FOREX

How to Get the Best Forex Education in 2021 • Benzinga – Benzinga


Want to jump straight to the answer? The best forex broker for most people is definitely FOREX.com or IG.

Trading in the forex market was only available to financial institutions, international corporations and high net-worth individuals. With the advent of the internet and online forex trading, this type of financial market speculation was opened up to a much larger audience. While the mechanics of trading forex online remain relatively simple, learning how to trade currencies profitably can take a lifetime. 

Getting the best forex education you can afford makes excellent sense before putting any substantial amount of money at risk speculating in the forex market. 

What is Forex?

Foreign exchange or forex transactions involve exchanging one national currency for another at an agreed-upon rate of exchange or exchange rate. The 1st currency shown in a currency pair is called the “base currency,” and the 2nd currency is known as the quote or “counter currency.” 

Currency pairs trade in the very active over-the-counter (OTC) forex market. This massive financial market demonstrated an average trading volume per day of $6.6 billion in April 2019, according to a survey performed by the Bank for International Settlements (BIS).

The International Organization for Standardization (ISO) has assigned each currency a unique 3-letter code that forex traders generally use. The usual way to denote a currency pair involves placing the ISO code for the base currency before the code for the counter currency and then separating them with a slash. For example, the currency pair consisting of the EU’s euro (ISO code EUR) and the U.S. dollar (ISO code USD) would be written EUR/USD in the forex market’s typical notation.

Forex trading involves speculating on whether a currency pair’s exchange rate will rise or fall. This activity has more in common with gambling strategically at a casino than it does with investing for your retirement. So, only if you have risk capital you can afford to lose should you be trading forex. 

These days, just about any individual with an internet-connected smart device and some spare cash to deposit as margin with an online broker can trade forex. Since exchange rates quoted in the forex market can rise or fall at a moment’s notice, any trading position you might take in the currency market can involve a substantial risk of loss, particularly if you don’t cut your losing trades quickly. 

You will therefore need to practice strategic trade planning and employ sound money management principles to have the best chances of success as a forex trader over the long term. If forex trading sounds like something you would be interested in and suitable for, then the first wise step to take should involve getting a decent forex education to start you off on the right foot. 

Forex Training Courses

Good forex training courses will teach you the basic mechanics of how to operate trading platforms, analyze the forex market, choose a trading strategy and select the best currency pairs for that strategy. They should also provide detailed information about prudent money management techniques, as well as suggest reliable sources for the economic information you will need to watch as a currency trader. 

Most online forex training courses have their own unique teaching method, language choice and features designed to attract their target market. Valuable educational forex training courses will generally share these common characteristics:

  • The instructor keeps training material fun and engaging.
  • The course appeals to a variety of learners.
  • The course functions as expected.
  • The course material has a professional presentation.

Based on those criteria, Benzinga has selected several of the best forex course options currently available on the Internet at various price points. Check out this article for details. 

Forex FAQs

One easy way to get started with your forex education is to read the FAQs posted on the websites of reputable online forex brokers. They can answer a lot of questions that can come up when you start out as a novice forex trader. 

Of course, each broker’s experts might have their own take on how to best make money trading forex, although only you can decide what strategy makes the most sense for you given your unique personality and the amount of time you can devote to currency trading.  

Forex Webinars

You can also watch and sometimes subscribe to webinars where you can view and even participate in lectures about currency trading given by experts in the field. Benzinga has some excellent webinars you can check out for trading tips and information about the forex and other financial markets.

Guides, Videos and Books

Some websites have expertly written forex trading guides and videos you can sift through to find potentially valuable information. You might even find a social media influencer who offers useful educational material on currency trading via video platforms like YouTube. 

Most reputable online forex brokers have guides, video tutorials and sometimes even entire e-books about forex trading displayed on their websites. If you cannot access that educational information without having an account, you can probably set up a free demo account to check out the learning materials the broker provides to its clients. 

While a number of forex trading experts offer training ebooks on their websites, some authors have published introductory books about forex trading you can purchase in paperback or Kindle form from sellers like Amazon if you prefer to read in those formats.

Can You DIY Your Forex Education?

While the basic mechanics of trading currencies are quite easy to learn, the ways that successful forex traders make money generally require some form of training. It’s probably going to benefit you substantially to learn about forex trading from experts, especially because the overnight billionaire trader success story is very rare, so the smart path will involve some study before you start trading in a live account.

You can certainly pursue your forex trading education on your own if you happen to learn well that way, although it can really help to have an experienced guide or mentor to help you map out exactly what you need to learn to improve your chances of success. 

Always keep in mind that forex trading has more in common with strategic gambling than with investing for retirement. You should therefore never put more money at risk trading the forex market than you are prepared to lose in its entirety.  

Smart Forex Trading

Some forex traders prefer to use smart tools to assist them. For example, you can now get involved in automated forex trading using so-called “forex robots.” This software can help you watch several markets at once and free up time to do other things. If you already have an objective trading strategy, you can even program a bot yourself or with the help of an expert programmer. 

Some forex trading robots can be purchased off the shelf as “expert advisors” that run on the popular MetaTrader 4 and 5 trading platforms. To avoid disappointment with their performance, you should definitely look into how these programs work and review their success rates. To help you sift through the available automated trading software options, check out this Benzinga review article. 

Another form of smart trading involves copying the transactions of a more experienced forex trader with a proven track record in your own account. The MetaTrader suite and a number of online brokers offer social or copy trading services to assist you in doing this. 

Benzinga Favorite Forex Brokers

Retail forex traders will generally need to set up a funded margin account with an online forex broker. Benzinga takes some of the guesswork out of choosing the best broker for your needs by providing the list of our favorites below. 

Is Forex Trading for You?

If you have the dedication, patience and time to learn how the forex market operates, as well as the ability to develop a successful and easy-to-implement strategy to incorporate into your overall trading plan, then you might find forex trading a profitable endeavor. 

Alternatively, if you prefer to trade forex without direct involvement, then you can use a trading robot or copy an established trader’s transactions instead. In any case, revisit Benzinga often for more useful information about trading forex and other financial assets. 

Frequently Asked Questions

How can I learn forex?

You can read books and articles, take an online course, watch training videos and webinars, and practice trading forex in a free demo account. Another good option is to visit a major online forex broker’s website and study their educational materials in depth.

Answer Link

Can you get rich trading forex?

A few well-known traders like George Soros have indeed made plenty of money trading currencies, but that’s a very rare case. In fact, most retail forex traders lose money, so it makes sense to get a sound education in trading and market analysis before putting any money at risk so that you can improve your chances of success as a forex trader.

Answer Link

FOREX.com, registered with the Commodity Futures Trading Commission (CFTC), lets you trade a wide range of forex markets plus spot metals with low pricing and fast, quality execution on every trade. 

ForexSignals.com offers a highly rated platform with mentors who have 80 years of combined experience in the trading pits. They’ll help you decode real-time daily live streams using market analysis, trade signals and more. ForexSignals.com doesn’t stop there. You can access hundreds of educational videos and workshops and even individualized private sessions with mentors. Never trade alone! Join ForexSignals.com now.

Adblock test (Why?)


Scalping Strategy Course (DVD + Online) - $299.00

In the much anticipated Forex Scalping Strategy Course, Vic and Sarid show you short-term focused techniques and strategies to make quicker profits while reducing market exposure.




Forexmentor Coach's Corner First Month (Online) - $149.00

The Coach's Corner offers 2 live sessions per week, an integrated approach to trading, FREE access to the VicTrade video course and Darko's Pattern Trading Video Lessons.



Source link

Have your say