When you have some savings, it is useful to find an effective way to increase them. One of these is Forex trading. But you need to have sufficient qualifications and knowledge to bring profit. In this article, we will analyze the best platforms for learning Forex trading.
Is Forex Trading A Good Idea?
Let’s start with the definition of Forex trading and the Forex market. The Forex market is foreign exchange, where the currency is traded. Traders get the gain from the currency's price fluctuations. Currencies are traded in pairs, like EUR/USD, GBP/EUR, etc. That means when you trade the EUR/USD pair, to sell euros, you need to buy dollars and vice versa. The goal is to buy the currency with the knockdown price and sell with the highest price accordingly to get the difference.
Forex trading is one of the most popular ways of investing capital. You can trade currencies 24 hours a day. As the Forex market is a 24-round-the-clock market, there are four main sessions: the North American (New York), the Asian (Tokyo), the European (London), and the Australian (Sydney). London session working hours are from 3 a.m. to 11 a.m (Easter Standard Time), the New-York one starts at 8 a.m. and ends at 5 p.m, the Sydney session lasts from 3 p.m. to 12 a.m, and the Tokyo session is working from 7 p.m. to 4 a.m.
The best time to trade is during the sessions overlap because it’s the most volatile time, so the most perspective.
Forex is a good way to invest, but not a magic wand. To get rich on Forex trading can require years and what is most significant is knowledge, improvements in financial literacy, and rationality.
Are Online Forex Trading Classes Worth It?
One of the most common ways to gain knowledge and skills in Forex trading is through online Forex trading classes. Online you can find both paid and free courses. Each of them has its advantages. From the obvious, freebies do not require any costs from you other than the time spent on the course. Paid courses usually provide a tutor who you can contact with questions about the course. But what is good, both paid and free courses, are in obtaining basic knowledge. For all traders, knowledge about graphical analysis, indicators, opening, and closing orders, risk management, and the like.
Courses offer structured information that is easy to learn. It is important to choose a platform and a course where the information is presented as concisely and clearly as possible.
How to choose the best Forex learning platform
One of the criteria for choosing courses is the quality of education. By the quality of education, we mean the ability to use knowledge to build one's own well-being.
The price of courses depends on several factors.
The first is the length of the course. There are courses that are designed for a few days, so they will be cheaper than courses that last several months but are also less in-depth.
Also, the availability of communication with the curator or course developer affects the price. If the curator is in constant contact with you, then the course will be more expensive, but if you can communicate with the curator to a limited extent, then the courses may be cheaper. Also, you will be able to find more courses for beginners in the market, so there is a better chance of finding an inexpensive course. There are fewer courses for advanced traders, so their prices will be higher.
Real Consumer Reviews
It is also worth paying attention to the reviews of those who have already completed the course. You can read the comments and draw a conclusion about the course. You can find people who have completed the course and learned personal communication. You can learn about successful traders who have completed this course. In this way, you will conclude whether the knowledge provided in the course can be applied in real life.
If the developer of the course has the good trading experience, good and stable earnings, or maintains PAMM accounts, then this can be a good sign that the developer can give knowledge that you can apply in practice. But there are also exclusively theoretical courses. The basic knowledge of, for example, the theory of the stock exchange or the types of indicators does not change, so you can choose a course not solely based on who the author is but the course whose structure and content is more suitable and comfortable for you.
10 best online Forex learning platforms
If you're looking for knowledge and advice that you can use in real trading, then ForexSignals.com is the place to go. If you have never traded, then you should start with the ForexSignal trading academy, where everything is covered, from the most basic things, where you learn what a pip, leverage, or indicator is, to more complex technical processes. You can also find the ForexSignals YouTube channel, which hosts over 1000 videos, to understand the specifics of presenting the information. You can purchase the Apprentice membership and get Trading Room access, additional educational materials, the opportunity to communicate with other students and exchange trading strategies, and follow trading sessions of professional traders. And you can also contact the mentors with questions about materials and trading.
Traders Academy Club
Traders Academy Club (TAC) can be useful for both experienced traders and beginners. At TAC, you can take a quick course for beginners, where you can quickly learn the most necessary information. You can purchase a one-year course from TAC, which gives you access to hundreds of recorded webinars and online classes, tutorials, and e-books. The founder of the academy is Volodymyr Rybakov, and based on the reviews, we can conclude that he performs the role of a mentor well. Students of the academy can count on the support and a detailed explanation of each topic, delving into details and helping in all difficult moments.
