Forex Education broken down into useful sections
Receiving an education is always a good idea. However, it is becoming more and more expensive in every term you can imagine. So this begs the question for many trading enthusiasts “Is there a free Forex education course?”.
First things first. Receiving some kind of help in terms of knowledge and education should not be paid, obviously. Unless it is a groundbreaking theory that you are getting acquainted with. The rest of the resources need to be at your fingertips, which is exactly what you’ll be getting here.
Forex education is quite a broad term, it’s like saying you learned to programme, but don’t specify which language, what field and most importantly what device. For those not well versed in the tech side of things, try comparing it to driving. Like somebody saying “I learned to drive!”. This begs the question, “a car?” “a motorcycle?”, “automatic or manual?” “TELL ME MORE”.
With Forex education it is the same, you can say you’ve learned Forex, but have you really? Truly understanding this industry requires hours of dedication for you to be as successful as the biggest traders out there right now. The understanding of the smallest details in terms of Forex basics and advances. This could be knowing the market, how it works, why it works, how you can make it work for you, so on and so forth.
However, learning the basics is definitely not enough. Try comparing it to military training. You’re now a trained officer (trader) responsible for several men (your money), you’ve been taught how to wield a weapon (use Forex platforms) and process the orders that you receive (analyze news articles). But what’s this? You’re in a battle-zone (live account), responsible for your men and there are no orders coming in, do you have a strategy? Is it like the simulations (demo accounts)? This is where most traders face the true challenge of Forex. This is not something a Forex education course can teach you, a Forex trading strategy is something you need to make yourself, tailored towards your style, timeframe and so on. Here you will receive numerous tips, case studies and ways you can construct your strategies. There will even be examples of some of them, which you can utilize in a way to try them out and find your style. But in the end, your strategy will turn into something unique to you and your trading habits. But this is not a topic of concern, it happens quite naturally.
Knowing Forex means that you are aware of the tools that you have at your disposal. Most of them are digital and not that hard to acquire. As I mentioned in the last paragraph, one of the strongest tools can be the news articles that get published every day about a specific industry or an asset. But you’re busy, you don’t have time to read through lines and lines of text all day every day, which makes my writing here redundant as I’m sure you’re just going to scroll through and give a quick glance at everything. Anyways, the time problem is there, the key points are sometimes hard to find as well, even if you devote your time to actually read the whole article. The Forex market has tackled this issue by featuring indicators. Or as some like to call them, signals. This is something that is connected to your account, you can fill it up with the assets you hold and make it so that it always gives you relevant information as soon as there is news available. For example, the war that has now sparked in Ukraine is sure to affect the price of their currency. If you’re a holder of Ukrainian hryvnia, the signal will immediately notify you on your device that the price is about to go up or down, which helps you react more efficiently.
Let’s get back to your days in the military. We left off when you were deployed in a war zone. Alright sure, you have a strategy, stay low and get to the high ground, but soon orders come in telling you about a bombardment ETA 5 minutes. ETA? What in the world is that? Now we’ve arrived at abbreviations and terms that come alongside Forex. Many indicators that you will have, helping you distinguish good trades from bad ones, will have several abbreviations and terms that you may not be familiar with. We’ve compiled a glossary of these words, detailing the explanation of them, what they mean and how to use them. Go through them and the next time you hear ETA (Estimated Time of Arrival), you’ll know its time to take cover and not prepare for lunch because you thought it meant “Eat This Apple”.
What’s really good about the 21st century is the fact how much of your hectic responsibilities can be automated. You’ll be surprised to find out that you can automate your trades as well. The basics of Forex education may seem enough on this part, but they’re actually not. Sure you may believe that the robot will just do the trading for you, you’ll just indicate when to stop-loss and the profit cap. But the research required to find a good one is as hectic as trading itself. Doing it from the very start can be quite tempting, but it’s important to still have some sort of Forex education in your background to make the best optimizations. Think of it as the way some students deal with homework these days. They pay somebody to do the homework for them and as soon as exams arrive all they can say is “ummmmmmmm”. So before you start utilizing this tool, make sure you already know at least some aspects of trading.
I’m sure you already know that Forex trading is done on various software. This enables you to do it from home or anywhere else in the world, just have some type of computing device with a Wi-Fi connection and you’re good to go. But choosing the right one is also part of your Forex training. Imagine the choice you have of web browsers right now. There are different tastes and different aspects to each of them right? For example, Chrome is faster but more taxing. Firefox is decent, but a bit outdated. Opera is solid overall but could be quite restrictive. And Internet Explorer? Well, it’s just there.
You’ll find a similar situation with Forex trading software, some are more modern and have more features, some are old-school and a bit more rugged. It all comes down to taste, but the choice is inevitable.
Talking about so many tech-related topics is bound to surface a sentence about cryptocurrencies right? You’ve heard of them, I’ve heard of them, everybody and their mother has heard of them. So what are they and why should you consider getting to know them a bit more “personally”? They’re basically currencies themselves so it’s not too weird to find them in this Forex tutorial if you can call it that.
Being a savvy investor, you’ve probably already considered getting into cryptos, but you can’t quite understand how they work. No worries my friend! You’ll be able to find out everything there is to know about the way they work, how they’re made, why they’re still a relevant topic and much much more!