Instead of looking for paid trading seminars or mentors, you can make use of your broker's service in regard to trading education. Here are 5 ways to use it to your advantage.
It has become a common understanding that forex brokers essentially bridge traders to the market. But these days, forex brokers have come a long way from that simple role. In fact, more and more brokers provide a generous amount of additional services to attract traders as the competition is getting tighter over years. Concerning this matter, free forex education is one of those extra features.
This kind of service makes it possible for traders to learn in the same place they trade. They do not have to look outside and learn by themselves since learning materials like the basics of trading, market analysis, how to manage the risk, and so on are usually provided for free in the place where they also open a trading account.
Generally, there are 5 ways a forex broker can educate their traders. By knowing these options, you can choose what learning method would work best for you, so you can gain the best information that can be applied to the trading process.
1. Read Informative Articles
The easiest way to understand what trading is all about is to read articles and other written content related to the forex market and every important thing that comes with it. Forex brokers with good commitments to clients will definitely provide some articles to introduce the concept of forex trading. In fact, it is the least they can do to educate clients should beginners find their way to their service.
To make it easier and more effective, many brokers set conceptual learning in which they arrange the articles to be presented in certain skill levels, so traders can learn materials that are in accordance with their progress. Hence, it's common to find brokers offering informative articles in 3 or so separate sections that generally divide the content into materials for beginners, intermediates, and experts.
However, keep in mind that this method is considered passive learning. If you're one of those people who can understand better with active learning, the options below would suit you better.
2. Watch Tutorial Videos
More than just reading on your own, tutorial videos give you a more descriptive approach to visualize the materials that you learn. This way, you can get a clear picture of how trading works in the real platform.
However, some forex brokers are only able to give the free video contents at the introduction level; for the rest of the materials, traders are required to fund their account or sometimes provide a certain payment as they're included as premium contents.
3. Participate in Webinars
There are plenty of webinars or simply known as online seminars that were introduced by forex brokers, especially during the Coronavirus pandemic. Even though the format is relatively the same as video tutorials, you can have a live discussion in webinars with the experts presenting the materials.
To participate, it is important to make sure that you have the necessary tools and devices that support the technical requirements. For example, a good internet connection is a must or your learning process would not run smoothly. Aside from that, one needs to follow the broker's schedule because webinars are usually scheduled at certain times that may not be suitable for your time zone.
4. Join Offline Seminars
An offline forex seminar is usually presented by the forex broker in collaboration with professional traders or any high-profile figures to directly teach traders and interact with them during the process. The benefit of offline seminars is definitely the amount of time one can spend talking to the speakers. The drawback of such an event is the fact that it is not going to be able to reach all traders since it will be conducted in a certain area. Other than that, it takes lots of preparation and budget to invite a speaker to come to the seminar location.
5. Create a Demo Account
A demo account provided by forex brokers is a special feature that will help traders to practice trading in the market with virtual money. This is a great way to learn and a crucial step in forex education because here traders can apply what they learn in the live market. As the saying goes, "practice makes perfect", but it is even better because you don't have to risk any money for the trading fund is provided virtually.
You can utilize a demo account to learn how to navigate the trading platform, open and close trading orders, how to apply technical tools and indicators on the chart, as well as test various trading strategies. Nowadays, it is very rare to see forex brokers who do not offer a demo account to clients; you can get it practically in all brokers you can find.
Among the 5 options mentioned above, there are actually 2 basic methods for starters, namely informative articles, and demo accounts. But if you later deem it necessary to broaden your horizon with other means of learning, you may try the other 3 to see if they can help you to understand better and improve your performance.