How Do You Learn To Trade Forex?
How Do You Learn To Trade Forex?
How Do You Learn To Trade Forex?For beginners, forex is a shorthand term for foreign currency exchange', which refers to the practice of trading in currencies. Forex trading is done by large financial institutions, pension and superannuation funds as well as by individuals or groups of individuals who pool their resources for forex trading in order to maximise profits. How to best trade forex is a matter for your own judgement, as there are a large number of brokers, trading platforms and strategies around to choose from.
The best place to start to learn how to trade forex is the free resources available on the internet. I recommend browsing through the large number of forums and discussion groups to learn the basic terminology, some basic techniques and see what suits you. You'll notice that many trading courses exist which you can do online or in person again, depending on what you want to do.
I'm not going to recommend one system, platform or broker over another like others seem quick to do, so if you're after a recommendation you'll leave here empty handed. Forex trading is not for everyone, but having said that, anyone can do it. Get basic information and build your knowledge base from there.
Something I do recommend you do is to become very familiar with the psychology of trading and resources exist (again for free) that can help you with this. Some of the best resources are generic trading psychology texts and websites, so don't just limit your search to forex related resources. Your local library will also have books relating to forex and trading generally so don't just limit your information gathering to the net.
The simple reason for this is that the information you will get from the web is likely to be biased. This is because forex has become a very lucrative business online, and many websites and individuals make a huge amount of money by referring traders to brokers, courses and trading systems. Many of these are good and worth the money you'll spend, but many are not, so tread carefully when purchasing anything forex related, and also be careful not to take any recommendations' at face value.
Most brokers offer a facility to paper trade' or practice trade' on their system with a practice or demo account. It's a good idea to take advantage of these opportunities to see what trading platform and broker works best for you. It's also a bit of fun to place trades and see what happens with your play money you may grow your account or lose it entirely and it won't burn a hole in your wallet.
Learning to trade forex is a valuable exercise, and you won't regret it. Even if you never progress beyond paper trading you'll have fun and learn a new skill. You'll build your financial literacy and better understand the background of what those people talk about when they talk about currency fluctuations and forex. Learn the way the game is played, learn the rules, but above all have fun!
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