Forex is a portmanteau of foreign currency and exchange. If you’re forex trading, you’re simply swapping one form of currency for another and hoping to profit from the difference. If you’re hoping to join the thousands of people across the world earning a living from forex trading, you need to learn where to look for guidance. Below, we’ve detailed for different roads you can go down to become an informed (and hopefully successful) forex trader.
There’s an entire interconnected community of YouTubers advising their subscribers on how to succeed at forex trading. Their videos are great place to start when you’re grappling with complicated jargon you’ve never encountered before. Some YouTubers are purely focused on educating their viewers – breaking down tricky concepts into their simplest terms. For a pursuit so dominated by studying graphs and pre-empting trends, it makes sense to head to a visual medium where you can get everything explained to you in a straightforward manner.
Alphachain Academy agree:
“Forex trading can be bewilderingly obtuse at times and having someone explain their thought process alongside charts, graphs and data can really help you to grasp the fundamentals of trading.”
Forums – Reddit and Discord
For most people, forums are like the forgotten relics of the internet. A curiosity that piqued your interest when you were younger and first started getting interested in computers but you’ve since moved on to newer, shinier and more engaging ways to communicate. Reddit, however, remains one of the most popular websites on the internet. And with a sub-forum for every topic imaginable, you can quickly get in touch with like-minded individuals who’ll answer any questions you might have. It’ll allow you to keep up to date with emerging trends and trade ideas with people who are interested in the same things you are. Changes in foreign currencies are driven by political events so you’ll have to get used to consuming a steady diet of media headlines.
The same applies to Discord. You might have to do a bit of digging to find an invite to a forex trading group but you’ll usually be able to find one on social media. Some forex trading discord groups are broken down into helpful sub-categories. There might be a page for beginners and one for more experienced traders. Discussing trading methods with others can give you the confidence you need to make successful trades.
Books are dated as soon as they’re published. They might become slightly antiquated and out-of- touch if you’re opening them years after they’re released but they nevertheless contain useful kernels of truth. If you’re looking for an in-depth guide to everything you could need to know about forex trading from a true expert that is peer-reviewed, finding a book on it is the way to go.
YouTube, internet forums and books are just three of many ways you can get to grips with the fundamentals of forex trading. Any time spent learning about the topic is an investment in your future. It’ll give you a foothold in the world of forex trading and give you a head start on your journey to becoming a profitable trader. Without this foundational understanding, you run the risk of jeopardising your savings and losing out.