There are different ways to learn Forex trading including:
- Forex books
- Forex forums, and online discussion sites
- Forex rooms
- Forex courses.
You can find some of them for free on the net, however, you probably got overwhelmed by a lot of invalid materials and get lost down the road.
The best and fastest way to learn forex trading is to spend a little money on valuable materials in the first place so that you won’t waste your money and time later.
How do you recognize legit ones and separate them from scams?
In this article, you’ll see how to learn forex trading both the free version and a better alternative. It may seem a long article but I assure you that it’ll save you a zillion time and money in the future.
The content of this article is written for beginners who want to start learning forex trading, therefore, I tried not to use terminological words in order to be more understandable for beginners, however, the content can be useful for any levels of trading.
Search For The Place To Start Learning Forex
I’ve met so many people, during all the years that I’ve been a trader, who asked me these kinds of questions:
how long does it take to learn forex? And then how can I be successful and how long does it take to be a profitable forex trader? Last but not least, how to learn forex and become successful in trading faster and the right way?
The answer to those questions is how you break into a Career like forex. If you start something the wrong way and learn the principles incorrectly, you’ll grow bad behaviors and forme a mindset that can totally affect the result. That’s why different people see different results in forex trading.
For starting trading forex or any other types of markets (stocks, options, etc.), It’s very important to know the right way to break into and it’s really hard and daunting as a beginner to distinguish between the best way and the worst one, or legit ones and scams.
The problem is it’s not like picking a university that you can go Google that and find the best and most reputable ones. When you search something like that for forex, you can see some so-called schools and a lot of online courses that you, as a beginner, don’t know how to verify and audit them in terms of legitimacy or at least good quality.
A few of them can guide and teach you very well so that you will see the result and be successful in the end, but a majority of them have either learn you basic stuff or worse, they can mislead you.
The latter is far worse because you might lose a lot of money and time. You may develop some behaviors or establish a mindset that lasts forever and if you can somehow figure out that you were wrong, it’s much harder to change them.
I have a friend who teaches English as a second language. He tells me that he has the most problem with the students who’ve learned a part of grammar or the pronunciation of a word incorrectly. They repeat the wrong structure or pronunciation over and over and it’s been fossilized in their minds.
If your understanding of trading has been established wrongly and you’ve practiced a method or behavior for one year, it would probably take more than 5 years to forget that to some extent. You might even adopt some parts forever.
So as you can see, the way you break into trading forex can have a huge impact on the future of this job for you. Now the problem for a beginner in this wavy ocean is, where do I start from? Should I start from free stuff like forums?
The latter is the biggest mistake I made when I decided to go down the free-learning road. It’s the first thing that comes to mind when you don’t want to be ripped off and you think, ok the worst scenario is that I’ve learned new things for free. That’s not right at all. It wasn’t right for me and for many people who I met in forex forums.
Discussion Websites And Forums for Learning Forex
When I got weary of searching for the best place to start learning forex trading, I thought it would be a good idea to browse forex forums to see where to start so that I can learn faster and more productive — the right way.
I wanted to choose the best plan from the first step to eliminate noises around this job and give me a clear path and blueprint, to begin with.
The worst places in terms of noises are forums and free discussion sites, I chose them in a smarty way, “I don’t want to be ripped off and I’ll learn everything in forex for free.”
If you have a huge amount of time and want to spend your next 5 years to go through a bunch of stuff and learn a gigantic number of subjects that most of them serve you nothing and take a trial and error approach to every one of them, you’re welcome.
Probably not only will you spend a lot of your valuable time, but you’ll also be ripped off 10 times more than if you ‘ll have spent a couple of hundred dollars.
Let me explain my experience and journey so that you know the pitfalls of this path and get a better understanding of what might happen.
The first time I heard about this forex market, more than a decade ago, I got so excited that I bought the thickest book available which was so-called the encyclopedia of forex at that time, with 620 pages, to read and understand the whole picture.
It took me one week of non-stop reading to finish, and I’m pretty sure I didn’t understand most of the chapters.
Then I went and bought some more specific books about some methods like Eliot waves, pitchfork, etc. one by one and read and practiced them but I couldn’t make sense of them.
The problem with books is that there is no one to ask your questions. You may take something the wrong way and you might be unaware of that completely. Plus, your attitude towards the market is probably wrong to a great extent.
For instance, I thought that everything that had been written in the books must have been right. If it says, we use two moving averages to determine the reverse of a trend when they cross, it’s a rule and market must obey that which is not correct.
