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What are the most helpful and authentic online resources you would recommend a college student to start learning about FOREX trading?
Trading is a very complex network, whether it be stock or FOREX markets. And it takes a person a specific amount of time to become really good at trading. Therefore, I want to start learning and educating myself about investing in FOREX markets. #forex #trade #investment #Learning #economics #investment-management
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James’s Answer
Hi Mary,
You should begin by learning about the most liquid (tradable) currencies. Since currencies trade in pairs (much like fractions), pick a few pairs to start with (such as USDJPY or GBPUSD), then read all you can about those you chose. What are the fundamental factors that affect them? How do they move together? Besides the country they belong to, what other countries might impact each currency? In what way does any currency rely on other factors (such as commodity values, etc.). Once you have done this, you can choose to read about other currency pairs, or move to charting. You should learn about technical analysis (such as moving averages, support and resistance lines, etc.). You can open a demo account at any number of brokers and check the charts that way. ****Be aware of scams from brokers, both in the US and internationally. Do NOT open any real accounts with your money. At the retail level, this is not investing: it is gambling.
You should begin by learning about the most liquid (tradable) currencies. Since currencies trade in pairs (much like fractions), pick a few pairs to start with (such as USDJPY or GBPUSD), then read all you can about those you chose. What are the fundamental factors that affect them? How do they move together? Besides the country they belong to, what other countries might impact each currency? In what way does any currency rely on other factors (such as commodity values, etc.). Once you have done this, you can choose to read about other currency pairs, or move to charting. You should learn about technical analysis (such as moving averages, support and resistance lines, etc.). You can open a demo account at any number of brokers and check the charts that way. ****Be aware of scams from brokers, both in the US and internationally. Do NOT open any real accounts with your money. At the retail level, this is not investing: it is gambling.
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Juzer’s Answer
I would recommend starting with a reputable broker using their "paper trading" accounts and educational videos they offer. Depending on where you're located and trade from the broker will change. Start by checking out https://www.investopedia.com/best-brokers-for-forex-trading-4587882
Investopedia is a reputable site and they've put together reviews on the best brokers for FOREX.
Start by checking out https://www.investopedia.com/best-brokers-for-forex-trading-4587882
Investopedia is a reputable site and they've put together reviews on the best brokers for FOREX.
Juzer recommends the following next steps:
Updated
Maurits’s Answer
The primary factor that affects forex trading is the operations of central banks. Understanding the workings of these major banks and the effects of their decisions on major currency pairs can aid you in grasping market trends and even predicting certain strengths and weaknesses. Start with familiarizing yourself with the Federal Reserve (FED), European Central Bank (ECB), Bank of Japan, People's Bank of China (PBOC), and Bank of England. Once you have a handle on these macroeconomic elements, you can delve deeper into technical analysis.