subject: 7 Useful Online Resources for Beginning Forex Traders [print this page] 7 Useful Online Resources for Beginning Forex Traders
It's easy to get lost and lose money even just to get started ononline forex trading. Theinternet has literally thousands materials,advertisements and other offerings that can cost you an arm and a leg. I outlined a list of very useful, and mostly free, resources to get one started to onlineforex. With only US$ 72 and aninternetconnection, one can now setup a serioushome-based business if you plan to be a trader. Success depends on how much time is devoted to studying and controlling emotions.
BabyPips:BabyPips.com is the best way to learn aboutForex basics. They handle all topics from ground up that isn't intimidating to newbies. The levels of learning is graduated from Pre-school all the way up to College depending on level of technical complexity.
Your Trading Coach: Once you get into the topic of Technical Analysis (such as candlesticks & candlestick formations), Lance Beggs has several easy to understandvideo tutorials onYouTube. This will quickly speedup your learning about candlesticks, technical indicators and a host of othertrading strategies.
Trading Spreadsheet: A serious trader always keep a journal of all trades handy. This is the only way to improve ones skills by identifying weak trades and improving on them.Trading Spreadsheets provide a comprehensive tool set to help every trader manage every entries.
FXCM Micro Account: FXCM is the world's largestforexbroker. A beginningforex trader can start trading to as low as $US25 and is the best way to get the real feel of online trading without risking too much of your start-up capital. VisitFXCM Micro for details.
Demo Accounts: I highly advice beginning traders to trade first for at least six(6) months on demo accounts. Demo accounts uses live charts trading on virtual money. This will help beginning trader to familiarize the trading platform and put into practice all theories learned from different sources provided above.
News & Live Charts: Keeping updated on financial news is very important and gives a heads up on what position to make when entering or closing a trade. Some of these include:DailyFX andBloomberg.
Forums & Portals: The best way to quickly learn trading techniques & strategies is by communicating with other traders. Theinternethas many forums but I would highly recommendDailyFX Forum since many of their members are longtime time professional traders.
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