The foreign exchange market is red hot with billions of dollars exchanging hands every day. With wealth being distributed 24 hours a day, can you afford to miss out? If you wish to learn to trade forex but have no idea where to start, here are 4 tips for you.
1) Learn Forex Trading Online - There are a whole host of web resources where you can learn about currency trading. The best part about this is that most websites are free although there are some that require a monthly subscription. The downside is that although most contain information and resources that would be useful for beginners, you'll probably have to look elsewhere for more advanced strategy.
2) Attend a forex trading course - This is the fastest way to learn currency trading and a typical workshop should take about 3 days to a week. These forex trading courses are a great way to learn but the bad news is that they are rather pricey and can cost as much as a few thousand dollars. The alternative is to sign up for a home study course where you can learn at your own pace and costs only a fraction of the price of a live workshop. Some of these courses are even available online and can be accessed immediately upon purchase.
3) Purchase Forex Trading Books and Periodicals - Visit any bookstore or library and you'll see shelves and shelves of books dedicated to currency trading. These books cover a whole range of diverse strategies from forex news trading, trading price action, technical and fundamental analysis and even complex (but rewarding) strategies such as forex option trading. This is one of the most popular and cheapest options available and can be very rewarding. However, be careful not to fall into the trap of information overload leading to confusion and lack of action. It's also very important that you read the correct books. One way to approach this is to read book reviews online and only purchase those that are highly recommended.
4) Learn from a Mentor - This is obviously the best way and is a sure win option. However, successful mentors with a proven track record of making money in the foreign exchange market are hard to come by. Even if you have access to them, you might have difficulty in persuading them to mentor you and their charges for consultation may not come cheap.