Of course, there is no problem with reading books, but you’d better have an understanding of the concept in general so that you can perceive the content better and distinguish between the more concrete reasons and flimsy speculations.
Anyway, after not having substantial progress, I went online to find the answers in forex forums. By the time, in 2006, Facebook and other social medium either weren’t popular or they hadn’t been founded yet.
I got overwhelmed by the tons of threads and topics about everything. Some of which I haven’t even heard about, so I started reading one by one.
I can’t believe how crazy I was at that time to go through every page of each thread, some with more than 150 pages, and read and practice each method. There are a few advantages though that I’ll talk about them in the next section, it wasn’t worth it at all.
These are some problems when you stumble upon the forums and free communities.
Problems with Forums and Discussion Sites in Learning Forex
First off, as I mentioned, there are lots of content that you don’t need most of them. As a beginner, you get lost in tons of articles that a lot of them are not even correct.
You spend days after days to follow a thread and you’ll figure out that the so-called instructor or guru who has opened the thread doesn’t even know what he’s talking about.
Sometimes they open a topic to develop a strategy or see if it works, which is the best scenario, and after a few or lots of pages they disappear.
You just spend days and weeks or even months and then no one is accountable for your time and energy or even money because it is free.
I myself learned this bitter lesson and experienced it when I just started reading and following forums. The starter of the topic claimed that he had a strategy that can predict the market with no mistake. It happens in these kinds of communities more than you think.
As a beginner, you either know nothing about the market and are mesmerized by this claim, or you have a little experience but not enough and can’t help but be enticed by the claimer. anyway, he left the thread after a few controversial arguments and never came back.
The thread continued by his devotees but they didn’t know anything about so-called faultless strategy. They were just kowtowing to their master so he might have come back and it never happened.
This was just the low-cost scenario. It can be worse where someone lured people by showing fake results that demonstrate a green statement with no or next to no losses.
Although sometimes there are somehow experienced traders who try to warn you, you probably wouldn’t listen to them because differentiating between them and naysayers is a challenging task for beginners.
The easy way to recognize them is when someone shows you an evergreen statement with no stop loss.
However, some are more elegant and pretend that they are teaching a method. Then in the middle of that, they reveal there are untold methods in their strategy that they only teach to their subscribers, of course in return for money.
There is no problem with asking money for a service or course but the problem is forums are not the places where experienced traders and instructors can be found, so you would be squeezed with a high probability.
Another problem that you are engaged with and most of the time you don’t even aware of is wavering between trading strategies, tools, and methods.
You can’t concentrate on a trading method and try to develop that. Even after a year or 2, you’re just a jack of all trade and master of none.
First, believe me, there is no tangible difference among all the solid and well-known trading methods. You just need to choose one and stick to it and try to develop that the way you are comfortable with and try to execute it with high quality.
During my non-profitable stage, I went through many trading tools and methods meticulously and tried to understand every one of them completely.
I even learned MQL, Meta Quotes Language, which is the programming language for the Meta Trader platform (the most popular forex trading platform), to understand what each indicator does.
Indicators are analysis tools used in forex trading that give you some information about the status of forex market.
I don’t say that learning different parts of forex trading isn’t good, but learning and mastering in one category is far better and comes in handy more. I’d rather be a specialist in the tip of toes than a general practitioner 🙂
. When this habit grows on you, you can’t find a trading strategy. Even when you find a method that you can make money with, you either let it go or try to mix that with other trading tools or methods.
The method I use now is the one I found one year after starting forex and I can’t believe I hadn’t used that since a few years later.
The reason was, whenever I went to the forums, I saw topics that I thought they make more money than me and I would lose my focus on my own trading method — Greed.
When I understood that a few years later, I went back and tried to improve that method. I studied that more and cleared noises and positions that decrease the win rate of that trading strategy.
In other words, I personalized that, something you should do after picking a trading method. You have to build it in a way that is suitable for your personality and of course, try to eliminate regular losing patterns.
You see something fails in your strategy over and over and wins a few times and you lose more money than you gain from that, just get rid of that.
How Can Forex Forums Be Helpful
with all that said, however, It’s not all bad about forex forums and you can use them, but not as a beginner. When you’ve progressed and acquired a trading strategy and correct mindset, then you can use them for specific purposes.
For example, you need an indicator or you want to see other people in a topic related to your method, you can go there and participate. But you should be careful not to turn that into destructive habits we talked about.
