Learn to Trade the Forex Without Spending a Fortune

People wanting to learn to trade the Forex are faced with a huge amount of online resources to choose from. These range from free forums to very expensive mentoring from Forex teachers that can cost many thousands of dollars. So what does the aspiring trader do?

Because anyone can pass themselves off as a Forex expert you should be very wary about people who claim to be able to make you millions of dollars in a few short months. The reality is that there is a lot to master and it takes experience to become profitable on a regular basis. The nature of the Forex markets is such that lots of money can indeed be made but you need to have a solid forex education first.

The first thing I would say is that to begin with you do not need to spend any money, there is simply a huge amount of good free information out there. Spend a few months reading the content on babypips.com and forexfactory.com and you will give yourself a great foundation.

I am now a regularly profitable trader and I have spent less than $200 on paid services. Having said that I do recommend that you find a reputable Forex trading course or Forex tutorial to supplement your own online free research. Make sure you do your due diligence prior to signing up. Read the forums to see what other people are recommending. I would say that you should be easily able to find a good forex trading course for under $200.

The good thing is that most forex brokers allow you to set up as many demo accounts as you like for free so you can practice different strategies to see which suits your personality the best. I would suggest trading on a demo account for at least 6 months before risking a penny of your own money.

So to give you a summary of how I would go about learning forex trading, see below:

1) Sign up at babypips and forex factory

2) Sign up with a good forex broker

3) Read and practice for 6 months

4) Optionally find a well recommended Forex course for under $200

5) Read and practice some more (maybe until you can regularly double your demo account)

6) Fund a micro account with a couple of hundred dollars and start trading live.

That plan should set you up well to learn to trade the Forex.