Forex Trading need not sound like a mysterious subject that is meant for the gurus only, there are free help for learning forex trading online. If you use any of the popular search engine, you will receive tons of articles, tutorials and other resources that will aid you in learning forex trading. Of course the very first step in learning forex trading is understanding what Forex Trading is. If you are new here, I recommend that you read the first article in this series, What is Forex? It gives a simple introduction and background information on what Forex Trading is all about.
The foreign currency exchange market, commonly refer to as Forex Market is the largest trading market in the world. Forex yields an average turnover of $1.9 trillion daily, and it is nearly 30 times larger than the total volume of equity trades in the United States of America. That sounds intimidating to a newbie forex trader. But it need not be.
All that is required to learn forex trading is diligent study and patience. Too many newbie forex traders have lost money not because forex trading is difficult but because they never took the time necessary to understand and acquire the knowledge that will make them successful traders.
Some out of ignorance simply purchased expensive forex trading software that they do not understand or know how to use. After such purchase, they sit back and expect fantastic income from their “Automated Forex Trading System”. That is not the way to go if you are really serious about investing in Forex Trading as an entrepreneur.
How successful you will be as a Forex Trader will depend to a great extent on how knowledgeable you are about the business. Ignorance poses a greater threat of failure in Forex business more than any other factors put together. If you must succeed, then you must get yourself well educated about the business and remain current on the events taking place in the foreign exchange market at each point in time.
In subsequent posts, each of the issues listed above will be discussed one after the other. We shall endeavour to provide as much information as possible. Where necessary, links to other useful materials and resources shall be provided as additional reference.
Forex Trading is a technical market that can only be mastered by practicing. Irrespective of the amount of tutorials that you read, you must practice the act of trading in the foreign currency market. This would have being too risky if you are required to use real money to learn the necessary skills. Fortunately, it is now possible to develop the basic skills recuired in trading foreign currencies without using real money. several Forex brokers now provide Demo Forex Trading Accounts that you can use for learning.
Such demo trading accounts offers simulated forex trading environment. The forex demo account comes with virtual money that you can trade with in a simulated foreign market. You will be presented with tools of the trade to enable you learn how to analyse and interprete events in the market. You can sign up for a free account with eToro or any other reputable Forex Brokers.
You can bookmark this page for easy reference. For future updates to this post, Learning Forex Trading, subscribe to our RSS feed.
The foreign currency exchange market, commonly refer to as Forex Market is the largest trading market in the world. Forex yields an average turnover of $1.9 trillion daily, and it is nearly 30 times larger than the total volume of equity trades in the United States of America. That sounds intimidating to a newbie forex trader. But it need not be.
All that is required to learn forex trading is diligent study and patience. Too many newbie forex traders have lost money not because forex trading is difficult but because they never took the time necessary to understand and acquire the knowledge that will make them successful traders.
Some out of ignorance simply purchased expensive forex trading software that they do not understand or know how to use. After such purchase, they sit back and expect fantastic income from their “Automated Forex Trading System”. That is not the way to go if you are really serious about investing in Forex Trading as an entrepreneur.
How successful you will be as a Forex Trader will depend to a great extent on how knowledgeable you are about the business. Ignorance poses a greater threat of failure in Forex business more than any other factors put together. If you must succeed, then you must get yourself well educated about the business and remain current on the events taking place in the foreign exchange market at each point in time.
Things you need to learn and understand about Trading Forex
There are several things you will need to learn. However the very basic ones that you need for startup are listed below. You will require an in-depth understanding of each of these issues in order for you to start your forex trading business on a solid foundation.- How Forex works
- Major Currencies Traded in the Foreign Exchange Market
- Major Players in Forex Market
- How to choose a Forex Broker
- How to read Forex quotes
- How to forecast currency changes
- How to understand chart patterns
- Forex strategies and risks
- The technology used in Forex
- Different Forex Trading Platforms
- Recommended Forex Software to use
- Tips and tricks for successful forex trading
How much do I need for Learning Forex Trading?
It all depends on you. There are free resources and tools like I mentioned earlier, but there are also online forex trading learning centers that charge money for their courses. Here at Forex Trading Tutor, we concentrate on discussing free resources that are readily available to all. If you are interested in commercial forex trading resources, kindly patronize any of our website sponsors.In subsequent posts, each of the issues listed above will be discussed one after the other. We shall endeavour to provide as much information as possible. Where necessary, links to other useful materials and resources shall be provided as additional reference.
To Learn Forex Trading you need a Free Demo Account
Forex Trading is a technical market that can only be mastered by practicing. Irrespective of the amount of tutorials that you read, you must practice the act of trading in the foreign currency market. This would have being too risky if you are required to use real money to learn the necessary skills. Fortunately, it is now possible to develop the basic skills recuired in trading foreign currencies without using real money. several Forex brokers now provide Demo Forex Trading Accounts that you can use for learning.
Such demo trading accounts offers simulated forex trading environment. The forex demo account comes with virtual money that you can trade with in a simulated foreign market. You will be presented with tools of the trade to enable you learn how to analyse and interprete events in the market. You can sign up for a free account with eToro or any other reputable Forex Brokers.
You can bookmark this page for easy reference. For future updates to this post, Learning Forex Trading, subscribe to our RSS feed.
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