You can also try to help them if you think you know something that may be useful for them, but remember don’t push it. If you try to convince them when they think you are wrong, you get stuck in the trap of a dead-end argue which is not helpful for anyone.
Most of them are in the searching mode and try to play guru because they’ve turned to forex forum browser so what’s the point of challenging them!
After being experienced more and more you can distinguish between real traders and those who try to disguise themselves as traders.
After years in this market, I can recognize them from miles away. Although I’ve quite forum browsing some years ago, I stop by every now and then and I can identify them just by the title of their topics.
Remember that I told you there are some habits that are going to last forever? This is one of them. I don’t even need to know anything but it’s turned into a habit.
I used to write posts on forexfactory. I first started there I think in 2008, mostly as a reader, and then quit after two years because I thought I was going the wrong way.
I joined again, I think in 2013, because I knew that I wasn’t going to be confused but soon after I figured out nothing is there that can be useful for me, I stop by every now and then, maybe a few times a year, but it’s not a habit anymore.
In 2017 I started a thread there but very soon I realized again that nothing valuable was coming out of that and I would be engaged in worthless arguments and lose my concentration, so I didn’t continue.
The main problem with forexfactory especially for beginners is that everything is all over the map and you don’t know where to start. actually, I don’t think it’s designed for utter beginners and you need to have at least a little knowledge of trading to figure out what is what.
On the other hand, babypips is a very good place to learn about the whole picture by learning general subjects about forex trading. the problem is you don’t need most of them and it doesn’t necessarily make you a trader.
It gives you general knowledge related to forex trading and then you are on your own to build and develop a trading strategy which takes a lot of time, normally years, and most people can’t even get to that point and be able to craft a trading strategy or at least a profitable ones.
I just wrote this to alert you not to get stuck in a trap that isn’t naturally a trap. Forums are created to gather groups of people so that they can help each other.
The problem is even they genuinely want to do so, they might not be qualified for that. Sometimes they want to do you a favor but it turns to a catastrophe and throws you far away from your goals. To avoid all these things, you’d better find a place that is either reputable or has a level of responsibility.
of course, it’s not like that the forex discussion forums are not responsible at all. The good ones even throw out scam members when they are recognized by the forum’s admin but controlling thousands of members is not something that they can pull off completely.
so, they are not bad places in general, but they are not a good place to start forex trading and they definitely put off your process of becoming a forex trader, if not putting it down. If you don’t quit, you probably go to the next stage after losing time and money. So I think it’s wise to do it in the first place and save yourself a lot of time, money, and headache.
Now you might tell me, ok I got it. They are not reliable places to start forex trading as a beginner and that’s not the right way or at least the fastest one to learn trading forex. So what am I supposed to do? What is the most prolific way to start learning and trading forex? Where is the best place to start forex?
Ok, now we get back to our primary question. How can we decrease our learning time and eliminate noises so that we can learn forex faster and start trading sooner?
Forex Trading Courses
First of all, let me assure you even if you pay for a forex trading course and you take the wrong one, you will definitely lose less money and especially time than taking the so-called free stuff approach.
I know that as a beginner it can be challenging to find a good trading course that is comprehensive and can give you all the things you need to be a successful trader in the end but it’s totally feasible.
The worst scenario is that you lose a couple of hundreds that you would lose as well if you went with the forex forum approach.
The best scenario is that you find something and someone that you can rely on. You save money and a lot of valuable time. You avoid pitfalls that might lead to giving up trading forex for good.
There is always someone or a group of people who can help you the right way and motivate you. The last thing you need when you want to start a job especially a challenging one is to see naggers and naysayers. The failures who have broken into the job the wrong way and now are sinister about everything around.
I don’t want to convince you at all, but I’ve been there and I’ve had enough of all those know-it-alls who intentionally or unintentionally misguide you that can cost you the end of your forex trading career or prevent you from being successful in trading.
Types Of Forex Courses
There are some metrics to pay attention to when you want to choose a forex trading course so that even as a beginner you avoid scams or low-quality materials, however, you can’t call every course that doesn’t bring you the results you expected a scam.
Very low-price forex courses, 10 to 20 bucks, are usually not productive enough. They are most likely information collected from various free sources. They don’t provide you a step by step strategy with the support where you need. They are the information that you can find anywhere.
The only benefit that they have for you as a beginner is to save your time, but as long as you don’t know exactly what to do and there is no support, you would probably end up buying a bunch of them to put them together and maybe get a hang of them. They are more like books that I mentioned early on, but partly in a video fashion.
