There are various ways to learn forex for beginners. But there are still many who are confused about choosing the right way. The following article will provide an alternative to learning forex easily for beginners.
There are many ways to learn forex for beginners, so few traders questions. Which is the best and most effective way to provide insight into how to get maximum profit? Basically, there is no one absolute answer to how to learn good forex. However, Hugh Kimura from Trading Heroes mentions 7 choices that can be an alternative to learning forex easily for beginner traders.
1. Real-Time Chart Room
The first easy way to learn forex in this list is to choose the Real-Time Chart Room. Of course, that is able to accommodate the needs of education as well as real-time price observation. But unfortunately, to find a good Real-Time Chart Room is still very difficult. The reason is that activities in the Real-Time Chart Room can take a lot of time. So that full-time traders usually do not participate in groups like this because they are already busy with trading activities and their lives.
But if you can find a chat room that is good and in accordance with the learning needs of trading. Then it will be very valuable in gold. Some examples of Real-Time Chart Rooms that are popular now are Forex Factory, ZuluTrade, and other peer-to-peer platforms.
When you can get feedback from other traders who join the Real-Time Chart Room, you will gain knowledge. Of course, that is useful and effective because it can apply it directly to current market conditions.
This way of learning forex is basically real-time mentoring. Here are the pros and cons of learning to use the Real-Time Chart Room that you need to pay attention to:
- Beginner traders can ask about trading rules for fellow Real-Time Chart Room members.
- Get the latest updates about other traders’ setups.
- Learn various strategies applied by other traders.
- Get feedback from more experienced traders, to get an evaluation of the trading strategies that are carried out.
- If the conversation in the Real-Time Chart Room is not moderated, the flow of conversation has easily deviated from things that are not relevant to forex trading. This is certainly very disturbing because it is not the knowledge obtained. But it is precisely the useless conversations that dominate. For that, make sure that you join the Real-Time Chart Room that has specific rules for regulating its members, so as not to “get off track” when actively conducting conversations.
- In paid Real-Time Chart Rooms, the price can be very expensive.
- The trading strategies delivered in the Real-Time Chart Room may not match your trading style.
- It’s hard to find a good quality Real-Time Chart Room, which is really able to teach the style of forex trading according to your needs
2. Online Forum
One important thing you should know about online forums is: You will never really know “who” is behind each conversation. This, of course, diminishes the value of the accountability of each trading idea or setup that is shared in the forum. The members’ opinions can be correct, but it can be ridiculous. Therefore, novice traders must be aware of this.
Most traders will start learning from the forum but quickly move to other forex learning methods. Because the forum is usually less focused on providing the necessary education. However, not a few traders who claim that online forums can be a useful resource for finding tips and ideas.
- To enter and join a forum, it is usually not charged a free alias.
- Being the best place to find many free indicators, as well as tips on using trading software.
- Online forums usually consist of various types of traders, including those who are experienced.
- It can be a means of learning forex for beginners to get trading ideas.
- Many traders who have successfully traded full time after learning and joining the forum, because usually they prefer to learn while discussing with other fellow traders. If you are a figure who likes to learn while communicating with the surrounding environment, then how to learn forex will be ideal.
- Online forums usually free their members to say things, including very offensive criticism when they follow a signal wrongly.
- How to learn forex through online forums can make it difficult for novice traders to filter and sort out the threads that suit their needs.
- There will be many conflicting opinions from members of the forum. For beginner traders, this can cause confusion.
3. Following the Webinar
How to learn forex using Webinars is the right method to understand a specific strategy. And you are immediately guided by a teacher. Interestingly, Webinars allow you to study in an “online class” or face to face with the teacher virtually. So you don’t have to bother traveling to certain locations to study forex with tutors. You only need to prepare a computer and internet connection at home to be able to join the Webinar.
Unfortunately, how to learn forex with a Webinar cannot be a long-term solution to learning trading. Because the sessions tend to be conceptualized on certain topics. However, this method can provide an impressive experience to gain an understanding of trading.
- A-Pro will provide an easy way to learn forex.
- It doesn’t take much time, because the duration for each Webinar session is usually limited to just a few hours.
- It can be used to build communication through chat with other lecturers and Webinar participants.
- You do not need to provide educational support in the long run.
- It is quite difficult to follow if you are not responsive to listening and taking notes yourself during a Webinar session.
- It does not provide general knowledge about trading, because the topic of Webinars is usually limited to certain subject matters.
4. Learning Through Books
For you book collectors who like to read, then how to learn forex can be an option. Enough with the guide from the book, you can learn many things in a short time. In addition, you will get long-term benefits because the information in the book will always be stored. So you can always reopen these books to deepen trading knowledge.
The existing forex books are digital (e-book). For free forex e-books, you can get them on this list.
- Books can be stored so that information can be obtained as a personal reference.
- Forex books are usually written by successful trading figures who are truly reliable in their fields.
- It is relatively cheaper compared to attending Forex Schools guided by leading traders.
- Presenting in-depth material about various strategies and trading psychology.
- For those who don’t like reading, forex books will be boring learning media.
- There are no question and answer interactions available because this way of learning forex is one-way. For beginner traders, this method of learning can be considered less effective. That’s because it requires you to study on your own.
- Beginners may find it difficult to determine for themselves, which forex book has the most appropriate topic in accordance with the level of knowledge.
5. Through Blogs and Social Media
Through the right blogs and social media feeds, you can get interesting info that can help the learning process of trading. In addition, by following important accounts about trading on Twitter. You can get the latest updates about the attitudes and views of famous figures in the latest market conditions.
- The right source for getting trading tips and strategies.
- By implementing this forex learning method, you can get direct insight from traders, which may not be available elsewhere.
- If the content is uploaded in the form of videos, you also use it to easily follow trading tutorials.
- Presenting lots of inspiration when you are in need of a trading spirit.
- Free, does not charge a penny.
- Most blogs are usually only managed for a while, so they are no longer active in presenting the latest content.
- Another negative side if you decide to learn forex using blogs and social media is that you will tend to find it difficult to access information more specifically as needed. That’s because many of these blogs or social media prefer to discuss trading info in general.
6. Online Course
Learning forex for beginners definitely requires many alternatives. Well, choosing an online course is one of the most popular ways to learn forex easily. Because the process is organized to guide you from beginner to advanced levels, this method can be one of the most effective ways to learn forex. However, this also has its own pros pros
- It can be adjusted to your own understanding capacity.
- Cheap to choose from as an alternative to learning forex for beginners.
- You can learn forex while interacting with many people if online course providers also provide special forums.
- It makes it easy for you to access and look for references from any material studied.
Cannot provide long-term support for your trading activities.
The speaker is not always entrusted to a figure who is good at explaining things, so it makes it difficult for you to understand the material.
Online courses usually focus more on trading strategy materials, and never discuss trading psychology.
7. Learn to trade privately with a choice mentor
If you feel able to bring in a trading mentor, then this way of learning forex can be the best alternative for you. But before that, you also need to know how to find the right mentor. Namely by asking successful traders who have studied with the mentor. This allows you to learn forex easily with a proven mentor. At the same time get a source of inspiration that can increase confidence in trading.
- Interact directly with selected mentors, and actively ask questions.
- You will get exclusive tips from the mentor.
- You can practice knowledge from mentors directly and get useful feedback to improve trading performance.
- How to learn forex through Private Mentoring usually costs not a little.
- The way or trading strategy provided by the mentor may not be in accordance with your own trading style.
- All mentors may be successful figures in trading, but not necessarily they are also good at teaching and providing guidance to beginners.
- It’s hard to find objective reviews when choosing a dream mentor candidate.