How to Learn the Basics of Currency Trading?

 

There are a lot of free resources available where you can learn the basics of currency trading. While they will teach you a lot about the basics of the trade, how it works, and all the theoretical aspects of it, the practice will surely be different.

Nevertheless, one can learn a lot on their own through self-study. So listed below are some of the most useful sources I found when learning about the market.

You can also read: How to Make Money from Cryptocurrency in 2020?

 

How to learn the basics of currency trading?

 

Books

The two main ones that I recommend to all beginners are ‘Currency Trading for Dummies’ by Brian Dolan and ‘Forex for Beginners’ by Anna Coulling. They cover all the basics and make the information quite accessible. From market background and history to strategies and chart patterns, it’s a good place to start building your understanding of the market.

These are, however, beginner level books so if you already know the basics of the forex market and the primary mechanisms behind it then they might not be too useful to you.

 

Videos

YouTube has some great channels dedicated entirely to YouTube. Some teachers and channels that I follow and find quite informative are Top Traders, Adam Khoo, Bob Booker Trading, UKspreadbetting, and Karen Foo.

All of them do a great job of explaining confusing and complicated topics. They follow different formats and employ different aids so you can see which one suits you best. Videos are a great help especially if you are a visual learner. You can write your notes and learn at your own pace.

You can find complete playlists designed as complete forex courses for free on YouTube too or you could search by topic.

 

Paid Courses

And finally, if you want a well-planned course and are willing to spend some money on it then you could look into Udemy. There are some good courses there and some of them also show live trades. That’s always a great help.

To practice, you can look into a demo account but even then don’t expect the real thing to be the same as demo trading was. That’s because it won’t be. When your own money is on the line a person will become emotional and the tendency to make irrational decisions is also great then.

 

Free Courses and Blogs

Signal Skyline has a great education section and blogs. They cover a variety of topics and have something for every kind of learner. Whether you’re looking for something on the way economies function and the bigger picture or you want some strategic tips on risk management and trading, you will find something that interests you here. There are also some pieces on the philosophy of trading and the mindset of successful traders.

To practice, you can look into a demo account but even then don’t expect the real thing to be the same as demo trading was. That’s because it won’t be. When your own money is on the line a person will become emotional and the tendency to make irrational decisions is also great then.

As a risk management measure, I would say go in with less money than you ultimately intend to trade with. Just to get a feel of the market and see if it’s something that is likely to work for you, try out a smaller account first and then move on to growing it.

 

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