Asia Forex Mentor
The founder of the company is Ezekiel Chu, and he gathered a team of his friends back in 2008. You can get seven days of free access to the course. In the course itself, you can get the basic knowledge about the most popular MetaTrader 4 trading platform. The course includes work with graphs, and students are explained how to work with them, what they mean, etc. The course teaches risk management and how to diversify risks. And various trading strategies, their advantages, and disadvantages are also considered. So on the course, you will be able to determine which of the strategies may suit you.
Daily Forex FX Academy
The main advantage of this course is that it is free. Therefore, if you are still not sure that Forex is your niche, then you can take this course because it will not cost you anything. The site DailyForex.com has been operating since 2006, and this resource has a reputation as a reliable analytical thematic site. The site offers a choice of 15 courses designed for students with different levels of knowledge, from beginners to advanced. The course is presented in the format of videos, text materials, and tests. Like most free courses, this platform doesn't offer to mentor, so you're on your own.
Six Figure Capital
This course is perfect for beginners, it's only two weeks long, so it's very informative. You can pay for the course in one payment and get lifetime access to the materials and the trading room. The developer of this course is Lewis Glasgow, who has been involved in Forex trading since 2013. But he already managed to become a successful trader and, in 2016, decided to create an intensive course that can quickly introduce a beginner to the course.
Forex 101 From Benzinga
This course is designed for beginners, and it will provide all the basic knowledge about Forex trading. You will learn about the basic concepts of the industry, as well as the basics of risk management. The course lasts 9 hours, and access to the course is unlimited. Also, the course is one of the most affordable, but unfortunately, you don't get the opportunity to have a mentor.
Udemy is a platform with a huge number of courses that are not limited only to the topic of Forex. So on the platform, you can buy various courses, more theoretical or more practical, and choose a course for any wallet.
This course is unique in its kind because students who do best with risk differentiation have the opportunity to get their accounts funded. This course is more practical than the ones listed above. Students are given a trading task and are given access to learning materials to complete it. One of the biggest advantages of this course is the opportunity not to risk your own finances while learning practical trading.
Market Traders Institute
This platform will suit you if you are ready to spend a good amount on the course. On this platform, you are offered courses with constant mentorship, and experienced traders will help you with all the questions you may have. Based on the reviews and feedback on the courses of this platform, we can say with confidence that this course will increase the efficiency of your trading.
The platform offers you two Forex courses. One of which is an introductory Forex course. It is suitable for those who have just heard about Forex trading. You will learn how the market works, the main trading styles, how to place orders, and the like. The price for the course is cost-effective. The second course is quite specialized, it is aimed at day trading of the euro-dollar pair. The course lasts only one day. It examines the four best strategies for day trading. The course instructor is Corey Mitchell, who has been trading since 2005.
Benefits of Forex Learning Platforms
The main advantage of learning platforms is that you can get knowledge online. Nowadays, getting an education online is an incredibly convenient thing because you can join the course wherever you are.
There are many courses available to you, for different levels of your knowledge in the topic, with different durations, courses dedicated to a specific topic, and courses for different wallets..
You can get knowledge from the best people in your field. You can communicate with those who are engaged in the same business as you and share your own conclusions and findings. By getting additional education, you increase your chances of getting a better profit because you can avoid many stupid mistakes.
Things To Consider Before Joining Online Forex learning platform
First of all, decide what you expect from the course, what knowledge you want to gain and what results to achieve. Search for which courses might suit you, look at the structure of the course, what topics are covered there, look at reviews of the course, and who its developer is. Determine what price you could comfortably pay for the course. If the course does not meet your expectations, it is better not to invest more than you can afford. Define for yourself the criteria for the effectiveness of the course. For example, the percentage of profitable transactions should increase by such a number of times. So after the course, you can determine its effectiveness.
How Much Does It Cost to Learn Forex?
You can find both free Forex classes and very expensive ones. There are paid courses that cost between 20-100 dollars, which is quite affordable. The main things that you can get in the paid courses are a mentor and a community, where you can share your thoughts and take useful information.
How Long Does It Take to Learn Forex?
Some courses last just a few days, some for months. You can learn basic things in less than a month, and you can deepen your knowledge for years.
Will Forex Make You Rich?
Forex has already made many people rich, and the main thing is to approach trading rationally and improve your skills.
Is success by trading the Forex markets guaranteed?
Unfortunately, no one can guarantee you success no matter what you do. However, learning increases your chances of making money on Forex.
Is it challenging to learn Forex trading?
Forex is not a simple industry, but nevertheless, if you like statistics, finance, and mathematics, then studying Forex will be interesting for you.
Can I learn Forex by myself?
You can learn Forex by yourself, but it is much easier to get structured information with detailed explanations.Start trading