Education about forex should be free according to some mentors but you will find most of the online content has a price tag, some even reaching triple-digit numbers. If we compare the educational value, free resources are not always basic in scope and depth, on contrary, what you find on forums, social media channels, and portals are much better than any class you may have about forex you paid for, including the one you may get out of universities. Simply, you will face practical problems, ideas, and solutions people have when trading, with all the varieties you can think of and the ones you cannot think of.
Luckily, we now live in an age where information is widely available; however, it is not always reliable, truthful, or without any background marketing intent. The Internet is flooded with dishonest intent presented as the right source for your queries. This problem is so dominant it is not easy to recognize what is an ad or a sales funnel page from what might be matching your interest. Whatmore, the content you are after might not point you in the right direction.
This list of free resources comes from personal experience by prop traders and suggestions smart and successful traders have made, but now listed progressively on how one’s interest and knowledge grows, from a beginner trader to a pro. We will start with a basic understanding of forex and how one can trade and then explore topics that will define you as a trader. Forex crates unlimited variations of how one can become successful and each professional trader has its special way to the top.
- When you think or hear about forex trading it is logical to start with the basics. How to trade, principles, terms, and topics. The best source for this is free at babypips.com. The content is fun and easy to consume, and will get you inspired and motivated to get going. Now, understand that some of the content may guide to indicators and strategies professional traders do not use, so keep yourself open to find out more before you adopt anything on babypips.com as ready to roll, especially what you learn in later classes. Their forums section could also be useful for anything you might be interested in additionally.
- Invetopedia.com is our second stop on the list. Their content is dressed up in a banker’s suit although you will add on to the babypips.com knowledge to the point you might even become interested in other investing ways. Completing everything they have is a very demanding task however you could probably beat many experts in a quiz after finishing. In the simulator you can practice your investing strategies but do not stay for long, you are in for a much longer and interesting journey.
- Time to get into forex talk, next stop is forexfactory.com. More specifically the Rookie Talk thread in the Forums section of the site. Forexfactory is the most popular portal for traders. You can meet legendary traders and coders, their topics, strategies, Expert Advisors, ideas and so much more you might feel lost. If you are into forex, it is like a candy store without limits. Since you are just starting and fresh out of babypips.com free course, the rookie thread might be repetitive for you. In that case, move into more advanced topics and make your account. You will likely feel at home here once you start trading. Forexfactory is your source for basically everything, although orientation and organization might be lacking.
Now you probably understand how wide and deep forex trading is. You have seen some strategies, some indicators, you follow some ideas and you are into politics, events, charts, and fundamentals. It is time to open your first demo account where you can shape your first trading systems.
- One of the most popular trading platforms is Metatrader 4, while MetaTrader 5 is slowly picking up where version 4 left. Most brokers that offer demo accounts also support MetaTrader clients where you can insert custom indicators and strategy templates you found on Forex Factory or elsewhere. This platform is probably the best place to practice your skills since it offers so much customization. This said, your next stop could be their website, metaquotes.com.
- However, an important clue about the brokers and their quality comes from the Forex Peace Army website. Here you will learn what makes a good broker and the most reliable broker ratings. The portal does not stop there and allows you to really see how big the rabbit hole is in the brokerage industry.
After spending some time you may find you need some guidance, some traders ascend alone, however, most professionals had a mentor at some point, champions had one at an early age. Real mentorship is not free unless you are getting one from your family, but we are talking about free online resources here. Time to turn to the best alternatives.
- Youtube! Of course, this portal is full of amateurism and marketing you are probably skipping with ease by now, but diamonds in the rough exist. One such channel is from VP, a professional trade that shares his way of trading is a very careful and meticulous way. The most important aspects and barriers a trader can experience are covered here. His blog and channel go by the name of “no-nonsense forex”
- Tweeter. Follow like-minded people that align with your trading philosophy but also try to follow other trading ways, you never know what goodies you might steal. @FXCM_MarketData channel is great to stay informative, tweeter has a nice feature to offer you useful and related profiles.
Once you become skilled you might want specialized forums and market information. Such sources are hard to find but we found some readers might enjoy it.
- Forex-station.com. An amazing resource for indicators, strategies, and coding help. One of the most interesting aspects of this forum is the fact many of the indicators and strategies are free, updated, and customized to impressive levels. Each indicator type has its own thread where you can find a plethora of variations pimped up with alerts, multi-timeframe options, filters, price calculations options, and more. If you have favorite indicators, you will likely find their ultimate version here.
- www.stevehopwoodforex.com is a closed type forum that is carefully moderated so only quality content can be found with minimal redundancy. All information is carefully catered to a trader, be it a beginner or experienced. The founder of the forum is also a host for the HGI system. Also, the EA section is very rich with hard to find resources.
- If you nerd out you might be interested in this gem – zorro-trader.com. This is a special kind of platform that can take your trading to whole new levels. Let’s just say it is for hardcore market analysts also adept at coding.