Financial trading has become democratised in recent years, with it easier than ever to trade everything from Bitcoin and fiat currencies to commodities like steel and coffee. A decade ago, retail investors would need to find a broker and trading assets was a cumbersome and expensive process, but today people can make trades instantly using a smartphone or web app and depending on the platform may not even pay commission.
For those looking to get into forex trading, there are now a wealth of options to test out, all offering slightly different features and fee structures. Utilising the right online trading platform for your needs is a one part of the equation in becoming a successful trader, but sim Here are three online resources that can help you understand the often complex world of forex trading:
If you’re a beginner who’s in the market for a detailed introduction to the world of forex trading, the Babypips website is a good place to start your journey.
The site is user-friendly site and easy to navigate with a diverse range of tools and features, many of which are ideal for those who are getting to grips with the fundamentals of currency trading.
They regularly publish new and engaging content, particularly pertaining to technical analysis, trading ideas and the comprehension of determinism and investment psychology. But the site is particularly well known for its breadth of educational content, which it publishes in a section aptly-named the “School of Pipsology”. This takes an informative and yet light-hearted approach to what remains a highly complex topic, with lessons separated into eleven different courses that can take you on a journey from unqualified newbie to seasoned trader.
As you start to make trades, you can also utilise practical Babypip tools such as its Position Size Calculator and a Gain and Loss Percentage Calculator, which have been designed to mitigate early losses and help users make more informed decisions.
2. FX Street
FX Street is another well regarded forex trading resource, and one that remains a highly popular source of real-time information within the forex community.
The site offers a wealth of analysis and market news alongside real-time forex price charts, and its ‘Chart Station’ feature allows you to track four individual charts on a single page, providing detailed and comparative analysis of the marketplace. This is further augmented by a forecast poll and rates tables, to help you plan even the most complex trades.
Most of the site’s tools are also free to use, including its trading signals service. A free membership comes with monthly limits and a 15-minute delay on notifications, but for a reasonable monthly subscription fee these limits are raised and the delay removed.
As the name would suggest, Investing.com offers a comprehensive suite of free trading tools, news updates and market analysis that you also may find useful as you learn about the financial industry and markets, whether forex or other asset classes.
The site is published for a US audience, but many of the tools and information are applicable for users around the globe and its education materials would be of value for anyone looking to learn more about the forex market.
They offer a number of tools for free, including unique forex volatility and forex correlation calculators, which enable traders to see historic volatility measures and data across a broad range of currency pairs – information that can be useful when looking to predict how future markets may behave.