Learn Forex

Learn Forex

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Learning forex is not easy. For that reason, newcomers to the area of currency trading may want to begin the journey by focusing on the reasons why to learn forex.

These reasons can be neatly combined and summarized into one sentence: because if you learn how to read forex charts and signals, you can turn a little money into a lot of money.

Once you have a lot of money, you can do things that you want to do, such as quit your job, take vacations, buy real estate, relax, send your kids to college, or whatever.

However, the fact that we begin our learn forex discussion at the end point--monetary success--should not be taken as an indication that learning to make real money trading the foreign exchange markets is somehow simple or guaranteed. It’s not.

To learn forex, you must invest time, energy, and maybe even some cold hard cash.

The Learn Forex Revolution: Practice Accounts Are Awesome

Like spoiled kids who can’t remember the days when you had to go to the library and read actual books instead of just using Google to conduct research, many forex traders cannot envision an FX trading world without plentiful and free demo accounts.

But this new world is in fact quite new. Only recently have forex brokers had the technical capabilities and the business strength to provide free demo accounts to anyone and everyone who wants one. Free demo accounts all around is now the world forex traders live in, though, and what a great world it is if you’re looking to learn forex.

Free practice accounts allow you to:

-- Learn at your own pace with no real money at risk

-- Try out different currency trading strategies

-- Compare different forex broker trading platforms

Did we mention that you can do all this for free? Because you can, and that’s a big part of the appeal of opening a free forex practice account.

Often, free forex demo accounts are not endowed with all the features of forex accounts that are funded with actual money. For example, brokers may not allow you to access certain advanced forex charting systems, research tools, or forex robot trading systems unless you are playing with real money. Plus, demo accounts usually expire after a pre-set amount of time (30 days is common), after which the broker asks you to “go live.”

However, these limitations should not obscure what an incredible learning tool a free forex demo account--or five--can be. If you want to learn forex signals and charts, practice forex free.

Forex Trading Schools: Choose Wisely

You can teach yourself forex trading, but having a great forex teacher may enable you to learn forex faster and better. That’s why forex trading schools should be a consideration if you’re looking to accelerate and elevate your ability to learn forex trading.

There are a number of different types of forex trading schools:

-- Online webinars that last days or weeks

-- In-person seminars given by forex gurus, either real or self-proclaimed

-- Forex classes that are part of colleges and university programs

There is no way that we--or anyone else--can tell you which forex trading school is right for you. But we would definitely warn you to spend some time choosing. Some forex learning programs are outstanding; others are outright rip-offs.

Here are a few questions to ask when you’re looking to tell the difference:

-- What is the background of the teacher(s)?

-- What is the refund policy if you don’t like the class?

-- What level of personal attention will you receive?

Any forex trading school that wants you to shell out your hard-earned money but won’t answer any questions you may have is not worth paying for. Period.

Forex Tutorials: Cheaper, and Great for Self-Directed Learners

If you don’t feel like you need, or don’t want to pay for, a full-on forex trading school program, an option that may work for you is to use forex tutorials. There are some great forex tutorial learning programs that are extremely affordable.

A forex tutorial will not give you the kind of personal attention that a forex trading classroom might, but if you are a self-directed learner, a couple solid forex tutorials may be all you need to get you up and running trading forex profitably.

When evaluating forex tutorials, look for:

1. An Affordable Price

Because a forex tutorial is a computer program, this type of forex educational material should not be expensive. If a forex tutorial program is good, after all, the provider should be getting enough customers to make money through scale, rather than charging a lot to each individual customer.

2. The Right Degree of Specificity

Do you want to learn forex generally, or do you want to learn more about one particular aspect of forex trading, such as how to trade a certain currency pair? That is a question you will want to ask yourself before using a forex tutorial.

A forex tutorial for beginners will not be of much help to an experienced trader. Likewise, the finer points of a highly specific currency trading strategies program--“How To Trade GBP/USD During the London Open,” for example--will be lost on a rookie.

If you can find a forex tutorial that’s offered at a good price and addresses your specific area of interest, an automated forex training program of this nature may be a super deal.

Is Forex Training Worth Paying For?

This is an excellent question. The short answer is yes. You can learn forex on your own, by opening demo accounts and reading books, but forex training can help you achieve currency trading expertise sooner rather than later.

That being said, you really have to make sure that before you pay for a forex training program, it’s a smart idea to investigate what exactly you are going to be receiving for your money. Please beware of scammers seeking to sell you a lot of B.S.

At the same time, one can never underestimate the power of a superb teacher. Especially when the topic is as complex as forex trading, such a person is worth his or her weight in gold.

Important Forex Information

The most important step in currency trading is finding the right broker; our forex experts can help. See our
reviews of forex brokers for more information.  

Advice from certain individuals can markedly increase your chances of becoming a successful forex trader. Find out if it's worth paying for forex training.  

Finding a good forex community, sharing good advice and tips, can vastly improve your trading. Figure out how to use the forex community.  

Forex trading hasn't always been around; understanding how it came into being can help you succeed in trading this market. Read about the history of foreign exchange trading.