Where to learn forex? Nowadays, the answer for those types of questions is always the internet. Fundamentally, you can study whatever you want on the internet and forex trading is not different. Thousands of online sources and materials out there that can provide many knowledge on forex trading market. But too much information is not always a good thing for you, as you can get lost in the ocean of online information. Therefore, the question to ask is not in which place you can learn the forex but what to learn when entering the forex trading market.
Forex – what is it?
Firstly, you need to comprehend what is the nature of the forex market.
According to Mr. Fanara Filippo of BRKV Forex, the forex market, a simple way to say, it is a place where people purchase and sell trading products such as currency pairs, precious metals or cryptocurrencies. Always note that you do not have anything on your own, you just buy things when the price is low and then sell it at a higher price. They make money on the discrepancies between quotes.
Forex terminology
Source: BRKV Forex
It is very important to know the common and special terms in the topic you are learning. In my view, I recommend some common terms that are:
Forex trader: this is you, the trader in the forex market.
Forex broker: the one who brings you the trading environment.
Forex account: an account is required when you are working with a broker. There are many types of accounts that a broker can give you. The accounts have many characteristics which match to vary trading styles. There are some examples: spread, commission, quote, margin, leverage, swap, slippage, gap, re-quote…
Charts and diagrams in the forex market.
After being familiar with the forex term, you must know how to use the forex charts and diagrams. Reading forex charts is considered the most basic and important skill that a trader must have.
Some recommended websites to learn about forex trading
You may want to know where to learn forex. I would like to suggest some good websites to learn forex trading. But first, I want to tell you what makes a forex website become a good source to learn.
Fundamental knowledge
A good website must suitable to all levels of traders. Entry level trades, average traders, skillful traders or event expert traders are interested in this website. Also, the website must contain all the things we talk above.
Provide reviews on forex brokers
Brokers is always an indispensable part of a forex websites because it is the most favourite topic of traders. However, brokers can pay to get these websites telling good things about them. So, the question is how can you know which is a legal website.
- Looking for how many brokers they are talking about. If there are more than 20, you can believe them. When a website is paid by a broker, it always says good things about this specific broker, not much about his competitors.
- The website has to discuss both pros and cons of a brokers. No one in perfect in the forex market, every broker has their advantages and disadvantages. To be fair, a good forex website must talk about both.
Insight and professional analysis
A good answer for the question of where to learn forex is a website which gives you inside out analysis of forex market. Only experts can provide analysis. This is a hint that the website is working with experts. It makes the website more trustworthy.In short, everyone who wants to become a trader in the forex market must always ask where to learn forex. I hope that through this article I have partly satisfied you with my sharings and recommendations. Remember that, it is not important to know where but what to learn about the forex market.