Foreign Exchange (Forex) trading consists of converting one currency to another and, hopefully, making a profit on the trade.
Forex trading is becoming ever more popular as the foreign exchange market is the largest in the world. With trillions of dollars traded every twenty-four hours, many believe that there are easy profits in Forex trading.
Why is Forex Trading Popular?
Investors are attracted to Forex trading for three main reasons:
- The barriers to entry are low and you don’t need a lot of money to start trading.
- An investor can make a lot of money within a short period of time.
- The cost of trading is low compared to other exchanges.
Unfortunately, these advantages tend to pull in people who treat Forex trading as a form of gambling without a fundamental understanding of what they are doing. You can indeed make a good profit from Forex trading, but the inexperienced can lose a good deal of money too.
If you are interested in Forex trading, you will need to open an account with a reliable broker. When properly handled, Forex trading can add to your investment portfolio.
Should an Investor Complete a Forex Training Course?
Successful Forex trading requires training, concentration, and self-control. A new investor must gather as much information as possible and learn from experienced traders.
With the increasing popularity of Forex trading, the popularity has resulted in a boom in available online courses.
Available Forex Trading Courses on YouTube
Perhaps the best place for a beginner to start is learning about Forex trading is by looking at what is available on YouTube. Remember, since YouTube is an open platform, anyone can post a video. Make sure to watch videos that are from reliable Forex trading sources.
This short, introductory video is a good guide to the basics of Forex trading. The London-based company, Trading 212 produced the video, showing you how to use the Trading 212 platform to trade currencies. Trading 212 wants you to use their platform, but the video is full of useful information. This video has had nearly five million views.
The video “Ultimate Beginners Guide to Forex Training” is a long video at over an hour and is a complete Forex trading course from the Trading Channel. The video has more than 2.6 million views, and it contains a wealth of useful information about Forex trading.
At nearly 7.5 minutes, this video by ForexSignals.com is subtitled “The Forex Cycle Of Doom.” The video offers a good guide of what an investor should not do when Forex trading.
With almost 2.5 million views, it’s always a good idea to listen to the negative side of a business too. Not only will you see what not to do, but you can learn from previous traders’ mistakes.
Forex Trading Online Courses
Online courses are available in many different formats. If you decide to take an online course, choose one with a format that suits the way you learn. The quality of Forex trading courses available runs from the very good to the amateurish rip-off. So choose wisely.
There are many Forex trading online courses available, but we suggest that you take one of the lower-priced (or free) ones before committing yourself to an expensive or paid course.
Thomas Kralow offers a very detailed Forex trading course that comes in two versions. One is designed to take you from beginner level to experienced; the other assumes that you have some experience and is a little shorter, only driving home the most important details.
A Thomas Kralow course is not the cheapest option available, but it is comprehensive and has garnered good participant reviews. The company website states that the student will receive a “university grade trading education.”
Either course would suit someone who wants to prepare themself thoroughly for Forex trading.
From the makers of the ‘Here’s Why You’ll Never Make Money In Forex’ video mentioned above, it might seem unlikely that they would offer a Forex trading training program. In fact, ForexSignals is a well-respected trading educator.
Their basic program costs under $50 US monthly and gives you access to a host of video classes, analyses, and suggestions. Perhaps its most important feature is real-time access to mentors who will guide you and help you trade.
The fee is not too high if you apply the ForexSignals knowledge and make a reasonable profit. The program has received very good reviews from its users.
BizinTra offers a course for beginners and costs around 200 GBP. The course provides daily access to professional traders and live question and answer sessions with trained Forex traders.
If you don’t want to pay for an online course, the course from Forex School Online is free. It is a good option for people who are unsure if Forex trading is for them but are still interested in potential opportunities.
Currently available at the special price of just 9.99 GBP, this introductory course claims to teach you everything you need to know about Forex trading. With positive reviews, this Udemy course could be a good start. After the course, you may have a better idea if you want to move forward trading or not.
To start Forex trading could open an account with a broker and start trading asap. However, this is not the way to start Forex trading. If you don’t have experience and reliable information about how to best trade, you can end up losing a lot of money. Do not jump in at the deep end if you know little or nothing about Forex trading.
To have the most profitable outcomes when Forex trading, gather as much information as possible and choose a reputable guide to teach you the required skills.
Thankfully, Forex trading is a skill that you can learn with insight, patience, and practice. Happy Forex trading!