How To Kickstart Learning Forex Trading?

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Forex Educational Resources
Forex Trading Education is important for Forex Success.

Learning is a never-ending process in our lives. As Warren Buffett says:

The more you learn, the more you earn”.

We are living in a century that people don’t want to spend any time learning while believing they deserve the best.

Forex (Foreign Exchange) Trading is no exception that requires a significant amount of diligent work to succeed. Although it seems for many people is just making money with a few clicks of the mouse.

In my opinion, the best way to learn forex is by utilizing multiple different forex educational resources. The most common mistake beginners make is focusing on to find the best forex trading tutorials. A newbie has no skill to distinguish what is best and whatnot.

If you want to learn forex from scratch be hungry for the information and have an open mindset. It is your duty to dedicate your time to understand what works and whatnot.

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Forex learning trends constantly evolve. They dictate what forex learning programs allegedly work on today’s market. Although new forex learning courses may be popular as they are currently marketed, it doesn’t guarantee they would give the best results.

There are old forex tutorials and strategies that may work perfectly fine in today’s market as well. Older forex resources are usually cheaper since they are perceived as outdated. Instead of paying thousands of dollars for the forex program marketed as “the best forex trading program of 2019” focus on how people used to trade the market on earlier times.

How To Start Forex Education?

If you are just starting your Forex career focus on learning the basics.

You should have clear responses to the following questions:

I am not going to respond to these questions in this post.

I would highly recommend reading a good forex glossary for at least 10 min every day to learn forex market terminology.

learning

Which Forex Educational Resources Do I Need?

In the Forex industry, everyone believes that they have the best strategies and approaches to beat the market. In reality, this is rarely the truth. Because the majority of people lose money in the forex market.

Ignorance is a big fat enemy limiting our forex trading success. Thinking to know better than everyone else is the barrier between us and the information. We want to keep ourselves hungry for the information no matter from whom it comes.

Because “You never know what you don’t know.”

I am going to list certain resources that may help you learn forex trading step by step.

Is it guaranteed that you will be a successful trader if you study from these resources?

Absolutely not.

There is a Russian saying I like very much:

“Free cheese exist only in the mousetrap.”

As I said, it is your task to test, tweak and apply the information you grasp.

Have no filter when learning forex. Don’t chase the best forex program or tutorial. There is no best for everyone. What works for me, may not work for you even if you do everything the same I do.

In the first year of your Forex trading career, you literally know nothing. You may think you know something because you watched some Forex guru videos on YouTube.

Believe me, you don’t even know yourself when you just start. What I mean with that, you didn’t understand yet your trading style, risk tolerance, earning appetite, etc. You don’t have solid trading psychology that lasts you during losing streaks.

Research good trading psychology books to prepare yourself the rocky road of the forex trading life.

Forex market is a real “Shark Tank” with full of giant sharks inside that has no mercy for the smaller fishes.

forex is a high risk market
You are that small fish if you just step into the forex market.

I don’t mean retail traders cannot make money in this market. But being consistently profitable in the Forex market will require you to equip yourself with some other skills.

Embrace that, in the first year of your forex trading journey, you are not likely to make any consistent gains.

It is a very good benchmark of being on the right track if you could achieve to protect your initial investment. Almost all Forex traders blow out their first trading account in 90 days or earlier.

I know it does not sound exciting, but the first strive to focus on the process instead of on earnings. You must first learn the foundations (BabyPips college is great for this).

Then, have a demo account from a solid and regulated broker and seek to get a sense of how the business operates. (I can recommend AxiTrader, but any reputable broker such as FXCm or Oanda is fantastic too).

Next up, read some decent Forex Trading books. Learn the basics of candlestick charts, market dynamics, technical and basic analysis, market sentiment and trading psychology, etc. I have outlined some high-quality forex programs, most of them classics but never old. A sound economic calendar is also essential to be aware of market news.

You should definitely start a trading journal or also called trading log as soon as you take your first trade. Note down your trading plan, your strategy and all details of your approach to the market in your journal.

What differentiates a successful trader than and losing trader is the successful traders have a plan to follow. Your trading journal is the interactive map of your trading career which will protect you from repeating expensive mistakes and will lead you to the target you want to move.

A trade journal should not only be a logbook of the trade you are taking, but also the thinking of taking that trade, what you consider to be risks and even constant emotions in the system of open trade. It systematically deals with trading feelings that facilitate their improvement.

This will grant you a strong base on everything you need to learn about forex. This will not bring you immediate experience, but if you remain there long enough, it will help you to create the right decisions and ultimately become profitable.

You have to give a sufficient amount of testing time for each strategy to understand if it really works for you. I may make fortune with a certain trading strategy that you cannot make a dime of it.

Before starting to trade with a real money account, you should solve all the technical issues that may corrupt your plans.

Have a reliable computer that is fast enough to work with. Use preferably a desktop, or a laptop. Never try trading with your mobile phone or a tablet. Trading on a mobile device may cause you to make mistakes that are irreversible for your trading account.

