Forex Trading Training – Top 4 Ways To Prepare
Forex Trading training can be done in many ways to help prepare traders. As in any other profession, training in the forex market is essential to improving your skills and becoming a better trader. In this post, we’ve listed the top 4 most common training methods used by forex traders today.
1. 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 are 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 is the largest Forex Trading forum on the internet. Here is a link to forex factory: http://forexfactory.com
2. Free Online Course
Many people feel that to find proper forex trading training they must 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 Forex 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 we’ve identified for Forex Trading training
https://www.forex4noobs.com/free-course/what-is-the-free-course/, this again has a fun ninja theme and focuses 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 would 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.
3. Formal One-on-One Forex Trading education
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 thoroughly researching forex trading education companies before spending your hard-earned money. You should always take care to avoid falling for promises that seem too 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 Conduct Authority FSCA To find out whether or not a broker is regulated you can contact the FSCA. [email protected]. Alternatively, you can follow the link to verify the broker as a financial service provider: https://www.fsca.co.za/Fais/Search_FSP.htm
● 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.
4. Learn As You Go
Most forex brokers allow clients to open a demo account to practice trading before risking their real money. Khwezi encourages clients to practice on the demo. This can be extremely helpful in determining whether the strategy you have chosen will be profitable or not. Test any strategy to a 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 be prepared before you start trading live. You can find more insightful articles like this in Forex Insights. We hope that this helped get you on the correct path to trading success.