Let's suppose you've made a decision to trade in financial markets. It seems to you that your spare funds allow you to start making profit in such an unconventional way as Forex trading. You even have enough spare time for this, and what is most important, you have the desire to this. What's next? As in any business, before indulging in practice, you need to walk a certain path devoted to theory, so beginners can’t start trading on Forex without learning. Let’s consider all possible methods of learning to trade, thereby allowing all interested novice traders to choose the most suitable option for themselves.
Fortunately, today there is no shortage of training materials for beginners who want to become participants of the dynamic Forex market. Some traders choose self-study, while others are more interested in learning directly from the professionals in their field, the others prefer to attend training seminars and webinars - there are many options. Choosing one option or another depends not only on potential traders’ different levels of experience, but also on their financial capabilities.
Let's start with the simplest and most financially affordable training options, gradually moving to more advanced ones.
Seminars and online webinars
Perhaps this is the easiest and most affordable way to gain new knowledge in the field of trading and investing in financial markets. Webinars are held by a wide range of Forex brokers and individual traders, so choosing the most suitable topic for review is not difficult. Such method of training, as a rule, is free and does not oblige the beginner trader to any actions, such as registration or opening an account with a certain Forex company. Of course, you’ll possible see advertising of a specific broker during such a webinar, but no one will force you to open an account, as a rule.
The main feature of this type of training is the absence of student’s binding to a specific location. All that is required is to set up a webcam on a laptop, PC or even a mobile device and immerse yourself in the atmosphere of receiving information. Webinars are an interactive type of activity where students can ask speakers their questions. This allows novice traders to get a more detailed understanding of the topic under discussion and consolidate the knowledge gained.
Note: Forex brokers that regularly conduct webinars on a free basis: HotForex, FXTM, XM and many others. The complete list of forex brokers can be found on our website.
You can get the necessary information for trading on Forex yourself. The network contains a huge number of training videos that allow you to monitor the transactions of professional traders. There are a huge number of articles on trading and investing on the web, each of which reveals the features of different trading styles. There is a wide selection of learning literature from world’s most famous traders who have earned millions in their careers. Their success stories can also be read simply by downloading electronic books.
But choosing this method of getting information necessary to start trading, you should be prepared to the fact that as the learning data is mastered you will have a number of questions, and there will be nobody to answer them. A professional trader will not be nearby, ready to support the novice trader, telling him how to act in a given situation and protecting him from possible mistakes. Those traders who have a high level of self-motivation and the ability to organize themselves are able to master the difficult path of a trader even without the participation of professionals. But those who cannot boast of endurance, can simply quit this venture and say goodbye to Forex forever having become entangled in information.
Note: useful articles on fundamental and technical analysis, automated trading systems, indicators, trading strategies and much more for beginners in Forex can be found on our site.
This method of learning to trade is one of the most effective ones. This way includes video tutorials presented on the sites of some forex brokers. It can also be attended remotely and often completely free of charge. Often the online courses are divided according to difficulty levels and students can independently choose a topic for training.
Similar courses are offered by individual sites dedicated to Forex education. As a rule, the authors of the courses are experienced traders, offering their “unique” training methodology. Of course, such courses cost money and sometimes they are quite expensive. The essence of such training is not much different from the one when a beginner independently studies pages on the network in search of suitable information. The only thing that can become useful for a trader in online courses is the knowledge check in the form of passing a test to consolidate the course studied.
There is a more modern and advanced type of online learning - remote learning through communication with the teacher one-on-one via Skype. This type of training is offered by individual professional traders and experts in the industry of Forex trading. But this method is also offered by some brokers, in this case an expert is attached to an interested customer. Such training costs money, but this ensures the individual approach to the student. Firstly, a student’s knowledge check is made by the teacher, then the final goals are set. Based on the data received, an individual lesson plan is drawn up, money is deposited, and the learning wheel starts.
Offline Courses at Learning Centers
This is perhaps the most expensive type of training, since it involves not only financial expenditures as a payment for teachers’ work, but it also requires the availability of spare time, the physical presence of the student in the training center and the student’s maximum diligence.
Some Forex brokers focus on expanding partnership network everywhere, the main purpose of which is to provide not only consulting services, but also training services for potential customers. Brokers open special offices equipped with everything necessary for learning: â€‹â€‹from textbooks to laptops with terminals for practice. Then groups of novice traders ready to learn everything that can be necessary for working on Forex from scratch are recruited.
As a rule, the basic course is either free or involves a nominal fee. Such conditions are created solely with the aim of attracting new customers, no more. During the training at the basic course, trade secrets are not revealed and all that the student receives is a dry theory, with a couple of examples from the expert’s personal experience. Those who wish to continue their studies will have to pay much more. But the level of training will be more in-depth, suggesting practical tasks and work in the trading terminal.
Training can be either group or individual, brokers provide the opportunity to discuss these nuances with interested parties personally.
What method to choose for training?
In fact, it all depends on the trader’s level of preparedness and mentality - “humanities” scholars will have to sweat, while people with a mathematical mentality learn trading more easily. It also depends on trader’s financial opportunities, spare time availability and focus on the final result.
The classic training scheme for the novice trader:
- Self-development and learning the theory - articles, webinars, videos tutorials
- Mandatory practice on demo accounts without any financial investments
- Possible training on contest demo accounts, many brokers offer this opportunity, and completely free of charge
- If necessary, individual or group sessions with professionals, both via Skype and in person.
If the beginner’s self-discipline is not his strong side, then the first three points can be safely skipped so as not to waste time and go to the experts, asking them for help. Yes, you have to spend quite a lot of money and huge amount of time. But the main thing is not to forget about the possible results - the Forex market is open to anyone who wants to make money on it.
Author: Kate Solano, Forex-Ratings.com