The best Forex trading for beginners guide is this: get some quality Forex education.
I’m not being facetious. Education is important to make it in the industry today.
You are going to think you will save money by not spending money and trying yourself. But the amount of money, and time, you’ll waste altogether will outstrip the money you spend on the education for a fraction of the knowledge.
The opportunity cost is the time and effort you would have spent in the markets on your own.
Yes, I said markets. The Forex market connects to other markets; the stock, commodity and fixed income markets. When you hear other traders stores you will see why many add Forex to their trading armoury or making it their sole trading instrument.
Many self-learners, as admirable as they are, will admit that initial years was just learning the ropes. That’s Forex trading for beginners on hard mode; harder than it needs to be.
Another school of thought: Forex education helps you establish the right mindset, habits and knowledge from the start from profitable mentors that have been through it before.
What does this mean for you if you embark on the Forex education route?
Your experience will become more meaningful; your learning be accelerated. Forex trading for beginners on easy mode, as it should be.
However, you still have to pick the right education provider.
Finance 101 is you need to get a ROI and since the pandemic everyone’s an expert, and there’s no shortage of Forex education providers, even snakeoil salesmen and scam artists. It got so bad that Bloomberg had to jump in to write about it!
But there are tricks you can use to find the best Forex education providers for you.
Good reviews should not be your only reason. You should get in touch and ask key questions such as a track record of the traders who will be teaching you. If your mentors can’t be profitable, why should they teach you?
Ask as many questions as you feel comfortable asking.
Next up is funding which everyone seems to provide, and this isn’t always good news. Not everyone provides terms that are favourable to the trader nor does every provider have successful traders.
Everyone is going to say they provide forex trading for beginners. So you must be diligent.
A good trick is to ask how they take care of their funded traders – what you want to suss out is do they care for your development or are they just money from selling Forex education courses?
Your Forex education should be a continual process, it should not end after a pre-set curriculum. But how can you tell?
The answer is quite easy testimonials. Now the most sceptical of you would be wary because even the most dubious Forex education programs have positive testimonials, and you would be right. The solution to overcome this simple.
Ask if there would be an opportunity to speak to clients. If the Forex education provider truly believes in what they are providing they will let their clients sing their praises. If not, then perhaps their clients are still searching “Forex trading for beginners” on the internet.
Now, another thing in the Forex education space that you should review the team, and as strange as it sounds you want people who aren’t fixed on Forex. Might sound like crazy speak, but hear me out. As alluded earlier, Forex is the linchpin that connected the other capital markets so a team that understand aspects outside Forex will help enrich your Forex education and your trading experience.