Some say the best things in life are free, like a kitten.
Others – including the Beatles – sing that the best things in life are free but you can give them to the birds and bees because it’s “Money (That’s What I Want)”.
As prospective traders, surely we want some of both – free Forex training and some money, preferably a lot of both.
Until recently, my investing history had focused on equities for the simple reason I found it easy to learn this form of trading. Company information is easy to get hold of, and apart from the Internet, daily newspapers and other sources are always full of information which helps make informed decisions about stocks and shares.
But Forex is a different matter entirely.
Despite being the largest investment market in the world, to many people it is still a mystery. For background information, check out our introductory article on how Forex trading works.
When a prospective new Forex trader decides he would like to enter the foreign currency market, he or she wants more detailed information than is readily available. In fact, a detailed training course would be ideal.
At this point the challenge is to sort through the many available courses, some of which are quite expensive, and decide if any are worth the investment.
This is the exact process I went through and I came to the conclusion that the best Forex training for beginners is free. Absolutely free.
These are the two sources I used to get my Forex trading skills to a level where I felt confident I could take a market position and exit profitably:
1. Forex.com has a great Forex Education section, and it is completely free. Check it out – there are live webinars too, again without charge.
2. Investopedia.com has an extensive free Forex Walkthrough which I highly recommend.
(Note that the links to both of these free services are not affiliate links – I just want to share what I have found to be the best free Forex training available.)
There is another essential ingredient of your Forex training which again is free – a demo account which enables you to conduct live trading but with “play money”. I have used the facility available at Forex.com but just about all online Forex brokers offer this service.
While this article has concentrated on the free resources available to assist a beginner Forex trader get started, there is one small investment which I highly recommend.
The Currency Trading for Dummies book is cheap and written by a true Forex guru, Brian Dolan of Forex.com.
This book is the bible of Forex and sits by my computer ready for quick access when I am trading currency online.
(And a disclaimer. This time the link is an affiliate one, so if you should buy the book I get a couple of dollars to put in my trading fund.)
To your trading success.