While you can buy forex training if you want, in this industry it’s best to learn by doing and that can usually be done for free. There are three major options for getting an education in forex without any cost at all.
1. Use online educational resources
You can find a ‘how-to guide’ for almost anything online, and that includes forex trading. There are countless guided video tutorials, step-by-step explanations of trading process, interactive webinars and trading FAQ sites available online and a simple search should provide you with plenty of options – there are some very good forex videos on YouTube. However, don’t restrict yourself to simply learning the nuts and bolts of trading. While you’re learning the ropes, read the trading news daily whether in newspapers or online to gain a better understanding of broad forex trends and how they interact with each other and with external world affairs.
2. Log on to forex trading communities
Across all sectors and industries, consumers increasingly rely on peer recommendations to a greater extent than traditional broadcast advertising or instruction and the same is true in the world of online forex trading. While the administrators of an online forex trading platform might have a vested interest in you behaving a particular way, fellow users are more likely to want to share out of a sense of community. Additionally, there are reciprocal benefits to sharing information and pooling knowledge as all traders have the opportunity to benefit from the understanding of the collective. This kind of atmosphere is particularly useful for the beginner, looking for a free forex education. Access forex discussion forums and online groups, attend webinars and follow social media accounts that deal with forex trading. Additionally, look out for trading brokers who offer a community-based platform. In some cases, these platforms offer rewards to experienced traders who make their trading logs public. This allows beginners to trace the processes used by top-level traders and to use those methods as a basis for their own development.
3. Demo Accounts
This is an essential element of any forex learning curve. A demo account allows you to gain access to a trading environment identical to the real thing, but as you don’t invest any actual money the process is entirely risk-free. Many demo accounts use Metatrader 4, the most commonly-used electronic trader programme worldwide. As a result, you will have access to entirely realistic forex spreads and charting features, you will be able to familiarise yourself with the trading interface and applications, and observe the operating of live-streams. Additionally, most demo accounts will allow you to place mock orders and write trading scripts and see how they fare. These accounts are generally free – and you can try a Forex demo account here.
Article by Robert Berkeley:
Robert has successfully built Vantage FX UK Trading Limited, into one of the key players in the FX market across Europe with significant growth year on year. Robert regularly blogs about forex trading and comments on major fx new events.