subject: With Free Options Available, Is It Worth Paying For A Forex Course? [print this page] If you are interested in exploring currency trading, taking a Forex course is an obvious first step. The world of online trading has grown to include people from all walks of life, and it is true that anyone can learn to trade currencies successfully. But with both free and paid options available, you may wonder why anyone would pay for something that is being offered for free. Here's a quick look at what you can get from each type of Forex course.
What is Forex? Basically Forex is short for Foreign Exchange, and involves trading in all the world's currencies. The Forex market is the biggest financial market in the world. When you trade in currencies, you are always trading in pairs; for example, the US dollar against the European Euro. Investors find the Forex market attractive because it is open 24 hours a day, you can start trading with very small amounts (as low as $25), and there is high liquidity because of the high volume of trading. Online brokers also offer leverage on your investment, meaning you can make large investments with modest amounts of money, with the potential for huge gains. Of course, it also exposes you to the risk of huge losses.
What You Can Get From a Free Forex Course
A Good Introduction to Forex Trading If you are truly a novice when it comes to the Forex market, then it may make sense to start with a free Forex course. These courses can give you a good introduction to how trading in currencies work. If you are getting your free course through a brokerage firm, your course may also come with some software, including charting programs. They can also explain some different trading techniques. Many free Forex courses also give you a way to practice trading.
A Way to Practice Trading - Without Losing Money One common feature of the free Forex training courses is what is called a demo account. Basically, it is a way to experiment with trading on the Forex market, but not with real money. The obvious huge advantage to a demo account is that there is no risk to you. Different programs start you off with different amounts, but $50,000 is somewhat typical. With a demo account, you can trade in real time with your virtual money. It allows you to practice your trading skills and become comfortable with it before you decide to venture into using real money.
What You Can Get From a Paid Forex Course
Someone to Watch Over You One of the main advantages of a paid Forex course is having access to a mentor. The best courses will involve a mentor who is actually a proven and successful trader. They make themselves available to you throughout the course and can give you advice and guidance as you master trading in the Forex market. Many questions arise whenever you are involved in the hands-on part of learning Forex trading, and having a mentor allows you to get answers to those questions during your apprenticeship.
Additional Forex Trading Tools Most paid Forex courses will provide instruction on some specific, proven trading strategies or techniques. You should be able to also try your hand at executing them live, with feedback from your instructor. Paid courses also tend to be geared toward the more sophisticated Forex trader. They go beyond the basics, and instruct you in some of the more complex systems that can provide you with better returns.
Basically, if you are just starting out in Forex trading, exploring a free Forex course makes sense as a strategy for learning the basics of the Forex market. But if you are serious about becoming a successful trader, your best approach is to invest in a good paid Forex course as it will pay off in the long run.
by: Andrew Mitchem
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