Let’s start with a basic fact; trading online is hugely popular. One of the most popular choices for traders is the forex markets. In fact, its liquid and profitable nature has created an entity that dominates the financial marketplace, creating huge opportunities for traders armed with knowledge and a healthy appetite for risk.
While the market remains extremely popular, however, it has experienced something of a decline during the last three years. More specifically, daily trading volumes were thought to have peaked in January of 2014, when an estimated $6 billion was invested during each, 24-hour period. This has now fallen to $4.8 trillion, with a loss of 9% recorded during the last 12 months alone.
There are a number of factors that have contributed to this increasingly prominent trend, from tightening banking regulations to complex, geopolitical issues. This has created a genuinely complex and challenging marketplace, which can create a hostile environment to ambitious but inexperienced traders who are new to the concept of trading currency.
Here are 4 Resources That Can Help You To Get To Grips With Forex Trading
Fortunately, technology has helped traders to overcome many of these challenges, creating a diverse and comprehensive range of resources that can inspire success. In fact, the main issue is selecting the tools that will help you to create and implement your chosen strategy, while also managing risk.
With this in mind, here are four of the most purposeful resources that can help you to grow and become a more efficient forex trader: –
1. Forex for Beginners by Anna Coulling
In the digital age, many people may eschew literature as being an outdated learning resource. Make no mistake; there are a number of extremely detailed and insightful books that have been published on the subject of currency trading, with a particular emphasis placed on understanding determinism and the underlying laws that govern change within the forex market.
If you are new to the market, Forex for Beginners by Anna Coulling is an excellent book that provides a comprehensive introduction to the foreign exchange and the variable demands placed on individual traders. This provides a solid and relevant foundation of learning, which can be built on to create successful and profitable trading strategies in the future.
The author herself is also a self-taught trader, so her work is ideal for novices who are taking an unorthodox route to the market. More specifically, the book is written from a unique perspective and presents even complex information in a way that beginners can easily understand.
2. Investopedia’s Tutorial and Similar, Online Resources
For younger individuals with the aspiration to trade, the online platform offers access to more diverse swathes of information that are presented in a way that they are familiar with. This makes online forex tutorials an excellent learning resource, while there are also other benefits of furthering your education in the virtual space.
To begin with, detailed tutorials such as this one draw insight from multiple sources, including a number of successful traders who have their own, unique perspectives. So while online tutorials may lack the depth and focus of traditional forex books, they tend to cover a broader range of philosophies and variable levels of risk appetite. It is also important to note that there are online forex tutorials that use video as a core teaching aid, which helps those who prefer to learn through visual stimuli.
On a final note, you should know that online tutorials provide links to other, actionable trading resources, helping you to make an initial transition from theoretical learning to practical application.
3. The ETX Capital Trading Platform
For modern-day traders, it is impossible to thrive and operate profitability without having access to an online trading platform. These comprehensive brokerage sites make it possible to execute informed, real-time trades on a daily basis, while providing a suite of tools and resources that enable you to cope with the volatility and relentless nature of the marketplace.
There are a number of online trading platforms available in the current market, however, so you will need to compare these and make an informed selection. The ETX Capital platform is one that stands out, thanks primarily to the huge range of learning resources that are available to forex traders. This level of knowledge can prove invaluable to inexperienced traders, particularly as they continue to learn even after they have begun to implement their strategy and execute transactions.
This platform also enables traders to develop their expertise and deal in additional commodities and derivatives over time, offering them an opportunity to seamlessly develop their portfolios as they gain experience.
If you need to be convinced further, you should keep in mind that this and similar platforms also offer access to simulated demo accounts. These offer the ideal opportunity to put your burgeoning strategies into action, as they enable you to operate in a simulated, real-time market environment without risking your hard earned capital. Over the course of between three and six months, you can hone your skills and refine your strategies to help drive success.
4. The MetaTrader 4 Mobile Trading App
Online platforms also have a natural affinity with mobile trading applications, which allows traders to work effectively and seamlessly regardless of their geographical location. Arguably the best and most accessible app is the MetaTrader 4, which is compatible with numerous online trading platforms and extremely easy to use.
This mobile application offers other trading advantages too, particularly for beginners who are looking to make their mark in the constantly shifting foreign exchange. Firstly, it can be accessed even when your mobile device is offline, meaning that you need never be caught out by sudden or unexpected price movements. Similarly, its accessible nature enables you to monitor trends and events during a 24-hour period, which is crucial given that the forex market operates across three distinct trading sessions throughout the course of the day.
Then you come to the range of tools available through the MetaTrader 4 app, which is vast, diverse and capable of presenting real-time data through both visual charts and the written word. With more than 30 comprehensive analytical tools, this is an invaluable tool for all forex traders and one that allows you to make quick, efficient and informed decisions regardless of what is unfolding within the market.