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To learn Forex Trading, one must learn about the FX market and about trading strategies in general. While you may be used to seeing these two terms together, it may be more useful to attempt to look at them separately at first. Each requires a deep understanding of its own and each offers numerous and assorted ways to learn it.
To begin, one should have a firm grasp of the basic concepts of the Forex (foreign exchange) market before making a single trade. There are many ways in which one can acquire them. Traditionally, that is to say prior to the last decade, most traders would study the Foreign Exchange market formally, that is to say, via online classes, webinars, and/or via seminars, lectures, tutorials, university classes. However, since the explosion of eToro (Europe) Ltd. trading online less formal methods such as) forums, private/public online communication with best traders, online trading guides and articles, etc., have become much more common.
Basic knowledge that should be acquired before beginning to trade includes:
Once one has sufficient theoretical knowledge about the market, one can go on and start learning to trade. Trading is a skill, and like any other skill, it needs to be practiced in order to be perfected. The most efficient way to learn online Forex trading is to practice using free demo trading platforms that enable users to trade with virtual money and real-market rates. This way you can. gain market experience without having to risk losing any money. Thanks yo trading simulations, you can figure out which trading techniques suit you best, whether you prefer long-term or short term positions, how to control market risk exposure, etc.
If you’ve learned enough information about the Foreign Exchange market, you can apply the theoretical knowledge into practice almost intuitively. For example, if a news release came out about an increase in the unemployment rates, you would know that higher unemployment rates are not good for an economy, and will have a negative effect on it, which in return will have a negative effect on that country’s currency, and you would naturally act accordingly (sell the currency). This is to say, that the more knowledge you posses, the more you are ready to navigate the world of Forex trading.
Studying never ends. It is important always to keep pushing upwards on your learning curve; to stay in tune with this ever-growing market and the trading industry. It’s a good idea to pick a few reliable sources of FX related information and to check in on them once in a short while to find out what’s new.
New to Forex, or familiar with Forex yet still overwhelmed and daunted by it?
You’ve come to the right place, because eToro is proud to have created a platform that enables any trader to take their trading to the next level.
The idea behind the establishment of eToro was to democratize the market; to create a platform that teaches, encourages, and educates any individual interested in the financial markets. Trading Forex requires a lot of know-how, and on eToro we provide traders with all the essential information and tools, because we want our traders to gain the deepest understanding and knowledge of the FX market so they can then maintain successful careers as traders
The eToro platform can help further your Forex education on three levels:
So before you jump into the financial market head first, eToro highly suggests that you take full advantage of what we have to offer, We are confident that by using eToro, the FX market will become exciting and manageable to you, and that you will become a top trader yourself in no time.