Traders have many different ways of learning. While some enjoy reading about trading strategies, others find it more useful to watch successful traders in action – and perhaps mirror their market moves. Many beginners also seek out trading courses to learn the nuances of the financial markets thoroughly.
No matter what method you choose to perfect your skills, one thing is clear – and that’s the need for continuous education. This is essential for growth in any field and trading is no different.
So, with this in mind, here’s a list of learning styles and tips that can help you make informed trading decisions down the line.
Forex Demo Account
Textbook knowledge doesn’t help in the markets unless you have perfected the art of applying it soundly in day-to-day trading activities. This can be achieved through your forex demo account, where you don’t have the stress of using your hard-earned money to learn.
Demo accounts are ideal for beginner traders looking to test specific strategies as well as experienced traders who wish to trial new trading methods. An account of this kind allows those new to the markets to learn about technical indicators and to check out the various chart analysis software available. For a modern trading system like MT4, demo accounts can provide the resources to build your own expert advisors. They can also teach you how to apply risk management tools like stop-loss and take-profit.
Demo accounts will help you also to understand the market dynamics. Knowing different pairs and the best times to trade them is essential. You will be able to see how economic news affects their rhythm in the market.
Many traders find that video content helps them to become familiar with trade terminology and chart analysis tools. Brokers like Orbex provide regular video tutorials created by experienced traders and specialists. They cover a wide range of topics from currency pair movement analysis to technical indicators. It is like learning a strategy step-by-step from an expert. There are plenty of tutorials available on YouTube as well. You will be able to understand things clearly and can even save these videos for later reference.
Visual aids have proven to be more effective than reading, helping to process things faster. These can be graphs, charts or data in the form of infographics. See how expert traders give you tips to understand indicators on the charts that you might not have noticed before. Learn from summarised market trends in the form of interesting graphics.
Major brokers will provide educational tools like forex e-books on various topics, such as market overviews, economic releases, day trading strategies, technical indicators, and MT4 tutorials and more. A lot of these e-books can also teach money management skills and investment planning. E-books give traders the chance to read books that have gone out of print or are too expensive to buy.
For traders who like to learn things in an interactive style, forums and discussion boards are ideal. Aside from the education element, these threads also allow networking between traders.