For a beginner, the information available about forex online is way too much and not enough at the same time. How is that possible? There are so many resources that it is very hard to find the relevant and useful sources and filter out the rest. This is a huge barrier for a novice trader.
And the first steps are crucial. Starting off in the wrong direction can lead, and sadly does lead in a lot of cases, to rapid losses and desperation. But a few wise words might be enough to get you going and set you up for success.
Remember it is always the quality of the information that matters not the quantity or the wrapping…
Let’s see where to turn if you are looking for good resources that are also free!
Free ebooks and guides available online
There are some really useful guides and full books out there for free; you just have to look at the right place. Why would anyone put up valuable information for free? Well, a lot of firms use these resources as ways of getting to customers, like forex brokers offering free education at the same page where you can open an account. A smart way to gain trust and make people interested in your product.
Now the even better thing is that if you are conscious about your trading career you can hunt for value and get started with quality educational material!
Here is a list of some great free downloads:
A simple yet comprehensive “first look” at forex markets from a practical standpoint.
Here you can find some simple strategies and indicators to learn from. Getting to know a few of them and practicing those strategies in a demo account will give you great confidence when switching to live trading.
A great example for a free resource mine is this site with a lot of different topics covered. The site contains a lot of vital information, and although it is not perfect, you will be way better off if you read it before you start trading.
This is another version of the first ebook in the list with a bit more information about actual trading.
This is a longer, more in-depth description of the markets, with lots of examples and a peek into trading psychology.
This is another free ebook with useful information; just avoid the marketing links inside.
This site is a great resource from one of the greats of technical analysis. Although not specific to forex the concepts here are valid for all financial markets; in a straightforward and practical tone.
How to take the next steps?
Now that you have some resources to begin with you should take your time and read through those and then start to practice what you have learned. The good news is that you can do it without risking a dime!
Of course, I am referring to demo accounts again… but you should continue to educate yourself too; if you find one aspect of the market more interesting than others then dig deeper into that topic. It may well turn out to be your area of expertise later on, be it technical analysis or scalping.