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What to choose: Forex training courses or books?

05.03.2017

Every business requires some level of specialized knowledge. Trading on Forex is not an exception. Moreover, even experienced traders who work with currency pairs for years do not stop learning, since new knowledge increases trading efficiency. However, for the majority of newcomers, financial markets and Forex are something completely new, it is difficult for them to understand which books to read and which Forex courses will be useful for them. In this article, we’ll talk about how to start your training.

The main problem of the beginner

Today, you can find a lot of useful information about trading on the Forex market on the Internet. It will take a little while to find articles and books about trading strategies, about certain forecasting systems, about features of various financial instruments. However, some information may seem quite difficult, sometimes even contradictory. Forex training courses run by practicing traders also can not always explain everything and do not give answers to many questions.

If you waste time reading all the books that you can find on the Internet, a beginner may get in over his head. It is quiet difficult to state that attempts to develop an effective trading strategy without understanding the mechanics and logic of the processes that occur in the world financial system can lead to success.

Basis: how does it work?

Hundreds of thousands of professional traders with a degree in finance work in the foreign exchange market. It is unlikely that a novice trader can compete with them without basic knowledge. Thus, training in trading should start not with learning of forecasting systems, but with studying the fundamentals of the world economy. When the beginner has an understanding of how the market works and who its participants are, the novice trader can understand what place he will take in the market.

How do professional traders analyze the market?

Now it’s time to discuss various theories that are used for market analysis. There is no need to attend any Forex training courses for this purpose, as there are lots of information where everything is explained quite clearly. However, keep in mind that if you skip the previous stage and start learning directly from this point, it will not be easy to understand many theoretical and practical questions. In the end you will still have to come back to the beginning.

What techniques are really effective in the markets?

When you have already got the insight into the technologies of market analysis, you can study the features of different trading platforms, as well as strategies and tactics that will be really helpful in overcoming other market participants and taking money from them (actually, this is the core of trading). At this stage, it will be extremely useful to visit Forex training courses — it is better to see how strategies are used by the specific examples, than to read about it several times in the book.

Where to study? How to choose books?

When you try to choose books or Forex courses, a novice trader will face the situation that together with the information materials something else can be sold (seller can take payment for training courses, lead to a certain broker, etc.). Therefore, it is better to search for information on your own. It is better to specify your questions. You can search for information on specialized forums where users leave feedback about different training courses or books. It can save time and you can find really useful educational resources.

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