Forex trading is not a get-rich-quick scheme where you can just invest money and watch the money invested do wonders for you. Trading the Forex market goes beyond merely exchanging the currency of one country in return for that of another country, or blindly entering BUY and SELL orders. These decisions to click BUY or SELL must be informed by careful analysis, and this is a skill. Forex trading is a craft that can be learned, but attaining mastery will require dedicating countless hours to learning and regular practice. You need to learn price action, understand indicators, oscillators, and how you can combine these to predict future currency movements. Hence the need for you to commit to good forex trading education. Here, there is no formal diploma or certificate, and in fact, it must be said there is actually no “completion”, as learning in the forex market is a lifelong process – veteran and experienced traders with years already in the craft still regularly unlearn and relearn.
However, due to the popularity of the Forex market, there are tons of Forex trading education platforms, and the entire forex education industry seems to have become saturated. This creates a dilemma as to what to go for. This article is here to provide a guide.
Best Forex Education?
Generally, there are both free and paid courses, and the question arises whether the paid classes are worth it. There are a number of expert forex signal traders who charge a fee to teach you special trading strategies. While we have nothing against you paying for courses taught by experts, there are precautions you must take. For one, a good number of these expert courses turn out to be phonies (as discussed later); better still, some courses do not worth the value charged, as they teach generic concepts that can be got for free. There are however a lot of paid courses that deliver value. For one, well-paid courses give you access to mentors, who are expert traders in their right. Quality mentorship can help you avoid debilitating mistakes and in fact, shorten your learning process, as you will have access to top-level insights garnered through years of practice. Nevertheless, before you enroll in any paid course, it is highly recommended that you start by first taking some free courses if only to learn the basics.
The Basics First
You can choose to learn the basics by randomly reading articles online; however, this can be pretty unstructured. It is recommended you take an organized approach to this; there are a number of free introductory courses on the Internet, for you to learn the basics of trading, and even some advanced trading techniques and strategies. Some of them are outlined below:
- BabyPipsBy far one of the most popular forex trading blogs online, BabyPips has its own dedicated absolutely free online learning platform called the “School of Pipsology.” Spiced with humor and fun, the School of Pipsology is actually designed in a school setting, with the trader progressing from the preschool, across the kindergarten, elementary, middle school, summer school, high school, undergraduate levels, and of course, “Graduation.” The School of Pipsology has the philosophy that becoming a successful trader requires you to learn to “make pips, keep pips, repeat.” It also comes with Trading Quizzes that help you test your knowledge on market-related topics.The obvious downside seems to be in the fact that the course is almost entirely in blog post format, and as such might not be suitable for those who prefer video content. Nevertheless, this is an absolutely good course and comes highly recommended!
- DailyFX University
DailyFX University powered by the IG Markets (a broker) is also a pretty good free course. Covering an array of topics, the course caters to the needs of all traders, regardless of experience levels.
- Trading EducationTrading Education is highly recommended because it caters, not only for forex but has fairly comprehensive courses on crypto and stock trading.
Having recommended some of the best free courses out there, it must be made clear that free courses will not really teach you everything you have to become an expert; you will agree with the fact that quality must come at a price. As such, you will have to look out for paid training, if not for anything but for access to mentorship as discussed above; most expert traders have emphasized the role of mentors in their trading trajectory. However due to the array of scams and substandard quality offered by some paid courses,
How to pick a good forex course
You have to look out for people who have taken the course in the past, and their ratings of the course. One way to do this to check dedicated review sites; you can do this by conducting a Google Search by typing the course followed by the word “reviews.” You can also check forex blogs and forums online on what others have to say.
- The Coach/Teacher
The course provider(s) is another thing to put into consideration. Does he (or they) have a commendable track record or pedigree in the Forex trading community? A Google search for such coaches should reveal a good amount of information.
- Stay away from scams
Some course providers will promise that upon completion of the course, you will make 400% of your capital per day. While this is not impossible, it is too tall a promise, and such a course may likely be a phony. It is recommended you steer away from these.
What about the present?
The Forex education process is long and arduous but really worth it at the end because once you gain mastery, it becomes easy to enter winning trades and make money out of the market. Have to wait for the 3 or 6 months or even more than you have to commit to learning before you start to earn from the market? Absolutely not. You can start bagging profits from the market almost right away with forex trading signals. Apart from giving you the ability to earn while you learn, these forex trading signals provided by the highly acclaimed 1000pip Builder will help reinforce your learning as you can follow the market while entering trades, making you a better trader. Want to start earning right away?