Do you notice that there are more and more of your friends and acquaintances starting forex trading? What is forex? The forex market has become the biggest market in the world in terms of trading volume. It’s becoming a trend now. You don’t want to be left behind, right? You should start learning how to trade now. But where to learn forex trading? That’s a fair question. And it’s my job today to show you where you can acquire knowledge on all matters related to forex trading.
WHAT TO LEARN ABOUT FOREX?
The answer for these kinds of question in the 21st century is always the Internet. You can basically learn anything online these days. Forex trading is not an exception. There are hundred websites out there that can tell you anything you need to know about forex trading. However, when facing a huge amount of information like, people tend to be confused and lose their sense of direction. So the question is not where to learn forex trading, but rather what you should learn first when taking on this field.
WHAT TO LEARN IN FOREX TRADING?
What is forex?
First, you need to get a hold of what this market is. Forex market, to put it simply, is a place where people buy and sell trading instruments (currency pairs, metals, cryptocurrencies…). Remember that traders don’t own anything. They just buy something and then sell it at a higher price. They make profits thanks to the differences in prices.
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Of course, when you learn something, you have to know all the important and most common terms in that subject. I think the basics are:
Forex traders: that’s you.
Forex brokers: they provide you with a platform to trade on.
Forex account: To trade on a broker, you have to open a forex account. Each broker has many type of account with different features that fits different level of trader.
Important terms: spread, commission, quote, margin, leverage, swap, slippage, gap, re-quote…(Read more details here)
After knowing what means what, you should know how to read a forex chart. This is a basic skill for a forex trader.
Now you’re good to go. Let’s start trading.
GOOD SITES TO LEARN FOREX
I want to recommend some sites for forex learning if you’re interested. But first, let me go over what makes a website a good place to learn forex.
A good place must welcome all levels of forex trader. Beginners, normal traders, experienced ones, and even experts can come to that site and learn something new. They must lay out all the things I mentioned above.
Forex brokers review
Every website would talk about forex brokers, because it is one of the topics traders care about most. However, they could be paid by brokers to say good things about them, so how can you know which site is legit? Here are some tips from my experience:
- Check out how many brokers that site review. If they review a lot of brokers (more than 20), then you can trust them. When you pay for someone to praise you, you wouldn’t want them to talk about your competitors too much.
- They have to mention both the good and bad sides of a broker. Nobody is perfect, especially in forex trading. Every broker would have strength and weaknesses. That site have to talk about both sides if they want to appear fair.
Professional in-depth analysis
It is very good if a forex website can provide you with this. Only experts and the professionals can give out analysis. So if your site has those, it means they are working with the pros. A very big sign of credit.
MY CHOICES FOR WHERE TO LEARN FOREX
I have a few recommendations for you right here:
These are my answer whenever anyone asks me where to learn forex trading.
Synthesized by top4forexbrokers.net