One spin off from the popularity of forex trading is the number of online learning sites for new traders who have little or simply no idea about forex trading. With this help, a beginner can learn the basic forex mechanisms as well as learn about more advanced aspects of trading, such as the development of forex trading systems. Read more to learn about the types of online forex trading help available, links to some useful sites, and how to benefit from it whilst avoiding the pitfalls.

Forex trading help online

There are a range of helpful (and not so helpful) sites online. The following details the kind of information that you can expect to find, and any things that you should be aware of.

Basic to advanced tutorials

These sites contain information on the forex market, explanations of trading terms and strategies and other trading information. An example of these sites would be My Trading Help (which also covers stocks and futures), or this site. It is always easier to find general introductory information than the more advanced material.

Generally the information is unbiased (unless there is something that is being sold). Some sites contain so much advertising or biased information (if they are an affiliate hoping to earn a quick commission) that they are useless. You should always check what you read, and refer to multiple independent sources.

Regulators

Regulatory sites such as the NFA (National Futures Association) in the US and the FSA (Financial Services Authority) in the UK include information on each broker licensed within that jurisdiction. You can read details of any complaints or formal charges laid against them.

Broker / trading system ratings

These sites collect ratings from their members to evaluate brokers, trading systems or education providers. Whilst some of the information may be biased or incorrect, they are a good place to go to check out what others are saying about a company that you are looking to deal with, and this may help you avoid a scam. An example is Forex Peace Army, which also edits and checks each review.

Trading system sites

These sites are run by the software vendors such as MetaTrader. Whilst the information is biased to their own software, they frequently include trading systems contributed by their customers, and useful trading system development tips.

Some sites offer “black box” trading systems. These sites are different to the trading software vendors. Check out Forex Peace Army for reviews, but on balance, many of these are scams, or have poor risk management. If you had a $1 million dollar a year trading system with low risk, would you sell it online for $79.95? No. So beware.

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Tags: forex, forex forums, online forex

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