How to get the best Forex training in 2021 • Benzinga
Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com or IG.
Trading in the foreign exchange market was only accessible to financial institutions, international corporations and high net worth individuals. With the advent of the Internet and online forex trading, this type of speculation in the financial markets has opened up to a much wider audience. While the mechanics of online forex trading are relatively straightforward, learning how to trade currencies profitably can take a lifetime.
Getting the best forex education you can afford makes perfect sense before risking a substantial amount of money speculating in the forex market.
What is forex ?
Foreign exchange or foreign exchange transactions involve the exchange of one national currency for another at an agreed exchange or exchange rate. The first currency listed in a currency pair is called the âbase currencyâ and the 2nd currency is called the quote or âcounter currencyâ.
Currency pairs trade in the very active over-the-counter (OTC) foreign exchange market. This massive financial market has demonstrated an average trading volume per day of $ 6.6 billion in April 2019, according to a survey carried out by the Bank for International Settlements (BIS).
The International Organization for Standardization (ISO) has assigned each currency a unique 3-letter code that forex traders typically use. The usual way to denote a currency pair is to place the ISO code of the base currency before the code of the counter currency, and then separate them with a slash. For example, the currency pair consisting of the EU Euro (ISO code EUR) and US dollar (ISO code USD) would be written EUR / USD in the typical forex market notation.
Forex trading involves speculating on the rise or fall of the exchange rate of a pair of currencies. This activity has more in common with strategic gambling in a casino than with investing for your retirement. So, it is only if you have venture capital that you can afford to lose if you are trading forex.
These days, just about anyone with a smart device connected to the internet and some cash to deposit as margin with an online broker can trade currencies. Since the exchange rates quoted in the forex market can go up or down at any time, any trading position you might take in the forex market can involve a substantial risk of loss, especially if you do not cut back quickly. your losing trades.
So you will need to practice strategic business planning and use good money management principles to have the best chance of success as a forex trader in the long run. If forex trading seems like something that interests you and is right for you, then the first step you should take should involve getting a decent forex education to get started on the right foot.
Forex training course
Good forex training courses will teach you the basic mechanics of how trading platforms work, analyze the forex market, choose a trading strategy and select the best currency pairs for that strategy. They should also provide detailed information on prudent money management techniques, as well as suggest reliable sources for the economic information that you will need to watch out for as a forex trader.
Most online forex courses have their own teaching method, choice of language, and features designed to appeal to their target market. Valuable educational forex training courses will generally share these common characteristics:
- The instructor keeps the training material fun and engaging.
- The course appeals to a variety of learners.
- The course is working as expected.
- The course material has a professional presentation.
Based on these criteria, Benzinga has selected several of the best forex price options currently available on the internet at different prices. See this article for more details.
An easy way to start your forex training is to read the FAQs posted on the websites of reputable online forex brokers. They can answer many questions that may arise when you are just starting out as a novice forex trader.
Of course, each broker’s experts may have their own opinion on how best to make money in forex trading, although only you can decide which strategy is best for you given your unique personality and the time you spend. can devote to currency trading.
You can also watch and sometimes subscribe to webinars where you can view and even participate in currency trading lectures given by experts in the field. Benzinga has some great webinars that you can check out for trading tips and information on forex and other financial markets.
Guides, videos and books
Some websites have forex trading guides and videos written by experts that you can browse for potentially valuable information. You might even find a social media influencer who offers helpful currency trading education material through video platforms like YouTube.
Most reputable online forex brokers have guides, video tutorials, and sometimes even entire e-books on forex trading posted on their websites. If you cannot access this educational information without having an account, you can probably set up a free demo account to view the learning materials provided by the broker to their clients.
While a number of forex trading experts offer training ebooks on their websites, some authors have published introductory books About forex trading, you can buy paperback or Kindle form from sellers like Amazon if you prefer to read in those formats.
Can You DIY Your Forex Education?
While the basic mechanics of currency trading are fairly easy to learn, the ways that successful forex traders make money usually require some form of training. It will probably be of great benefit to you to learn more about forex trading from experts, especially since the success story of an overnight billionaire trader is very rare, so the smart path will involve study before. to start trading on a real account.
You can certainly continue your forex trading education on your own if you learn well this way, although it can really help to have an experienced guide or mentor to help you define exactly what you need to learn to improve your trading skills. chances of success.
Always keep in mind that forex trading has more in common with strategy play than investing for retirement. So you should never put more money at risk by trading in the forex market than you are willing to lose in its entirety.
Smart Forex Trading
Some forex traders prefer to use smart tools to help them. For example, you can now get involved in automated forex trading using so called âforex robotsâ. This software can help you monitor multiple markets at once and free up time to do other things. If you already have an objective trading strategy, you can even program a bot yourself or with the help of an expert programmer.
Some forex trading robots can be bought in the trade as “expert advisers” that work on the MetaTrader 4 and 5 trading platforms. To avoid disappointment with their performance, you should definitely look into how these programs work. and review their success rates. To help you sift through the available automated trading software options, check out this Benzinga review article.
Another form of smart trading is copying trades from a more experienced, proven forex trader to your own account. The MetaTrader suite and a number of online brokers offer social or copy trading services to help you do this.
Benzinga’s Favorite Forex Brokers
Retail forex traders will generally need to set up a funded margin account with an online forex broker. Benzinga makes it easy to choose the best broker for your needs by providing you with our list of favorites below.
Is Forex Trading Right For You?
If you have the dedication, patience, and the time to learn how the forex market works, as well as the ability to develop a successful and easy-to-implement strategy to incorporate into your overall trading plan, then you might find that forex trading is a profitable business. .
Alternatively, if you prefer to trade forex without direct involvement, you can use a trading robot or copy the trades of an established trader instead. Either way, check back to Benzinga often for more useful information on trading currencies and other financial assets.
Frequently Asked Questions
How can I learn forex?
Jay and Julie Hawk
You can read books and articles, take an online course, watch training videos and webinars, and practice forex trading in a free demo account. Another good option is to visit the website of a major online forex broker and study their educational materials in depth.
Can you get rich in forex trading?
Can you get rich in forex trading?
Jay and Julie Hawk
A few well-known traders like George Soros have indeed made a lot of money exchanging currencies, but this is a very rare case. In fact, most retail forex traders lose money, so it makes sense to get a solid background in trading and market analysis before putting money at risk in order to improve your chances of success. as a forex trader.
FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), allows you to trade a wide range of forex markets as well as spot metals with low prices and fast, quality execution on every trade.
ForexSignals.com offers a highly rated platform with mentors who have 80 years of combined experience in the trading stands. They will help you decode daily live feeds in real time using market analysis, trade signals and more. ForexSignals.com doesn’t stop there. You can access hundreds of educational videos and workshops and even one-on-one private sessions with mentors. Never trade alone! Join ForexSignals.com now.