I don’t suggest them because first, they don’t have enough value and don’t add more to your learning process in forex trading and secondly, you would probably buy a bunch of them so this approach is not economically wise.
There are other types of forex courses that are not necessarily low-quality but they are pricy and in most cases overpriced. These kinds of courses cost $1000+ more or less based on the package or course bundles they offer.
The courses are good but sometimes they overcharge you and they are not worth that much. However, they put you in the right direction to become a profitable trader and you would probably become a successful trader if you are persistent and patient enough.
Of course, there is nothing guaranteed in this job and you have to try hard and work on your skill to see the result but you have a much better shot to be successful in this category.
One of the best features that the good ones in this category have is complete access to your mentor.
It’s an extraordinarily important advantage when you are in the early stage of learning forex trading. Every time that you have a problem or you have doubts about your setups or anything else, they can give you the best answers based on their years of experience with their trading methods and courses.
Just one more thing about them.
Not every pricy forex course is supposed to be high-quality. You’d better take some measures to avoid them. You can search for them to see if there are bad reviews. Not every bad review certainly means that the course is not legit but if you see a serious of reviews debunk it, you should be careful about that and it’s best to avoid that.
There is another easy way to figure out whether they are legit or not. Whenever you see someone saying that I have a flawless strategy or a trading strategy that is 100% profitable or the one with no stop loss or any type of too-good-to-be-true promises, just don’t go down that road.
They are either scam or crazy. You may be a beginner but you have common sense so use it to shun those types of scams.
The next category of the forex courses that you can find is something between previous categories in terms of money, neither too pricy nor cheap. They are roughly between $150 to $600 depending on the extra materials and support they provide.
Some have weekly webinars or the groups that students get to gather and practice what they’ve learned. You can have access to an instructor or even creator of the course which is very productive if included.
The quality of these forex courses is something like the second category, sometimes worse sometimes better. Of course, there are scams or low-quality courses in this category as well, and you need to dig a little deeper to figure that out.
The problem is you don’t know the strategies or even terminology used there so it’s hard to gauge them in any ways in terms of their quality, but again you have common sense so you can search and ask questions.
Like the previous category if you see someone who gives you a sale pitch that is too good and hard to believe, just ignore them.
legit and high-quality forex courses are the ones that their focuses are on the modules and the steps you need to take to see results, not on buy-this-and-get-rich-fast approach. They try to explain the road you need to go and they offer help when you need it.
They have Q&A sessions where you can clear up your probable problems, mostly through webinars. In general, they have a satisfying level of accountability so that you can rely on them, which is a substantial factor when you are a beginner in forex. They are not just sell-and-run types of sellers.
Although you might find a good choice with all the above criteria, you won’t be successful if you don’t practice hard.
You have to go through each step meticulously and try to do your best. Don’t just skim to get to the bottom of that. Take your time and take every action according to the steps of the forex course. Study and ask questions and use the entire offer that the course gives you.
How To Choose A Comprehensive Forex Course
If you’ve read this article until now, you’ll probably have a far better chance to break into trading forex and learn it faster but something about picking the right course is missing here.
I mentioned before that there isn’t a substantial difference between solid trading strategies, but what does solid mean here? What criteria a forex trading strategy should have to be defined as solid?
I’m not talking about just the trading method or tools that a strategy uses. I mean the components and modules should be considered and the combination of the method and them together which form a trading strategy.
The method can be naturally good but the way that is presented and performed may not create a standard trading strategy.
For example, someone may use a reputable method to form a strategy. He/she says buy this or sell that when the price gets to a specific level and determine a level for your loss (Stop Loss) and your profit (Take Profit) but they don’t explain why you should do that.
In other words, they don’t give you the concept behind that. The problem here is you need more study out of what they offer if you decide to improve and personalize that.
Another problem is the steps are too fast and they don’t cover what you need to know as a beginner.
Their support may help you with the questions you have, but you wouldn’t ask that many questions if the course was clear enough in the first place.
The only way to understand whether a forex course is solid and thorough is by looking at the modules of that, which of course might be unclear and indiscernible for you as a beginner.
I decided to go and solve this problem for you. I told myself, ok that’s not going to last long and I can find one in a quick search because I know what I’m looking for. After all these years, I still try to deceive myself and pretend that I’m a quick searcher. I AM NOT.
