Online forex trading is a lucrative venture with a very low entry barrier. You only need to learn how to trade forex and you are on your way to making some good retirement money.
If you have heard about online FX trade (aka online currency exchange) and decided it is a venture you would like to pursue, you will need to spend some time (and money?) learning how the forex market operates. Before we go any further, let me say that I am a big advocate for learning online forex trading. With the high rate of unemployment in Kenya and salaries that never grow proportionally to your needs, you’ve every reason to want to invest in online currency trading.
The second thing that I’d like to mention is that nothing beats experience. If you want to learn how to trade forex, your best bet will be to start trading. When you are a beginner, you should open a demo account on Easy Forex. The demo account allows you to practice trading with virtual currency. You do not put any of your money at risk. And conversely, you do not take any profits to the bank. But you will gain a lot of experience from trading forex on the Easy Forex demo account.
The downside of trading on a demo account, however, is that you do not experience how it feels to have your hard earned money on the line. I’d therefore recommend that you open a micro-account, deposit a few hundred shillings in it and use it to learn how to trade. It is by far the best way to learn how to trade forex.
In today’s article, I am going to show you a few ways that you can use to study forex and become a pro in it in less than 4 weeks.
Free Online Courses and Forex Tutorials
The internet is a mine of information. Seriously. There is so much information online and all you need is to know how to use Google. Some good places to find free online forex courses and tutorials include:
- Individual forex broker’s websites
Although there is all the information you need about FX trading in websites and blogs, you need to be wary of websites where you are getting your information. Some may contain outdated information while a majority publish information just for the sake of publishing.
Another downside with using online forex tutorials is that you may suffer from information overload. Every forex trader develops his or her own forex trading system. The information you get online is therefore very subjective.
To adequately utilize the information you get in online forex trade tutorials, you will need to sieve much of the information and only retain the one that you are going to use.
YouTube Videos and Tutorials
Don’t underestimate the power of YouTube when it comes to learning online forex. There are many informative video tutorials on YouTube. If you are keen, you will learn how to trade online forex in no time and be on your way to investing in this lucrative trade.
The best way to use YouTube Video tutorials is when you already have a demo account. This will allow you to practice what you learn.
If you have not registered for a demo account, click here to register and download the MT4 trading software from Easy Forex.
However, just like with the many forex training courses and tutorials that you will find on free blogs and websites, some YouTube videos can be misleading. Internet marketers will post crappy videos as they seek to make money from advertisements placed on their YouTube channels. You will therefore need to approach the training videos selectively.
Hiring a Forex Trainer or Mentor
If you have a few thousand shillings to spare, hiring a forex trainer or mentor is one of the best ways to learn the ins and outs of the forex market. A lot of forex traders who offer trading classes in Kenya will charge you an average of 50,000/= for a few days of training.
The best thing with hiring a trainer is that they give you concise and concrete information that you can put to use immediately and recoup your investment.