10 Free Forex Trading Tools You Can Use Right Now
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Forex trading is a huge business and there’s a lot of information out there. Accessing it can cost a fortune. And while it’s true that the best education is usually expensive, there are a lot of free tools and courses at your disposal while you’re starting out. Let’s review some of the best ones!
Free forex courses
The first step is always the hardest. Imagine how long it takes for children to learn walking, yet it’s something that they soon do all the time. It’s the same with forex trading – taking your first steps is the most difficult part.
That’s why we decided to help you start your journey by making our course completely free. By assisting traders to start their road with the best possible information and know-how, we establish a connection that’s going to last.
The forex marketplace can move more than $5 trillion per day, and there’s plenty of room to make money and grow.
Our mission is to help others utilise the market. Society is about connections. We want to build it with our pupils so they can succeed and continue using our platform after establishing their own lucrative forex trading practice. It’s a win-win. Join our course and be one!
Efficiency and good content are the best strategies for a successful long-term product. That’s our philosophy and that’s why we are motivated to give you the best possible forex trading education course for free.
Communicating with other traders
We live in the age of the Internet. You can reach people all over the world. So, do it! You can get to a lot of places just by asking and being part of a community.
That’s what the world society means in the first place. Think of how many people get a position not because they deserve it but because they know the right people.
Does that seem unfair? It’s not our place to say, but it’s a fact of life that you must acknowledge and maybe take advantage of.
Go out into the world and start talking to people that are into forex trading. Ask them when they started and how it all began.
Don’t take everything at face value, however. There’s a lot of misinformation flowing around, and good data won’t be shared immediately. The right information can cost millions, if not billions of dollars depending on how big the find is.
That’s why we should always take insanely lucrative claims that are offered for free with more than a grain of salt. And there’s a great deal of misinformation floating around.
Some of it is due to overconfident traders thinking they’re genius investors. That’s bad in its own right, but it's not the worst.
You should really watch out for scams, as they are common. Just like any investment, some people try to lure others into giving them money.
Avoid trusting anybody with advice on what exactly you should invest. Learn the trade yourself and develop true forex trading instincts. Educate yourself. Personal experience can be a very harsh teacher.
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Google may be the way you find this article in the first place, which only proves the point of it being a powerful tool for finding great information.
Learn how to use it wisely. Don’t just click on whatever pops up on the first page and watch what you type in the search query.
The truth is that Google doesn’t show the best results first, but those pages that have good SEO (Search Engine Optimisation.)
You should be careful about this process, as the content is often heavily damaged by an attempt to appeal to a cold search engine algorithm rather than on creating good, useful content.
This platform has a variety of content you can use for free. You can start a demo account free of charge and learn how to use the forex trading software.
Markets.com has more than 2000 assets you can trade.
Markets.com is a great place to continue your forex trading path after you learn all you can from the freely-available sources found on this list.
Your insight into the different types of analysis of the market is going to be put to great use in Markets.com’s tools, charts, and forex trading solutions.
News and economic tools
Currency prices depend on economic conditions all over the world. An event in one country can have a big (or small) domino effect on the whole market.
And these shifts are what forex is all about. As a trader, you need to follow an economic calendar and observe how world events affect the prices of currencies.
This is a major aspect of fundamental analysis. Understanding what affects the markets instead of merely following numbers and trends is a great way to make wise investments and grow your money.
So, follow our economic calendar and the news in general. That’s where you’ll find the first signs of a good investment.
The best way to get all the news you need isn’t to visit all sites individually, but to create an account to a good news aggregator, a tool for combining different media sources and combining them in one feed.
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There’s a lot of content on forex trading easily available on YouTube. Many basic forex trading concepts are best explained in a visual way. The human brain responds to movement a lot more than it responds to immobile text.
YouTube is also a source for interviews. Forex trading isn’t just about looking at trends or analysing raw data. There’s a lot of philosophy and life experience involved in making the right trade.
The platform empowers you to tap into the wisdom of many great traders and listen to their stories straight from the source. That chance is something relatively new in human history and you should embrace it.
YouTube is also chock-full of rougher analysis videos made by successful (and not-so-successful) traders. These videos are released every single day and it’s a good way to look into the current zeitgeist of traders.