I seep through the deepest level possible to find the best answer which is not a good method sometimes. That’s why it took me far more years to acquire a trading strategy than a normal trader and that’s why you are reading this long-winded article because I don’t want to miss anything out.
Anyway, I took the approach and steps that I explained above to analyze the forex courses.
First I examined cheap forex courses to see if they can benefit a beginner. As I expected, they are just a bunch of rudimentary videos that don’t have much value.
Then I went through the modules and context of pricy ones to see if I can find some that are worth the price they offer. There are some pretty good ones in this category that you can rely on. The modules are step by step and take you through the trading world and their trading strategy smoothly.
The best feature as I mentioned is having a one to one connection with your mentor, mostly the best mentor they have according to the course’s price.
They also have discussion rooms so that you can interact with other students and more experienced ones to pick their minds and see what they think about different currency pairs and setups according to the trading strategy.
Although there are some scams, Most of them have a standard quality. The problem is, they may expensive for you.
For example, if you have something like one or two grand to start trading, you are not able to spend $2000 on a course.
However, if you want to dedicate 10+ grand for this career, it’s a very wise decision to spend money on a 2000-dollar course so you are almost guaranteed that not only won’t you lose the whole money after a few months, something that would probably happen if you were by yourself, but also do you add profit to that, however small it might be.
If you don’t have that much money to spend on a forex course, there are other pretty good options that you can benefit from.
The third category I examined was the reasonable ones in terms of money. Some have standard quality and some are inferior. I checked them in terms of their method and trading strategies first.
Again, I went through each module to see the value and the representation as well as the organization of the course, or how the course starts and how it takes you through the learning materials step by step.
The question here is, does the course can be easily understandable for beginners, and how fast but thoroughly they can lead you to become a forex trader?
I found a few forex courses that follow the standard I’d set and passed the above critera with a good grade.
Then I checked what extra materials or support they offer. Do they have regular webinars? Can you check your setups with them, like the previous category, so you can understand the course better? How many courses they offer and how are they related to each other?
I don’t like the ones that say this is the first one of 10 series and you have to buy this one and then the next one and so on to complete your strategy. It has to be offered in a package and it has to be a full strategy not a part of it. Of course, there is no problem with different courses that can improve other aspects of your trading but a specific strategy or package shouldn’t be incomplete.
The Best Forex Courses I Found
After examining the forex courses according to those factors, I found some pretty decent courses that I think they are the ones that can benefit you most. they are a mixture of expensive and reasonable categories. you can find them in review section.
I try to analyze them and write everything that I see and think important to give you a comprehensive overview of every one of them.
I’ve actually decided to do this regularly and add to the list when I find a new good one, of course in my spare time.
I found that they even pay me a commission if someone buys a course via my recommendation so it couldn’t be absolute leisure time. but don’t worry, I will not recommend a course if I’m not sure that it’s beneficial to you, and I also try to get a discount whenever possible. This blog is like my baby, so I don’t want to raise it immorally.
When To Open Your Account
Be careful not to open a real trading account at first. You should practice at least a few months with a demo account that every broker has. It’s very hard to take the demo account seriously but you need to treat it as if it were a real account.
You have to stay in this step as long as you get a hang of the strategy and feel comfortable with it.
Take your time to learn everything in your strategy and practice that as much as you can. If you take this step seriously, you’ll have fewer problems later. On the other hand, don’t let that last too long. Something between 4 to 6 months is enough if you learn and practice trading forex every day.
Then you can start with a real account, but it should be a micro or mini account.
You need to get used to the condition of a real account before opening a big account
Having a good mentor and a reliable community where people on the same page help each other can come in handy in this situation. In this step, you’ll run into fear, greed, and emotions that you need to manage and that atmosphere can help you a lot with them.
The Bottom Line
If you’ve spent time reading this article and got to this point, you would probably save a lot of time and energy by not going to the bumpy road.
You can start learning forex or trading from anywhere you desire, but I tried to clarify the situations you may run into according to my experience and explained how you can learn forex trading faster and what the right way is, IMO.
I’ve experienced lots of difficulties because no one told me what the best way is. There were just some stupid people who misguided me and I don’t want that to happen to anybody.
If you decide to pick this job, choose a trading strategy and stick to it and try to improve yourself. Don’t stop studying, but do it in your method not by changing it. Don’t waver between strategies, it just put off your success, if it doesn’t ruin it completely.
Avoid noisy places like forex forums or any discussion sites especially at the early stage of your trading career. You’d better participate in them, if you want, when you are more experienced.