What is the best Forex trading tool? Education. Yes, with good education, you are all set to conquer the forex market. Forex trading is not difficult if you first educate and train yourself properly. Many new traders simply don’t try to educate themselves when they start trading. They just learn a few general concepts thinking that the rest they will learn while trading.
This is a wrong approach. What you need to do first, if you are a new trader is to look for a good Forex Home Study Course. Study that Forex Home Study Course and master it, only then trade with your real money.
Now, there are many good Forex Home Study Courses that you can find online. Most of them do cost.
How to Find Best Forex Study Course
What you need is a Forex Home Study Course that instead of talking about the general concepts and theories gives you a specific strategy or system that you can use to make money in the Forex market. Once, you master that forex strategy or the Forex system, you should first practice it on your demo account. When you start making consistently money with it on your demo account, start trading live on a micro account.
On a micro account, 1 pips is equal to $1. If you lose 200 pips, you only lose $200 on the micro account whereas on the standard account, 1 pips is equal to $10 so losing 200 pips means losing $2,000. Practice that system on your micro account for a month. Once, you have started making consistent pips on the micro account, you can start trading live on the standard account.
It is on the standard account where you will make real money but trading on the micro account will show you how the markets behave under live trading. So, how to find a good Forex Home Study Course?
Type the keyword Forex Home Study Course on any search engine. Make a list of Forex Home Study Courses. Now, short list those courses that have 60 days no questions asked money back guarantee and rank them. This way, you can try these courses RISK FREE for two full months.
Download the Forex Course that you have ranked #1 on your list. Try it for two full months. In these two months, test it on your demo account. If you start making money with it, good otherwise simply go for a refund and download the second Forex Course in the list and again try it on your demo account. If it makes money, good otherwise repeat the above process the third time. Soon, you will find a good Forex Home Study Course that will help you make real money in the market.