So you want to be successful with trading forex? Then there are a number of ways you can learn about forex trading. From reading books, to trading articles to forex related websites and forums and videos, there is no shortage to information that you can access on the internet.
Most beginner traders tend to make the mistake of starting to trade with real money even before they can take some time to understand how the forex markets work.
This is one of the biggest reasons why many forex traders fail. Starting with a demo trading account for at least a few months can help you to hone your forex trading skills.
In this article, we take a look at how you can learn about forex trading.
Forex trading books
The best place to start if you want to learn about forex trading are books. There are many books written by famous traders which can be useful. Starting with one of these books is a good way to understand how the forex markets work.
A good starting place is to either order these books via Amazon. You can also download these books in a PDf format so it is easy to read. These books, especially ones authored by some very famous traders can provide you with a wealth of information.
Forex trading videos
There are numerous trading videos that are available. However, not all of them are knowledgeable. Now a days, anyone can upload a video onto Youtube. Therefore, you need to take some time to check out the publisher.
There are quite a few reputable Youtube video channels that you can check out if you want to learn about forex trading.
For example Trading 212 or Khan Academy are two good channels to begin with. When learning about forex trading, you also need to pay attention to other aspects such as the economy and also understand how the fundamentals work.
Forex trading forums
Forex trading forums are another avenue to learn about forex trading. There are many threads that you can follow to understand the more technical aspects of trading.
It is important to note that you need to be careful about the threads and topics that you follow. This is because forums are made up of different types of traders; from professionals to absolute beginners. Therefore, the information you come across can be incorrect at times.
However, if you spend enough time on a forum, you would be able to easily figure out which threads and traders to follow.
Trading strategies and testing
In order to be able to truly figure out how good you are trading, then you need to put this knowledge to the test. Trading strategies are one way to understand how well you know the markets and the technical indicators.
Most traders make the mistake of purchasing a trading system. In reality, these trading systems can end up losing you money than making any money for you. Therefore, it is always best to build your own trading strategy instead of buying a ready made one.
Forex demo account
A forex demo account is another way to help you with trading forex. A demo account will allow you to trade without any risk. You can also experiment different strategies with a demo account until you are familiar with your trading.
Having a good broker also helps. There are many forex brokers that offer a demo trading account. A good example is JustForex which offers a demo trading account for free so you can practice how to trade forex (JustForex review).
In conclusion, it is important to understand that it will take a lot of time and practice to learn forex trading. The only way you can be successful is by being consistent and patient when learning.