How to Choose the Best Forex Trading Course
Have you been inspired recently by the great potential of trading the Forex market and want to give it a go? It might seem like a great idea, but before you get started, you need to dedicate time to learning the intricacies of the Forex markets. There are a wide variety of Forex trading courses out there to choose from, but how to you know which ones are worth taking?
In this article, we will explore what you should look for in a Forex trading course and its provider, look at the various types of course available and much more!
How Do I Start Trading on the Forex Market?
Our recommended first step towards becoming a proficient trader would be to enrol in a course developed by a regulated broker.
Some beginner traders do not believe it is necessary to work hard and learn about the Forex or other financial markets prior to beginning trading. Whilst it's true that no amount of training or studying will guarantee you success, training will help you develop skills which are necessary in order to become a successful trader and will also reduce the chances of you making silly mistakes.
There are many great trading courses giving you the opportunity to learn everything required in order to start trading in Forex or CFDs. Thanks to today's technology, many of these courses are online, so you can learn these new skills from the comfort of your own home and build a schedule based on what works best for you!
Regardless of your current trading level and what you want to achieve, there is a Forex course suited to your needs.
How Do I Choose My First Course?
When you start your search, you are likely to be overwhelmed by the sheer volume of trading courses that are available out there.
Our advice would be to choose a course which is free and provided by a regulated broker. Choosing a course with a regulated broker should guarantee the quality of the course's content.
What Types of Courses Are There?
When it comes to choosing a course, you will have the option of either learning online or attending a more traditional face-to-face class.
For a beginner trader, our recommendation would be to go for an online Forex trading course. In these courses you will be provided with presentations, videos, manuals, trading simulators and personalised consultations. A huge benefit of this type of training is that you will be able to move from a beginner to a more advanced level at your own pace. these types of course can be either free or paid for.
The more traditional face-to-face courses tend to be much more specific, which is why we recommend that you have at least a basic knowledge of trading before considering this type of Forex course. The teacher is usually a successful trader and will teach you their own personal trading strategies as well as risk management. You will most likely also learn how to open and close market positions and pending orders. This type of training can be free of charge, if a seminar, or paid for in the cases of one-on-one tutoring.
What to Consider When Choosing a Forex Trading Course
When choosing a Forex trading course, you should consider the following criteria:
Reputation of the Course and its Provider
With the rapid growth of online trading, the supply of Forex training courses has risen dramatically. A simple Google search for the words "Forex course" shows about 63,700,000 results in English. You will want to focus solely on the reputable courses. But how can you tell which ones are reputable?
Firstly, you should discard any courses which promise you guaranteed results and instant returns. A good FX course will never make such promises. Instead, look for courses which promise training in trading but also make it clear that strategies which may have generated results in the past will not necessarily do so again in the future. Always bear in mind that there are no financial guarantees in the Forex market.
The certification granted by the course or its author must be regulated by a competent authority. If the course is a worldwide course, it must be certified by different international bodies. Quality trading courses are always certified by regulatory bodies or financial institutions.
Cost and Duration of the Trading Course
Forex courses with live teachers may require a high degree of participation, as well as having set time slots for each lesson. On the other hand, online courses tend to be more flexible by providing lessons based on pre-recorded video presentations.
Before making a decision, be sure to examine what you are committing yourself to in terms of time and cost. Both of these elements can vary greatly depending on the provider.
Once you have narrowed down your options, be sure to check the following:
- The terms and conditions
- The reviews of previous students
At Admiral Markets we offer a wide range of trading courses, including some for beginners.
This free online course is made up of three modules (Beginner, Intermediate and Advanced) and is designed specifically for beginner Forex traders.
Each module consists of three separate online lessons which are each made up of a video, written notes and an end of lesson test.
You will start with the basics, an introduction to the Forex market and how it works, before learning how to download and use a trading platform in the second module in order to make your first trade! The final module will show you how to create a trading plan as well as well as providing tips in order to help you with managing risk.
The course will provide you with the necessary foundation to begin trading in the Forex market. However, this is only the first step on your path to becoming a successful trader! Our next course will help you continue the journey!
Click the banner below in order to sign up to our Forex 101 course today:
Zero to Hero
Our " Zero to Hero" course will take you to an advanced level of knowledge for both the Forex and stock markets. This Forex trading course takes place over 21 days, during which you will make the transition from theory to practice.
The course includes concepts about:
- Market analysis
- Fundamental analysis
- Technical analysis
- Trading strategies in real market conditions
- Development of the necessary skills, including psychological, in order to make the move from an amateur to an advanced trader in the financial markets
Structure of the Course
Over 20 days you will learn different topics, followed by an additional day for questions and answers. The structure of the course is as follows:
- Day 1: What are Financial Markets?
- Day 2: Which Trading Instruments Can I Trade?
- Day 3: Types of Trader
- Day 4: Technical Infrastructure (PC, internet connection, screens, etc.)
- Day 5: An Introduction to MetaTrader
- Day 6: The Basic Functions of MetaTrader 4
- Day 7: MetaTrader Supreme Edition
- Day 8: How to Make a Trade
- Day 9: Types of Order
- Day 10: The Basics of Creating a System
- Day 11: Technical Analysis and Indicators
- Day 12: The Role of Oscillators
- Day 13: Rules for Trading System 'ZTH4'
- Day 14: Trade Management
- Day 15: Building a Trading Plan
- Day 16: Evaluations and System Tracking
- Day 17: Leverage and Margin
- Day 18: Money Management and Risk Management
- Day 19: Trading Psychology Part 1
- Day 20: Trading Psychology Part 2
By the time you have finished this second course, you will have a solid foundation in what trading is and how to start making your own trades.
