Forex Trading Education – The Truth
Are you looking to learn about Forex? You’re certainly not alone seeking forex trading education. There are literally millions of retail forex traders around the world. Some are pros, but most are still getting a handle of the market. As the online financial community continues to grow, more people will gravitate to forex for its simplicity, fast execution and opportunity.
Forex is unlike any other market. With more than $5 trillion in daily turnover, the foreign exchange is quite literally the world’s most liquid financial market. Available 24 hours a day, five days a week, it’s also known as the market that rarely sleeps. No matter where you are between Monday and Friday, there’s a currency pair out there you can trade.
But trading forex isn’t as easy as flipping currency pairs. In fact, it can be downright confusing if you don’t know where to look or what to focus on. To the uninitiated, forex trading is a totally foreign language. After all, terms like Fibonacci, Ichimoku and Bollinger Bands don’t exactly roll off the tongue. And don’t get us started on all those complex charts.
Same old, Same old
Bland forex trading education sites that regurgitate the same-old content about forex certainly don’t help. There’s only so many times we need to read about what forex means and how many currencies you can trade. But the bland sites do still regurgitate this content over and over. That’s because many of these education portals care more about SEO than they do providing real content.
Although there are literally hundreds (if not thousands) of forex training resources on the web, a few stand out from the rest. The best education platforms are highly reputable, contain dynamic content and make learning about the market enjoyable. Best of all, they provide actionable insights about the forex market that you can apply in real life.
Our friends at MyTradingBuddy.com have emerged as one of the best forex education platforms on the web. As a free trading education blog, they provide complete lesson plans on technical trading techniques, trade management and various other forex-related topics. The site provides full, unrestricted access to hundreds of articles and videos that extend beyond the forex market to include indexes, commodities and futures.
What to Look for in a Forex Trading Education Site
As My Trading Buddy demonstrates, there are a few key characteristics that all leading forex trading education sites possess. These include:
- Free content! You shouldn’t have to pay for forex education unless you’re enrolling in some hands-on program with a self-proclaimed guru. (As a rule, you should always avoid self-proclaimed geniuses as they are the 21st century’s snake-oil salesmen.)
- Dynamic content: There’s a lot more to good education than words on a page. The educational content must be engaging, filled with real world examples and contain pictures, diagrams and the occasional video. Most of all, it should be easy to follow and apply.
- Trading methods: When it comes to forex trading, explaining technical and fundamental analysis simply isn’t enough. Educators must also provide real world trading methods that you can apply in real life. The best websites provide detailed lesson plans on the best trading techniques in the market for both new and experienced traders.
- Reputable site: As you’ll soon learn, the forex industry is filled with scammers looking to squeeze every penny out of you. Some of these rip-offs also create “education” sites, where they try to reel you in. Avoid them at all costs.
- Contain broker comparisons: Forex education platforms should also provide you with a quick way to analyse and compare different platforms. If you’re a trader or are aspiring to be one, choosing the right broker is one of the most important decisions you’ll ever make. The broker comparison section will contain an honest breakdown of each service provider’s best features.
- Provides financial news headlines: Whether a live feed or dedicated blog, the best education platforms also link you to the latest financial market news. All forex traders know that the economic calendar is one of the most important aspects of trading the market. Platforms that teach about the various economic indicators and provide you with the latest financial news headlines are a cut above the rest.
- Enjoyable: At the end of the day, people re-visit websites because they are enjoyable. Sites that prioritise the end-user experience should be first on your list.
Beware of the Forex Scammers
We’ve mentioned a few times already that the best educational resources are reputable websites. This certainly is no accident. The forex industry has been plagued with scams from brokers and affiliates promising mega riches if you trade on their platform. These same resources also run education portals, where they trap naïve traders by getting them to signup to their platform or service.
The good news is MiFID II is coming with sweeping regulations targeting compliance. This means bringing the hammer down on anyone making false promises or using pushy techniques. Any forex educational platform that promises huge profits or guaranteed success is likely to be a scam that should be avoided at all costs. In fact, all promises and testimonials are outright banned from a compliance perspective.
At Contentworks Agency we have many years of experience delivering original, high quality education to forex brokers and forex affiliates. Our writers are the best in the biz, with combined experience both as traders and as marketers working with some of Europe’s biggest brokers. Contact us today to discover how we can help you to develop your forex trading education.
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