I admit, learning forex is difficult especially if you have no solid mentors that can provide guidance in every step of the learning process. In the Philippines, there are free seminars being offered by Forex brokers just to entice potential clients and to provide free promotion in hope that they will join their firm for managed account once seminar is complete. There are also those who offers local training, some are free and others with specific charge. If you are a type of person who is eager to learn more about Forex trading, take advantage of it. There is nothing wrong in acquiring more knowledge and skills.
Utilizing the internet is also one way of understanding and learning Forex. In fact, if you just do a Google search for Forex tools, tutorials and learning methodologies, there are hundreds of them out there just waiting for you to explore. Bear in mind that Forex trading is risky so you must learn how to filter based from your search results on which one is reliable and credible. It is better to be safe than be scammed.
To help you save time in your quest for searching sites that are useful in Forex, below are some of my recommendations which I believe will help you the same way it helped me.
- Babypips.com (https://www.babypips.com) – It is a school of pipsology that provides beginners guide for Forex trading. It is so comprehensive and sometimes so corny but it does a good job for making learning easier.
- Investopedia.com (http://www.investopedia.com) – It provides a wide variety of topics and reference since it serves as the online dictionary and encyclopedia for all types of trading, investment, market news, updates and all things pertaining to investment.
- ForexFactory.com (https://www.forexfactory.com) – The website is a forum type which provides Forex market news and analysis. The website also have a good feature for economic calendar which is very useful if you are trading based on market news. You can also collaborate and exchange ideas with other Forex traders.
- MyFXBook.com (https://www.myfxbook.com) – It is an online automated analytical tool for your forex trading account and a social forex community. You can use the website to publish your demo or live trading account enabling you to track, compare, analyze and share your trading activity with other traders. The website also publish regular Forex contest from other brokers which you can participate that could win for live trading cash.
- ForexFraud.com (https://www.forexfraud.com) – Is a website that provides reviews on brokers. This will help you to identify brokers with good or bad reputation. This reduces your risks of being scammed. Take time to review their review.
- FXCM.com (https://www.fxcm.com) – This site is a Forex broker that is credible and reliable. If you are planning of opening a live Forex account, I would suggest FXCM. They are fully regulated and complies to many regulatory requirements from different regions. Again, before you attempt to open an account with any broker I highly encourage that you take time to read and do your own research before depositing any amount. It is better to trade live account and lose than to lose the money before even you start trading. But try not to lose money.
Forex trading carries a huge risks that may result in loss of money. Hopefully the above list will help you to land in the right website in order for you to get started in Forex trading. Again, before you invest, do research.