money and real market conditions to get to know forex and the selected trading platform.
To summarize, you have to do the homework! Learn to use the charts and indicators. Once you know the basics, you can use the free online resources such as technical and fundamental analysis to help you trade. With the internet today, you can simply put profitable forex trading strategy on your own, follow the trading plan and stay disciplined, and build a successful career as a professional forex trader.