Posted by forex at 1:27 AM
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1. Use free information. One good place to start is BabyPips. This site offers a free course that starts off with the very basics and moves up to intermediate and then to advanced skills. The course covers everything from what is Forex, to different technical indicators, chart patterns, Japanese candlesticks, and how to design a trading system.
2. Use Investopedia. Although not as well-organized as BabyPips, this site has dozens of Forex-related articles covering everything from different indicators, Elliot Wave, money management , how to use stop loss, and how to use seasonal trends. This is a good supplement to BabyPips. The site also provides you with a Forex simulator free.
3. Learn with a simulator. Most Forex brokers provide simulators free. A few that you can try include FXCM, AAAFX and Alpari. The majority of new traders lose money, so learning in a simulator is important. This will allow you to learn the mechanics of trading and to test out different ideas without losing real money. It is best to use a simulator until you can become consistently profitable. You should try to consistently deliver a return of 1% per day for 20 days before you trade with real money. Then you can start with as little as $100.