If you are living in a place that has issues with constant electricity shut-offs have a high-quality UPS (Uninterruptible Power Supply).

If your internet connection drops often consider investing in a high-quality Forex VPS (Virtual Private Server). I have been using Pivps as my Forex VPS provider for a long time and had zero issues with them.

These are important subjects that you need to take into consideration before depositing any money into your actual brokerage account.

You have to both “Backtest” (Testing with the historical data), and “Forwardtest” (Testing with the current market conditions) your trading strategy. Experiment on different timeframes and currency pairs. This will tell you which currency pairs and the timeframe your strategy would work best.

Try to read everything you find about the Forex market. Watch every Youtube video that explains how does the Forex market work.

Major Forex market players
The forex market has many different big players.

Learn Who The Market Players Are

You need to know who is on the other side of the table. Research who the market players are that make the prices change in a certain direction. Take every possible course available for you. I am not going to say take the course of that instructor for success. It is your duty to invest your due diligence to figure out what does actually works.

What Forex Trading Resources Should I Have?

Free Forex Resources

I believe free resources are sufficient enough to learn Forex trading. There are many youtube videos that provide good quality Forex Education. I watch almost every Youtube video posted in Forex Trading Channels. Ignore people saying that you should only trade as they teach you.

There is no absolute truth or holly grail of the trading strategies. You need to learn from everyone to have a broader perspective of this market. Only after you gain a significant amount of knowledge, you may decide what strategies you want to follow.

Some other useful resources:

  • Investopedia
  • Babypips
  • Bloomberg
  • Forex News Sites

Forex Mentorship Programs & Private Coaching

There are Forex coaching and Forex private mentorship programs available. But these programs usually cost really expensive. Some people joining these programs tell it works really well for them. But I wouldn’t invest $5k or more into a private coaching program.

Affordable Forex Trading Resources

There are also paid Forex Educational Programs much more affordable. You may give a try and see if it works for you. If you cannot invest the price of your lunch to a Forex education program, you are not going to move any further in this market.

Recommended Forex Trading Resources

Here are some resources in no particular that may help you to learn forex trading step by step:

The FX-Agency Advisor 3 (The World’s Leading Multi-Functional High-End Forex System)

Forex Auto Scaler

Forex Pro Star

You can also find high-quality courses on Udemy which are quite affordable.

Tradingview Backtesting Platform

Tradingview has a free feature to let you manual backtesting your trading strategy. If you want to use a certain strategy but you don’t know if it could work in the market, you can test in the historical data.

Forex Telegram Channels

I personally don’t use telegram for any forex purposes. However, there are traders actively using it either to discuss their strategies or to estimate where the market may move.

Join Forex Forums

Forex Forums are a great medium to meet with the other forex traders. People usually discuss their strategies, exchange their opinions on topics or simply help each other to find a good forex broker to work with.

Visit Quora To Find Answers To Your Questions

frequently asked forex questions

There are many expert advisors on Quora particularly experienced in Forex trading. On Quora, you can either ask your questions or check the earlier questions asked before that may be relevant to what you are searching for.

Forex Trading Courses

I have found a site called Dittotrade that I wish I could find earlier. It’s very useful and completely free to use. I have just recently subscribed so that I won’t miss anything. Forex Peace Army and Babypips the other bests.

Forex Webinars

simple learning

Forex webinars are the forms of video training education offered by forex education companies. You can sign up a free webinar as well as a paid webinar. Sometimes expert traders offer this type of trading education for free to sell more expensive trading education program. You can find a recorded version of old webinars online. Check forex broker websites or Youtube channels to find old webinars.

The only drawback of signing up webinars is the lack of instructor’s feedback. You may be provided the opportunity to type a question in the chatbox. However, chances are low your questions to be responded in between hundreds of other questions.

Forex Seminars & Conventions

Joining forex seminars can be one of the most effective things to develop forex skills in a short time. In such environments, traders have the chance to meet and socialize. They can discuss their trading strategies and the challenges of forex trading.

Full-time forex seminars can enhance the learning process very much. Usually, education at full-time forex seminars start in the first part of the day and continues along the day. It is possible to ask questions directly to the instructors that have many years of experience in forex trading.

Should You Join A Full-Time Forex Seminar?

We have discussed full-time forex webinars can be a very efficient way of learning forex. However, there may be disadvantages to it as well.

People who join these seminars are usually coming from different backgrounds. Their skill of forex trading a lot of times too far from each other. One plan for such type of seminars should definitely ask in advance what set of skills are preliminary to join that specific seminar.

Forex Literature

forex education with books

Learning forex with books is possibly one of the oldest ways of forex education. Although technology advances at a rapid pace, the old way of learning never changes. Today many people prefer to download forex tutorials and books from different web sources.

As I said earlier forex trading is a risky business to do. One wants to be really expert in it needs to diversify his/her resources.

I am not a big fan of learning something through books but if you like to obtain knowledge through reading books you may have Forex trading books.