You don’t have to pay to learn the basic skills needed in forex trading, you can learn it free.
This website is one of the online places where you can learn the basics of forex trading at no cost. But, you may hesitate because you were told or grew up with the belief that nothing worthwhile is free. Well, I have good news and bad news.
The good news is that free forex trading are widely available for a number of reasons:
- Forex trainers give basic information about trading away to draw people to their paid material.
- Software sellers give basic information away to attract people to their trading software.
- Affiliate marketing websites give fx trading information away to attract visitors to their websites in the hope that the visitor will click on an affiliate link and sign up for the advertiser’s product or service.
Every one of these people gives away a small section of forex trading knowledge. You can benefit by collecting all the small sections and putting it together to form an informed view of forex trading. Because they don’t all give away the same info.
The bad news is that you must do the leg-work and collect the knowledge.
Then there is the bad news that you probably don’t want to hear: paying someone to do your leg-work for you, will not make you rich. Neither will it make you a trader.
So, eventually, you will not be successful unless your paid mentor makes you successful.
Online trading rooms or groups
These are usually people who have mastered, or claim to have mastered, the skills of successful trading and now offer the opportunity for traders to participate in group trading.
Most of these trading mentors are legitimate trading trainers because your continued presence is based on the success you experience in their trading rooms.
How do you know whether a forex trainer or trading mentor is legitimate?
What I have found is that there appears to be one glaring difference between money-hunting forex trainers and result-hunting forex trainers and that is what they promise.Money hunters
- Promise quick, and usually spectacular, results.
- Money hunters create the impression that they rarely fail.
- They usually talk in terms of money – the promised result.
- They count on your greed which leads you to believe that you will be the lotto winner, not one of the 99% gamblers that win nothing.
- Alert the would-be trader to the reality that becoming a successful forex trader is a slow process with many set-backs.
- They usually talk in terms of pips – the process.
- They surround themselves with students who know they will be in the 99% who lose, but are prepared to work themselves into the 1% who make a living.
You can count on it that every trader who won millions or billions in a few forex trades, also entered their trades with millions. There is no such thing as a trader who made a million in a year by starting with $100.
You can teach yourself to make a trade, but becoming consistently successful takes study, extraordinary effort and self-knowledge.
The technical part of forex trading is quite easy to learn because of the vast reservoir of free material. Every broker platform provides enough free material to enable a would-be trader to identify a strategy and enter a trade.
Teaching yourself to become a consistently successful trader is, however, a horse of a different colour.
The reason why consistency is so difficult to learn, is because it requires the trader to repeatedly fight his instincts. Especially those habits that drive us to try again, be positively inclined and believe in ourselves. If these habits team up with the two human motivators, fear and greed, it can have catastrophic results.
So, while it’s possible to learn forex trading free on the Internet, becoming a successful trader is quite a different horse to ride.
My suggestion would be: Teach yourself the basics of forex trading by self study. If you prefer working in a peer group, find a mentor. All mentors ask a fee to either join their trading rooms or you buy a product or service and are allowed to join the trading room as an add-on service. (Usually a trading style or strategy, not a product or service that will trade on your behalf or make you rich quickly.)
Focus intensively on the psychology of trading, as that is where you will most probably fail.
I am a big supporter of the books and training material of Mark Douglas, because it is the most condensed but focused training on the psychology of trading. All the leading traders have good advice around the psychology of trading, but Douglas’ is the most focused and worked well for me.
You can make your own choice.
Where do you learn to trade forex free?
There are a number of forex trading trainers who provide free introductory courses in forex trading. Each have their own approach, and you have to find the one to which you relate best.Baby Pips
“Make Pips. Keep Pips. Repeat” If you like a humorous approach, then the School of Pipsology is the place to be. By their own account, they are “the most popular forex trading course on the planet. Maybe even on Mars”
FX Academy can keep you busy for a long-long time with their wide range of fx course material. FX Academy provides a range of courses with videos, quizzes and trade simulators to help traders identify their weak spots and focus them on the different aspects of their forex trading. They call it a “comprehensive educational system” which is run as a project by the nice people at Daily Forex
They have a number of courses that the beginner-trader can start immediately.
Choose the topics that interest you, and learn at your own pace. If you just discovered forex trading, their beginner’s courses is a good place to start.
FX Academy training test the student as he/she progresses so you are aware of how you are doing and where you need additional help. Each lesson has additional reading lists and the deeper you go into their training, the more levels there are to help you become a successful trader. They have an active forum with hundreds of topics where the new trader can ask advice or sit on the sidelines and learn from peer traders or the FX Guru.
The DailyFX introduction on the forex education section of their website gives good insight into the fx market: “Trading is a journey that can last a lifetime. While the idea of ‘buying low, and selling high,’ might sound simple enough; in actuality, profitable trading is considerably more difficult than just buying when price moves down, or selling when price moves higher.”
You can start here with their beginner courses
Delve into the website and you will find what you are looking for, or need, to get your trading going.
Any high quality free forex trading sites I missed? Let me know