Forex training is a good idea for anyone new to the currency exchange markets. Not only is there a huge potential for the loss of your capital, there are plenty of financial tools that are unqie to Forex. Training online to learn the ins and outs of Forex trading is offered for free all over the web. Below are a few of the most popular free Forex training sites, along with a review and links to other Forex trading training outlets.
Baby Pips Free Forex Trading
Baby Pips is not against using a bit of humor to teach potential Forex traders the basics of currency exchange. Users register for free Forex trading training, and start with a $10,000 practice account. The Forex training at Baby Pips centers on a basic concept — “Make pips, Keep pips, Repeat.” Baby Pips offers users a “school curriculum” style of Forex trading training — users progress through different “grades” as they learn how to use Forex. Starting in Pre-school (“Forex basics”), users move up through Kindergarten (“Different types of charts”), and eventually make it all the way to college, where they learn about more complex issues such as “US Dollar Index” and the impact of “Trading news” on the Forex market. This familiar progression makes it easy for users to know where they’re at in their Forex trading training plan, and is further evidence of the attitude at Baby Pips. These guys don’t take the market too seriously, making it seem like an easier world to break in to. When was the last time you laughed out loud during a discussion of Fibonacci ratios and the golden mean? The writers and site admins at Baby Pips blog regularly right on the Baby Pips home page, making their advice and encouragement easily accessible to site users. There is also a very active Forum community at Baby Pips, and a huge glossary of Forex trading terms known as the “Forexpedia“.
Some traders won’t like the humorous interface between the user and the training, and still others may be too far advanced in their understanding of financial markets for Baby Pips to do much good. But those people interested in jumping into the Forex market who have little or no experience in markets should point their browsers to Baby Pips — free Forex training with a sense of humor.
Free Forex Trading at Forexopia
The free Forex training at Forexopia takes a bare bones approach to teaching an understanding of the currency exchange market. Users move through three categories (“Basic”, “Intermediate”, and “Advanced”) while making use of various “financial tools and calculators” and reference materials related to Forex. They have a vast archive of “training lessons” available to use at any time once you’ve registered, and run a unique little feature on their homepage that highlights “recently viewed” Forex training lessons. This is good for a quick “pop quiz” or “cram” session to sharpen your skills.
As mentioned before, the web site is laid out in a user friendly fashion — the site doesn’t have the distracting colors and images plastered all over the front page as with other free Forex training sites. The easy to use Forex guide here will be an asset to future traders of any skill level.
Online Forex Training at Forextips
Forextips provides online forex training using a video interface. There are plenty of other materials at the forextips website, but the section I’m highlighting here will be particularly useful to people who learn better by watching and listening that simply reading words on a page. The videos loaded quickly for me, even using a temporary dialup connection that wasn’t exactly “lightning fast”.
There are currently over two dozen videos, with new Forex training videos being added weekly. The videos cover everything from a basic “Intro to Forex” and a solid lesson on “Charting software” all the way to “Us Dollar vs Swiss” and “Euro downtrend”. On the downside, the videos seemed aimed at someone with a solid understanding of investment markets — this wouldn’t be the best site for someone brand new to market trading.
If you’re looking for some fairly advanced advice on the Forex market, and free Forex training through videos, you could do no better than the Forex training site at forextips.com
Forex Training Materials at Forex Online Learning
Forex Online Learning is not the prettiest website — in fact, the user interface can be downright ugly at times. However, the Forex training materials are easy to understand, and the training revolves around the disply of images, charts, and situations that you will actually run into while trading with “real money”. Reading the charts at Forex Online Learning will get you used to the actual materials used at most online Forex trading sites, preparing you for the real game even better than video display websites. The Forex glossary here is equal in scope to the glossaries at other sites, but the site’s combination of graphic material, text, and video will give you the option of learning the way you want to.
Though there are plenty of good things to say about this free Forex training site, there are some reasons to be wary. First of all, there are tons of popups offering everything from subscriptions to the Wall Street Journal to “free credit checks” and other spam. Also, I’d be wary of any financial training site that just happened to also offer “cash advances” to their customers. Though you can train for free with Forex Online Learning, and the information there is accurate, check the site out first and be sure you’re comfortable with all the spamming and popup ads.
Forex trading training is more than just a good idea. If you want to have any chance of avoiding the loss of your capital investment, you should participate in some kind of free online Forex trading. Look for a site that offers an interface you like, a teaching system you’re comfortable with, and a solid reputation and membership.