Tuesday, 8 February 2011

The Best Websites For People To Learn Forex Trading

This is my first post on this new blog and I just want to talk about how you can learn to trade forex. There are lots of ways you can go about this. You can find a mentor, ie a professional trader who can teach you how they trade, you can read books or you can buy a few trading courses. However in this day and age most people like to visit websites because it is convenient, plus much of the information is absolutely free.

So which websites should you visit?

Well there are two good sites that I can particularly recommend. The first is a site called Babypips. This site is a complete resource for anyone wanting to learn the basics of forex trading because they start right at the beginning and walk you through step by step.

You will learn how the currency markets actually work and what causes the markets to move, and you will also other basics such as how you can sign up to a broker and start placing trades, and what the various terminology means.

You will then have the option to progress to different levels and learn about the more advanced subjects such as technical analysis (using charts to find trading set-ups), and how to spot the various different trading patterns.

It really is a complete education and as I've already mentioned, this information is completely free.

The second website I like is Forex Factory. This is primarily a forex trading forum where members can chat and exchange tips and strategies with each other all through the day.

There are various different sub-forums devoted to subjects such as brokers, systems and live trading thoughts. There is also a sub-forum specifically for newbies, so this alone is a great way of learning the required skills because there are lots of experienced traders on there ready to answer your questions.

There is also a decent news section on this site and a useful calendar on the home page which lists all of the economic data releases that are scheduled for each day. However it is the forum that will be most useful for those just starting out.

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