Understanding Forex Trading Strategies Means Understanding The Basics

Forex trading is a complicated industry to enter. For newbies, it’s crucial that they establish a solid foundation in trading by learning the basics. And before they teach the lessons to themselves, they need to know where to find them.

Learning, understanding, and applying forex trading strategies are important in every aspect of forex trading. These strategies are the recipes for success. Without them, you’ll just rely on luck and skills. And those aren’t always enough.

The core forex trading strategy is educating yourself. Learn more about forex to understand and develop strategies. Your success depends on the vastness of your knowledge.

You can’t understand any strategy if you don’t know the basic terminologies and jargon that traders speak. You should strengthen your foundation. You should invest time in learning.

But remember that you should do it wisely and efficiently. You can’t just read random articles on the Internet. You should find the best sources of information and stick to them.

This article acts as a guide for people like you searching for those treasure troves of knowledge. It directs people to where they need to look for information, which helps people to become great at trading. This serves as a premium directory that will lead you to your success.

Forums

Back then, you needed someone to teach you personally to learn anything. Today, that method of learning is still applicable, but the means have changed.

You can go online to learn from an experienced trader or a mentor. The Internet has helped thousands of traders connect with experts and other traders to learn the basics and receive professional guidance.

Forums are places on the Internet where traders can speak and discuss with both inexperienced and experienced traders and trade, well, forex trading strategies. One of the best forums you can visit is ForexFactory.com. Aside from letting people talk to each other, the website or forum provides trading tools, news, and other relevant information about markets and trading.

YouTube

If you don’t prefer to join a community, a great way to “meet” experts is to go to YouTube. The site is brimming with new and reliable videos about trading. Trading experts create and post most of them.

One of those experts is Robert House of Forex. You should watch his “The Truth About Forex Trading.” It’s an excellent video for beginners and inexperienced traders. It will make you feel at ease to join the industry and set your expectations right. His other videos are worth watching, too.

Aside from finding great mentors, YouTube has a lot of videos that teach the basics of forex trading. Depending on your pace, you can skip a few of the basic and simple videos and look for those focusing on strategies.

Trading Books

Books will always be the best sources of information about forex trading strategies. They’re also more portable than reading articles and watching videos on the Internet. You can read anywhere, and they will supplement you with knowledge round the clock.

Note that most books cover advanced topics, such as complex strategies and innovative theories. If you believe you’re ready for those, you can start with “Forex The Holy Grail” by Simone Siesto.

The only disadvantage with books is that they can’t stimulate all people. They’re always on-point and technical. They also lack the interactivity that forums and videos offer. It isn’t a surprise then that the number of books read per year by people decreases.

If you’re one of those people who don’t like to read much but want to start to form the habit, you should read “Forex by Beginners” by Anna Coulling.

Trading eBooks

It’s true that eBooks are basically books in digital form. But the biggest difference between books and eBooks is that the latter offers a wide variety of selection. Most books available about trading are often bad for the faint of heart. Trading eBooks have a selection that are fit for beginners and experienced traders.

Also, regular trading books have digital or eBook versions. You can buy an eBook version of “Forex The Holy Grail” in Amazon Kindle.

Some of the eBooks you should read are “How to Make Money in Stocks,” “One Up on Wall Street,” and “Buffett: The Making of an American Capitalist.” Most of them don’t focus on forex, but you will find the lessons on trading and investing a huge help.

Social Media

Social media is the advanced form of forums—technically speaking. The biggest difference between the two is that trading forums focus on trading and purely have people who have the same interest as you. You need to hunt down groups and people in social media while those people and groups are within arm’s reach in trading forums.

Despite their disadvantage against forums, social media platforms are continuously making an impact in the trading industry. Once you find a community, mentor, or influencer, you’ll have a convenient source of trading knowledge.

A few of the pages you should follow on social media are Learning Forex Trading, Forex Trading Tips and Free Signals, and Nenad Kerkez. In case you followed someone else, it’s fine. The page or account owner isn’t the only valuable aspect in social media. One of the most valuable factors is the other people who are following them, too.

Also, here’s a special mention about Forex Trading Groups. Be sure to follow that group to ensure you’ll get in touch with hundreds of traders worldwide.

Aside from pages and traders, you should also follow brokers. They are excellent providers of trading news and information streams.

Social Trading Network

A social trading network is a fusion between a social media platform, forum, and trading platform. Brokers often operate these networks. The number of social trading networks is continuously increasing every day.

Unfortunately, most social trading networks don’t focus on the “social” aspect. Social trading network operators often concentrate on their platform and the number of people that actively trader. Nonetheless, social trading networks are useful when it comes to learning and discovering new trading strategies.

One of the most popular social trading networks on the Web is eToro’s OpenBook. Compared to others, eToro invests a lot of its resources on teaching novices the basics of trading. It also has a mobile interface, which makes it easier for users to access the site and platform.

Trading Podcasts

Podcasts are audio and video presentations from people all over the Internet. They are usually independent content publishers that are established authorities on the topics they discuss. You can find most of their video podcasts on YouTube and other video hosting websites. Audio podcasts are often uploaded on websites like Sound Cloud.

Podcast publishers often release their content on a weekly basis. Some of them publish once a month while others publish sporadically.

Three of the best podcasts you can find on the Web are Trader Radio, Chat with Traders, and Power Trading Radio. The three of them talk about trading news, tips, and strategies.

Trading Blogs

The good thing about blogs is that they can be personal and entertaining at the same time. Most veteran traders and brokers often work on blogs to attract fellow traders and potential clients.

Blogs also provide great insights to new traders. Most bloggers cover their lives and all their activities related to trading. With their posts, you can have a front row seat on what you need to do if you are put in their position.

Three of the blogs you should definitely visit are the Macro Tourist, Option Alpha, and Tradeciety. Some of them provide free content while some offer premium materials, which you can get for a small fee.

Trading Website

Trading websites are categorized differently from blog sites because they don’t have that personal appeal that blogs have. They are technical and straight to the point. You can’t expect to find entertaining anecdotes in trading websites—just expect that they provide information as if you’re reading an academic book.

Three of the trading and financial education websites you should be aware of are Investopedia, MyMoney.gov, and Khan Academy.

Conclusion

It’s a great thing that these days, you can access most of these sources of information and strategies anywhere, thanks to smart devices like mobile phones and tablets as well as computers and laptops. And those who are interested in forex are lucky now that most brokers like Plus500, eToro, and IQ Option offer information free of charge.

Of course, learning and knowing the information will not be enough. You need to use and apply them. Doing so will lead to further learning and success.

Don’t be afraid that you’ll fail just because you’re new to it and you don’t have enough experience yet. Remember, luck is useless without skills. Skill is useless without knowledge. And knowledge will be useless if you don’t get experience. So, go trade and don’t let your nerves get the better of you.

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