Posted by forex at 6:56 AM
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1. Find a trading, course, service, or software program that is well-rated and reviewed. A good place to start looking is on a forum such as ForexPeaceArmy, EliteTrader, and Trade2Win. A lot of professional and amateur traders hang out there and post their opinions about Forex courses, trading services, software, and brokers. No affiliate links are allowed, so for the most part you will find honest opinions and unbiased reviews.
2. Go to BabyPips.com. This site is completely free and offers a fairly comprehensive step-by-step overview of Forex trading. It teaches you everything from how to read a chart to understanding patterns and how to use indicators. It even teaches you the basics of how to put together your own trading system.Although it doesn't go into details about all facets of trading, it does give you a broad enough overview that you should have a good basic understanding once you have completed the course.
3. Follow along with professional traders on EliteTrader.com, a good place to ask questions when you get stuck. A lot of traders also post their trading logs for others to view and follow. This gives you a good idea of why they are entering trade, and more important, their thought process when exiting a trade for a profit or at a loss. Although you don't really know who the person is so you shouldn't put any money on their trades it is nonetheless a good community to learn from other traders.
4. Get a free simulator. The most important thing to do when learning to trade is to trade. Using a simulator is the best way to learn without using real money. A lot of brokers, including Interbank, FXOpen, and FXCM offer free simulators that you can use indefinitely.
5. Go to Investopedia. This is one of the largest online trading information sites. Although it is not specifically aimed at Forex, the lessons and information about trading are applicable. Not only does it include articles about Forex trading, it has a complete dictionary about trading terms and vocabulary. It is a good place to go when you are starting out, as it has lots of tutorials and mock exams.