How to Learn Forex Trading for Free in London
The global forex market is simply huge and sees many trillions of dollars traded on it each day. The great news now is that, with the right education, anyone can enter the forex market to take advantage of these opportunities. The shift to digital trading via online brokers has opened up the sector to anyone wanting to make money from forex trading.
As long as you have some starting capital and an internet connection, you are all set. Forex can be traded off of a range of electronic devices now so anyone with a PC, laptop, smartphone or tablet can get involved and potentially make some money.
However, the key thing to note here is how important the right forex education is. Knowing the market and understanding it fully is key to trading success. The issue for anyone in London looking to do this is that many of the online resources or physical training courses you could sign up for cost a lot of money. Some will even charge you thousands of pounds!
Do you want to know some good news though? Now you have stumbled across this article, you can find out how to learn forex trading for free in London.
Why should you learn about forex trading?
The forex market is a great career move for many. That is why so many people are stepping into it when needing a change or a better way of working. It is also a viable way of making extra money alongside your normal job. But what specific benefits does trading in forex offer?
- The FX market is open 24 hours a day, 5 days a week. This enables you to become your own boss and trade when you have the time or desire.
- The ability to work from home or anywhere else you fancy due to the mobile, digital nature of modern trading.
- More flexible than other financial markets as you can trade in both directions. This gives you many more opportunities to make money.
- Basic concepts and strategies are easy to learn and understand for all.
- Low entry cost to trade and you can open different sized trading positions, based on your starting capital.
- Global nature of the market means you are not restricted to opportunities only in the region you live.
- You stay in total control and only risk what you can afford and are comfortable with.
- Create and achieve trading goals to make significant returns on winning trades.
As you can see, there are lots of fabulous reasons to think about entering the FX market as a trader. Just remember that, to get the full benefit and be successful, you need to learn about FX trading first. To do this in the most effective and inexpensive way, you should learn forex trading for free.
What are the key areas of forex trading?
Although forex trading may look simple on the surface, it actually contains many different areas.
Taking the time to educate yourself on these is essential to being successful and knowing what you are doing when trading. Do not make the mistake of just jumping right in and risking your money on opening random trades!
But what are the key areas to know about?
To begin with, it is always wise to look at the very foundations that forex is built on. This involves a detailed explanation of what the forex market is and its general history. When covering the basics, it is also wise to look at what makes the market move, what the different timeframes mean and what the various terminology used means also.
There are many different styles of trading within forex and this is another basic area to look into. From short-term scalpers to long-term traders, it is key to know about the various styles so you can pick one that suits you best.
Of course, a basic yet key area of forex trading is learning how to set up and interpret the currency pair charts. This is vital so you can manage open trades and spot new opportunities based on your analysis of what the chart is telling you.
Moving on from the essential basics, the next key area for FX trading is the actual mechanics of it. In essence, this is delving deeper into the real nuts and bolts to gain a more complete grasp of trading. This is a key area as it will help you become a more rounded trader with more in-depth knowledge to call on.
But what exactly does this niche within FX trading involve?
One of the key ideas here is finding out about support and resistance levels to draw onto charts. These levels help you to see where a pairs price has rebounded off or broken past a previous high or low. They can also help you to see if a pairs price is likely to continue in its current direction or is about to change.
Another key area to learn about here is the psychology of trading and also risk management. These can both be overlooked by many FX traders but are really important if you want to learn how to trade. Trading is a naturally emotional act as it involves risking your own money and making judgement calls, based on your own analysis.
However, this does not mean you should let your emotions take over and cloud your decisions. Learning about the psychology of trading is key so you know what to expect and can prepare for it. Getting to grips with risk management is also key - this will not only help you to trade sensibly but also protect your total trading account for the future.
Fundamental and technical analysis
Trading forex successfully is all about analysing what you see on the charts and also in the media. If you can find ways to do this well then you will make money overall and win more trades than you lose. Broadly speaking, there are two main ways of performing this analysis to then base your trading decisions on.
The first is fundamental analysis which is based around analysing news, reports and statistics from the media. This could be from a variety of sources including print newspapers, online news sites and regular TV news channels. By looking at what economic news is coming out of various countries, you can try to predict what effect it will have on the world's currencies.
Technical analysis is based around looking purely at the currency charts themselves and analysing the price movements shown. Many FX traders will also apply technical indicators that brokers provide to charts online to help them predict what may happen next.
So, which is better? There is no clear-cut answer - it comes down to which you prefer to use and which you can use effectively. However, it is key to know about both so you can make this choice or use a combination of both if you prefer.
FX trading strategies
One key area of FX trading to focus on is the various trading strategies there are to use. From following the trend to breakout fading and carry trades, there are some common ones that many traders will use. Learning about them and then picking a strategy is vital. This will ensure you trade in a consistent, rational way to give you the edge needed to succeed overall.
Trading Education's free forex trading course
If you are looking for a free forex trading course that covers all of the above, then let us help you.
Based in London, we have an open door policy which makes it simple for you to learn forex for free. Just drop into our office and we can help get you started on learning how to trade like a pro. If you do not live in London or cannot make it to see us in person, then our free trading course can also be completed online at your own pace.
Whatever option you choose, it is easy to sign up. Just visit our website today and let us know exactly how you would like to begin your trading journey. No prior forex experience is needed as the course is suitable for all. Once you have completed the course, you get a Certificate of Completion for your records. Naturally, you will also be prepared to begin dealing in currency and your new trading adventure.
Are you wondering how to learn forex trading for free in London?
If so, our detailed and in-depth course will tell you all you need to know. Once you have completed it, you will also be a member of the Trading Education community. This will give you access to ongoing materials, advice and support on continuing your forex journey. We believe that you should keep growing as a trader after completing our free forex course - our mission is to give you the tools to do so.
Our team is committed to helping all traders access the information needed to succeed in one easy to use place. Call into our London office today or sign-up online for a 100% free forex course to get you started.