February 15, 2011
Forex Education - A Complete Guide
Anyone who wants to become a profitable forex trader will have to obtain some kind of forex education before doing so. There are many ways you can go about this. You can use certain resources where you can educate yourself for free, or you can attempt to cut the learning process quite significantly by paying money for your education.
In the rest of this blog post I want to outline various different methods you can use to give yourself a complete forex education, and start yourself off on the road to success:
This is always the first site that I recommend whenever someone asks me how they can learn about currency trading. All of the information provided on this site is completely free, and it covers all the basics in great detail.
Plus there are different levels of learning as well. So as soon as you have learned the basics, you can then start reading about the more advanced subjects. All of which will stand you in good stead once you actually start trading.
Forex Factory is another great site that I can highly recommend. It is, as far as I am aware, the biggest forex forum on the internet.
Within the forum there is a sub-forum geared towards newbies where you can ask various questions, but there are also many other sub-forums where you can learn about trading strategies and systems, and see how other people are trading the markets. This can be an invaluable education because there are a few very profitable traders on there willing to share some of their knowledge with the other members.
When you are learning about forex trading it is important to know how the currency markets actually move, and more specifically how economic factors influence the markets. Forex Crunch provides daily commentary on the markets and offers regular analysis of the major currency pairs so you will learn a lot by reading these posts on a daily basis.
Another website that I can highly recommend is Kathy Lien's blog. Kathy is a forex trader and commentator who provides some great information about the long-term currency trends and the economic factors (from all around the world) that are currently moving the markets. It is invaluable for anyone looking to learn about fundamental analysis.
All of the websites listed above are very useful, but some people would prefer to pay money for a forex course that will basically teach them everything they need to know. So they will basically be able to learn about technical analysis, fundamental analysis, the basics of currency trading and some of the more advanced subjects all from one place.
There is one course that I know of that does all this and that's Forex Nitty Gritty, but I'm sure there are lots of others available.
As I've just pointed out, some people like to get their education from one single resource, and in recent years currency trading books have become really popular. Many books focus on one particular aspect of forex trading, but one book that I can recommend for anyone just starting out is Currency Trading For Dummies because this covers just about everything you need to get you started.
Finally if you really want the best forex education, then one of the best ways to go about this is to find a profitable trader and ask them to teach you everything they know, including their profitable trading strategies if possible.
Of course they are not going to share this information for free, but even if you have to pay a few thousand dollars for their time, it could still turn out to be an invaluable investment in the long run.