Webinars provide the opportunity for interactive learning online. They involve a tutor and a group of novice traders in a live format.
Typically, webinars last about an hour and cover a specific trading topic, which the tutor will discuss before opening the floor to the group for questions.
Many brokers organise these webinars regularly. You will be able to find information about upcoming webinars on their website. Alternatively, if you are already subscribed to the broker they should inform you by email.
If you are interested in taking part in trading webinars, why not register for the free Admiral Markets Trading Spotlight webinar? In these live sessions, taken three times a week, professional traders show you a wide variety of technical and fundamental analysis trading techniques you can use to identify common chart patterns and trading opportunities in a variety of different markets. Click the banner below to register today:
Forex Video Courses
Video trading courses on YouTube present the opportunity to learn how to trade Forex on your own, at your own pace. You can find online videos which cover both basic and advanced topics about the FX markets.
These videos are produced by both regulated brokers and independent professional traders who are interested in sharing their experiences and knowledge.
YouTube has a vast array of videos, tutorials and courses available for Forex Traders. The platform also provides another interesting tool, which beginners in the foreign exchange market should take advantage of. Viewers can follow live transactions as they occur, performed by a professional trader.
You can view their trading strategies and decide whether you want to replicate or modify them according to your trading plan and trader profile. To benefit from this experience go to YouTube.com and search "live forex trading".
On the Admiral Markets YouTube channel you can find videos on a wide range of Forex and financial market related topics.
FX Courses and Seminars
If you already trade with an online broker, you may be interested in getting to know the team that works behind the scenes and can help you with insight into trading decisions. At Admiral Markets, our team of expert analysts offer both FX and CFD seminars on a regular basis.
In these seminars our team of analysts discuss a vast array of topics ranging from the fundamental basics of the financial markets to individual trading strategies. During the seminars, you will have the opportunity to interact with other traders.
Tutorials and Articles
Forex trading is a continuous learning process. The more you study and learn, the less difficult trading will become. Reading articles online is a great way to develop your knowledge of FX trading, especially if you prefer learning from written words.
Generally speaking, this form of education is completely free, as long as you have internet access.
In the education section of Admiral Markets you will find free articles, guides and manuals published on a regular basis. These materials will help answer a lot of your questions related to financial markets, forex trading, strategies, tips and recommendations.
Important Skills for Forex Trading
In addition to basic theoretical and practical knowledge of the Forex markets, there are other skills which you will need to develop in order to be a successful trader. Below we have listed some of these skills:
- Learn from Mistakes
- Being able to recognise a mistake and acting to rectify it is a valuable quality. It is important to be able to learn from your mistakes and continue trading without becoming discouraged.
- Learn to Disconnect from Trading
- Do not spend your nights pondering trading strategies and the Forex market. The FX market is open 24 hours a day, 5 days a week. It is a given that you will miss trading opportunities. Accept this and instead focus on taking advantage of the opportunities which are available to you and in line with your trading plan.
- Be Patient
- Only open market orders that are in line with the trading strategy you have created. Do not be tempted to enter positions which do not meet your predetermined criteria. Whilst you wait, you can study the market and learn to use the trading tools you have at your disposal.
- When to Enter and Exit the Market
- The ability to know when to enter and, more importantly, exit the market is a very important skill for traders. This skill can only be acquired through practice, after you have learned more about the Forex markets. That is why at Admiral Markets, we always recommend using a demo account in order to practice trading in a risk-free environment before risking your own capital.
- Control Your Emotions
- You must be able to control your emotions when trading. It is normal to feel happy or excited when your positions are winning and sad or unmotivated when they are not. However, whilst these emotions are perfectly natural, they can cause you to deviate from your trading plan. Do not let this happen.
- Accept Your Losses and Move on
- Many beginner traders feel obliged to open a new position immediately after closing a losing one, in order to compensate for the loss. There is a high chance that this new trade will not meet the requirements of the trader's trading plan and is based more on impulse. In our experience, these types of trades have a high probability of resulting in further losses.
To round things up, we would like to share some general tips to bear in mind when learning how to trade Forex:
- Many new traders dream of getting rich quickly. It is important to bear in mind that this is not likely to happen. As with most things in life, it takes a lot of hard work and practice to become successful at Forex trading. Make sure you set yourself realistic goals when learning and starting to trade.
- There is a lot of information to learn about the Forex markets and it can be daunting - try not to get overwhelmed.
- Do not believe any of the courses out there that guarantee success or make promises which seem too good to be true. There is no set strategy which is guaranteed to make you a millionaire.
- Whilst you are working through your lessons, make your first trades on a risk-free demo account. Take your time and only progress to the real markets when you feel confident that you are ready.
- Once you feel ready to trade for real, be sure to only invest capital you can afford to lose. Trade with small sums to start with and increase slowly as and when you feel ready to do so.
Trade Risk-Free with an Admiral Markets Demo Account
Traders that choose Admiral Markets will be pleased to know that they can trade completely risk-free with a FREE demo trading account. Instead of heading straight to the live markets and putting your capital at risk, you can avoid the risk altogether and simply practice until you are ready to transition to live trading. Take control of your trading experience, click the banner below to open your FREE demo account today!
About Admiral Markets
Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world's most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.