Training for success

Understanding the nuances of the Forex market requires experience and training, but is critical to success.  In fact, ongoing learning is as important to the veteran trader as it is to the beginner.  The foreign currency market is massive, and the key to success is knowledge. Through training, observation and practice, you can learn how to identify and understand where the Forex market is going, and what controls that direction.
To invest in the right currencies at the right time in a large, nonstop and global trading arena, there is much to learn. Forex markets move quickly and can take new directions from moment to moment. Forex training helps you assess when to enter a currency based on the direction it is taking, and how to forecast its direction for the near future.

The many available resources and tools to train yourself
There are many free tools and resources available in the market, particularly online. Among these, you will find:

Charts
There are many kinds of charts . Start with simple charts.  Try to identify trends and major changes, and try to relate them to technical patterns as well as to macro events (news, either financial or political). Make an effort to determine the general magnitude of each change on the chart (meaning: what is the $ value of the change, if you were trading at that point).

Guided tours
Most platforms provide guided tours, demos or tutorials, either online or via download.

News / breaking news
Keep abreast of world news.  Read all the headlines, particularly those directly related to Forex. Check the impact of such news, if any, on the charts.

Forex outlooks
Read daily/weekly outlooks posted on Forex or general financial sites. Many include alerts to upcoming reports and events such as market indicators and interest rate decisions.

Forecasts
Read forecasts, some of which are available free of charge. Bear in mind that forecasts and predictions are made by people, none of whom can guarantee the occurrence of future events…

Indices
Follow the indices of the leading markets (e.g. Dow-Jones, NASDAQ; Nikkei; etc.). Compare them to the changes in the Forex market, and to changes in particular currency pairs.

Economic indicators
Pay attention to the release of economic indicators (for example – the monthly unemployment rate in the USA), and try to identify their impact on the market in general, and on specific currency pairs in particular.

Glossary
Don’t hesitate to browse Forex glossaries, which are offered free on many platforms. A given word may have different meaning as it relates to Forex and to the terminology used by the Forex market participants.

Seminars and courses
Try to attend professional Forex seminars. Some seminars are offered free, often as part of a client recruitment process by a given platform; many are, nevertheless, worth attending. Educational courses are offered online and by many post-secondary institutions.

Forex books
Read, or even just browse. Many books are offered free, or as part of a service package to the trader. For many, historical background and technical analysis are topics better covered in books than in an educational setting.

Internet forums / blogs
Visit and participate in Forex forums. This gives you an opportunity to learn from the experience of others.  Of course, remember that some forum participants may be biased, promoting a given Forex platform or their own agenda.

So much to consider…
To succeed as a Forex trader, you must take into consideration a wide variety of factors such as:

• spread (“pips”);
• commissions and fees;
• ease of access to the trading platform;
• minimum amounts needed for trading;
• additional amounts needed (if any);
• control over activity and positions;
• the platform software requirements;
• ease of deposits and withdrawals;
• personal service and support provided by the platform;
• the platform’s business partners;
• the platform’s management, offices and outreach;
• the products offered onboard the platform; and many others.