You can learn how to use forex trading software and get an idea of how to read charts. It’s a step all modern-day traders take when starting up their path towards becoming proficient.
But don’t treat a demo account as something that actually teaches you everything you need to know. Things are much different when you put your own money on the line.
Forex is about mentality and market perception. Both are skewed significantly when trading without any risk. You may develop bad, overconfident habits that make it difficult for you to gain a descriptive picture of the landscape.
Use demo accounts, just know the dangers and watch out because getting the wrong idea about the forex market can be extremely detrimental to your future trading career.
All that being said, a demo account can be one of the most powerful free forex trading tools you can have.
Information on the forex trading market isn’t as well hidden as some might think. A lot of good insight is hidden in plain sight.
That plain sight, however, is very busy. There are millions upon millions of search results for even the most trivial words or terms.
You need to get your information from the best sources. Similarly to the other types of free content, reading articles is often working with their creator.
Don’t take everything at face value but develop your own method of digesting and using this information.
Social media went from being a mostly entertaining tool for trivial matters to an irreplaceable weapon for information and networking.
The world’s most powerful people are often active on the platform and following it can be a good way to get a feel for the forex climate you’ll face in the near future.
Besides that, Twitter is also a venue for the world’s top media outlets and most of them have an active feed that lets you tap into current events as they occur.
On the other side of the coin, Twitter’s user base is huge. There are many traders and experts you can get in contact with quite easily through a simple follow.
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It seems that every single site wants you to sign up for their newsletter. It’s being pushed constantly and it may annoy some people.
But a newsletter compilation of content and deals can be a great way to save time on browsing the web.
A newsletter subscription just sends everything relevant to your account. All you have to do is watch out for bad deals and aggressive marketing ploys by sites.
But those are easy to avoid, just approach every deal in an objective manner rather than buying into the pointless hype.
Content that masks as FREE
Lots of content merely masks as free to get your attention. There’s also the danger of getting involved in some shady activities. Watch out for:
Currency exchange scams
Forex frauds are quite common. Scammers may promise you huge returns by a relatively small investment on your part. It’s true that there are huge returns, but not for you. The scammers will get your money without working for it.
The fact that forex can lead to insanely huge paydays to some people may serve to weaken your scepticism. Most people have this slightly optimistic bone in their body that tells them they can succeed in life without trying. Don’t trust that bone.
Trading requires a lot of knowledge and effort to predict a successful forex movement and make money out of it. That knowledge isn’t just spread around for free by a bunch of shady characters on the Internet.
All legitimate trading platforms for forex tools or education will be clear about your odds at the market. False advertising will exaggerate the possibilities of you getting tons of money from forex easily. Approach this kind of ads with a healthy dose of scepticism.
A good course promises simple, realistic goals that are achievable to everyone. False advertising usually includes grandiose promises of making you a forex trading God or something equally as silly.
Don’t trust this kind of marketing and read the small print. There’s often a clause stating that the promises made in the marketing campaign are more or less untrue. That gives false advertisers a lot of wiggle room when it comes to what can be considered legal.
The business of forex trading is quite big and there are many people who want a slice of the pie. That inevitably leads to a lot of content being generated from people who aren’t malicious but also lack the competency to educate or give advice.
A lot of advice and content that was created by would-be experts in forex trading. First of all, experts rarely provide their services for free on the Internet.
Second, even when they do, it’s usually quite easy to check on the person’s portfolio and find if he or she is a legitimate source. Many “experts” on the internet are either average traders or even failed ones who try to fool you and themselves into believing something that isn’t true. Watch out!
In the end, there’s myriad of free content you can use when starting out in forex. All you have to do is get the right education to learn how to use it. As you probably know, time is money and you have to be a wise spender. The major factor in finding good forex trading information for free depends on how much time you’re willing to invest.
Use this article as a rough guide on how to make that journey faster and more productive. It’s similar to forex trading – our content aims to help you become better, faster, and more successful. It doesn’t matter if we’re talking about locating the right information on trading education or a forex trading deal. All you have to do is keep an eye out and process the data.
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