Last May I visited New York just for fun but out of nowhere, I met a guy who is a professional Forex trader. The guy has slightly over ten years of a carrier in trading and we had a very enthusiastic conversation, together with his friend trader, about how to chose the right path to educate yourself about this type of trading. So, the question is, what is the best source to learn Forex trading?
There is no typical answer about where we can start mainly because there is so much stuff around us when it comes to Forex trading. People are usually agile to reach for a profit, with a basic gambling impulse that is whispering in their ears: ‘You just jump from the cliff and you’ll see that you have a pair of wings’, therefore they don’t tend to educate themself properly because that’s a process and it takes time to do that. Although there’s always the easier way to do certain things, Forex trading is of course much more complex. The fact is that most of the people are losing money off of it. So I said to the guys that I’m super interested in Forex and that I want to learn to trade but there are a lot of places to do that and do they have a one to recommend.
The first thing they said to me was that it is completely unnecessary to invest in any kind of online course to learn to trade or to pay somebody to learn how to trade Forex. You people don’t need any of that, save your money. Maybe one of the best options where we can start with Forex fundamentals is a website called babypips.com. It is important to mention that a significant portion of knowledge about Forex is going to lead you down the wrong path, you guys are going to lose a lot of money before you ever learn how to get it right. The only way to make a benefit is to understand which fragments of Forex education are actually worth something and which ones are going to take you in the opposite direction where we don’t want to end up. Website babypips.com has a section ‘The school’ where everything is organized to take you through a kindergarten level up to college.
Like in a real-life order your knowledge is raising, so it is vital that one not skip their classes or levels in this particular case. Maybe some more experienced traders in trading stock would think that they already know some things and feel like a jump forward and skip certain things. We don’t recommend that kind of approach simply because every lesson kinda builds on itself. Go in order, follow the procedure, and take notes. After you finish with this course, review your notes, and then you can open up your demo account and get used to the trading platform. At this point, you will be more appointed than 80% of people out there that learned how to trade. Later on, traders explained to me that they were losing a lot of money until they learned to trade the right way and that people are still trying to trade the same way they trade stocks, which is completely wrong. Eventually, most of them start giving up, and because they couldn’t do it, they think you can’t do it either. But hey, don’t despair, you are going to do it right, and it starts at that school.
In the conclusion, traders told me: ‘Most of the things you are going to learn in ‘BabyPips School’ is absolute garbage, especially when it comes to technical analysis part and tools they are going to show you how to use. Be careful with that, it might ruin your trading account.’ Well, that was a twist! Why is it important for us to try to learn all the things anyway? The main goal for us is to be literate when it comes to Forex. There are going to be little nuggets, hidden gems, things that specifically apply to Forex that you don’t want to miss, things that are going to be applicable at some point. 99.9% of traders don’t get where they want to get to, so it is crucial to be dedicated, embrace knowledge, and try to develop your style of trading. Plus, it’s fun and cool to learn new things. Pay real close attention and do your research.