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Your First Step To Learn Forex Trading

Thu Oct 15 2020 15:07
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You as a beginner may want to learn forex trading, but you don't know where to start; we are here to help. We will help you know how and where to start in the forex market and trading forex. These days, people don't want only savings. 

They want to invest their money to get some passive income sources from online forex. That is why everyone is turning towards foreign exchange trading. But it is not that easy, but, if you start online trading with online trading research you can earn well. 

Also, you can make a consistent source of income through it, but how can you learn forex trading? Well, you will get answers to all these questions related to the foreign exchange market. 

Free Forex Guide: We Recommend This Course 

We are not going to recommend any forex trading paid course. We won't tell you that you should buy a trade forex course to learn how to trade. The basic thing that you can do is to find out the forex 101 courses free for you. 

Yes, it is available online and you can find a forex 101 course for you on many websites. The difficult part of this course is that you have to understand everything on your own. Be it fundamental analysis or technical analysis, you need to learn on your own. But, if you buy a paid course, then you will have some guidance provided by the course seller or the tutor. 

Demo Account: Get started with small strategies 

If you are not interested in reading a forex 101 course and still you want to learn forex trading. Then, the other best solution is to start using a demo account. If you are familiar with the stock market demo accounts or binary options, then you can understand it too. 

The demo accounts are the same as the original online forex trading account. The only difference is that you trade with virtual money provided by the platform. So there is no risk to join a demo account and try foreign trading strategies. Here you will learn basic and advanced trading. 

Free Resources For Knowledge 

You must look for free trading market resources to learn forex trading if you don't have too much money. It is up to you how you gain this free knowledge and apply in trading systems. 

Expert advisors videos: 

There are millions of videos on Youtube describing currency trading. But, it is important to choose a forex trader Youtube channel with research. It helps you get the proper and right information about the financial instruments. If you are watching videos made by someone who has not even tried his/her hand in forex trading, then it won't work for you. 

So always try to find a good Youtube channel on trading currencies. Stick to one forex trade channel and watch the complete series on forex. So that you can build a profitable foundation for yourself. 

Free Fx-market PDF and forex charts:  

Many trading platforms offer free books and some of these are by popular forex traders. So if you are implementing a trading strategy of some experts in your trading. Then you can read more about these spreads tricks and tips on forex trading through them. 

Social Media:  

Social media also provides data as there are many handles that give away content for free. You can use this excellent tool to learn anything for free or for the least capital. Most social media accounts are free and you can follow or like some Instagram profiles and pages. Also, subscribe to a good forex news portal to stay updated with the best forex news.  

Forex Online Forums 

You must join the virtual community of forex traders and you can join almost any forex forum for free. Go there and register yourself with an email. 

Now it doesn't mean that you are required to create threads, topics of discussions in the forum. You can read out the threads made by some other traders in the past also. Every time you read a thread in a forex forum you will learn something new.  

Motivate Yourself 

It is important to learn more about forex trading, but it is also important to motivate yourself to learn forex trading. Otherwise, you will feel overwhelmed at the currency-market. That's why we are here with an amazing tip for you. You can use these tricks to get motivation every time. 

Books:  

You can read books written by some best forex trading experts. Or you can also read books on forex trading and about successful forex currency traders. Some biography based books on forex trading can also help you motivate yourself. 

Movies:  

If you don’t like reading books, then you can watch movies as there are a lot of movies made on the financial markets. Yes, these movies won't help you learn forex trading, but these movies will help you in motivation.  

Magazines:  

Many daily, weekly, and monthly fx-trading magazines are available to help traders. Some of these magazines or newspapers are published by popular forex trading firms. So it is important to subscribe to some to know more about CFD trading, volatility, commodities and more. 

Interviews:  

Interviews will help you know the hidden things that you cannot find in any forex 101 courses. We are talking about the interviews of successful forex traders who can add more value to your knowledge. 

In interviews, they talk about everything off the record and there is so much to learn. Sometimes you can get an amazing trading currency tip from a trader in an interview which works in a great way for you. 

Know More About Live Trading Scams 

Before you start trading in the largest financial market in the world, you must know everything about it. Not only the positive sides but you must know all the negative sides of the forex global market. The information about the negative sides will help you keep yourself awake all the time. 

The dark sides of forex trading are scams and in the past few years, there were so many forex scams. Scams make it hard to learn forex trading for aspiring traders. We recommend you to read more about forex scams. Some case studies are available online about popular forex scams. Also, try to learn how to spot a forex trading scam as it will get to know how to save yourself from a forex scam. 

Conclusion 

There are many things required to learn before you start forex trading but you must learn forex trading step by step. Go through a simple forex course and then after that course, start using demo accounts. Then you should start learning expert tips from Youtube videos and free resources of knowledge. 

Doing all these things step by step will help you go from one stage to another in your learning process. You can assume different levels like beginner, intermediate, advanced, and then expert. Don't go to an advanced level if you have not completed your beginner level forex training.  
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