Successful forex trading involves many intricacies which not every enthusiastic trader knows about. Forex is much more than buying and selling forex pairs whenever the market conditions seem appropriate. Nowadays when the foreign currency market sees trillions of dollars exchanging hands every day, there is no doubt about forex trading being one of the most lucrative financial opportunities for investors based in India. Being the most liquid and most popular market, it is surprising to know that it is tough to find an answer to how to learn forex trading in India? In this article, readers will find a comprehensive guide to learn forex trading successfully.
Best Resources on Learning Forex Trading in India
Reaching the winning arena of currency trading is not easy and it is impossible without knowing the basics of educational guides. Accessing the forex market is easy when you have a dependable forex broker acting as a guide. But most of the beginner-friendly information is not available as a part of the educational content maintained by top forex brokers on their official website.
Fortunately, there are various other helpful educational sites to help all the forex trades around the world wondering where to learn the tricks and tips. The most important thing to understand about learning forex is that there are no shortcuts available anywhere. The resources we will discuss below are simply an extensive gateway where you can start your research into forex trading basics.
Investopedia
This online resource to learn anything and everything about forex is considered to be the most definitive one of them all. Visiting the site is all it takes to find all the required information regarding how things work in terms of forex. It is an easy to navigate online platform which is best known for its:
- Regularly updated and expertly reviewed education content
- Informational regarding various financial markets
- Guides to learn different types of trading styles
- A list of highly recommended brokers to use.
Features:
- These gigantic educational resources for forex traders are accessible free of cost.
- This educational content is utilised by some of the industry leaders
- Investopedia’s content easily breaks down and simplifies complicated financial information.
- This platform is used and trusted by several millions of like-minded traders to understand the essentials of investments in forex and even stocks.
- The team behind Investopedia has won several rewards in the past years.
Find valuable basics of forex free-of-cost exclusively at https://www.investopedia.com/.
Babypips
Famously known as the beginner’s guide to forex trading, Babypips is a one-stop destination containing the answers to all your forex-related complications. Babypips is committed to sharing common as well as uncommon knowledge about forex markets so that any new currency trader can find it as an impartial guide to become a successful trader. This platform had a humble beginning but within just a few years, it has grown to manage a full-fledged community of forex traders who trust this source blindly. Now Babypips is not only an educational resource but also has:
- Useful quizzes
- An economic calendar
- Tools for traders like pip calculator, pivot point calculator, and position size.
- Trade ideas and technical analysis
- An active forum to discuss complexities with other FX traders
Features:
- Trade ideas that are self-explanatory trading strategies to help traders understand market conditions efficiently are babypips’ speciality.
- There is a lot of information on this platform regarding how traders need to protect themselves from forex scams.
- A comprehensive and detailed forex glossary is available to all visitors.
- A new forex trading school complete with guiding forex courses is among its new additions.
- The entire guidance platform along with its valuable educational resources and tools is free to access.
Check out Babypips at https://www.babypips.com/ to learn about how to trade forex safely.
Some Other Ways To Learn Forex Trading In India
Below are some additional steps that you can take to get a first-hand experience and learn about the basics of forex trading without any risks.
Using a Free Demo Account
Traders using any particular broker platform for the first time do not have the required to trade confidently. Many top-tier forex brokers offer a demo account free of cost to allow new clients to get acquainted with their trading platform before live trading. Using a demo account can provide inexperienced forex traders with a unique learning experience. Since it is a simulation of real market conditions that do not burn your hard-earned capital if you make a mistake. Every feature of a live trading account is also accessible through a demo account, so it is easy to get used to them in a virtual forex trading environment.
Free Webinars and Courses
Many industry-leading forex brokers are popular for providing free webinars with forex experts whenever possible. They also have comprehensive and zero-fee forex trading courses for their clients and new sign-ups. Through these webinars, one can learn valuable facts regarding the know-how about forex trading. It is also possible to submit a question or get your doubts cleared with the expert hosting the webinar. In the case of courses, these are a more common and useful approach for many forex fans. Every course is structured in a way to carefully introduce the basics as well as the complications regarding forex trading.
Things Important to Learn for Forex Trading:
Technical analysis
Forex trading is benefits traders only if they carefully analyse the market sentiments and make a feasible prediction at the precise moment. So, if you have no idea about technical analysis, then getting started with forex can be quite difficult. According to experts, the technical analysis consists of some fundamental principles such as pattern recognition using real-time charts and even price shifts. Familiarity with technical analysis can help a trader implement various trading strategies.
Trading Terms
When you have traded foreign currencies, a few times using a broker’s proper trading platform then you get to know about the different trading terms applied in forex. Terms or positions are fundamental for all traders whether beginner or experienced. Following are the two types of terms generally utilised in forex.
- Long
Long term or position is a trade where you can expect the underlying asset’s value to appreciate after a while. It is traded usually when traders receive a buy signal through technical analysis.
- Short
Short-term trades are essentially opposite to the aforementioned trades. During short-term trading, the value of an underlying asset is expected to go down. It is used when several technical indicator’s analysis gives a sell signal to a trader.
Trading basics
Following terms are the fundamentals of forex trading that each trader must know about.
- Leverage
To increase one’s trading position, experienced traders use leverage. With leverage one can open a huge position that is not possible using their cash balance alone.
- Lots
The specific unit of currency traded during forex trading is called Lots. There are 4 sizes of lots available which are standard, mini, micro, and nano-sized lots.
- Margin
During leveraged forex trading which comes with additional risks, the margin is the required amount of funds needed in the trader’s account to allow opening a leveraged position with potential returns. Margin levels allow brokers to choose whether any of their clients is capable of opening more trading positions or not.
- Pips
Percentage in point or Pips is usually just a unit of change in the exchange rate of a currency pair chosen for trading. it is a way to quote foreign currency pairs which is one-hundredth of one per cent in value.
Conclusion
In order to cruise through the forex market avoiding the pitfalls of losses and scams, investors need to learn the basics of foreign currencies to be able to call themselves a forex trader.