Apart from one short article on getting the Forex education (written back in 2008), I rarely write about this topic in general. According to one of my older polls, 97% of this blog’s visitors read Forex books but only two thirds of them do it regularly. About 60% participated in some educational conferences, webinars or courses (free or paid) on currency trading. At the same time 11% of the visitors believe that the lack of education or knowledge is the worst enemy of a Forex trader.
Today, I would like to ask you about the ways you have educated yourself as a trader and continue educating now. The options of the poll below are pretty self-explanatory:
Demo account trading is mostly free if you do not count the time, and is accessible to everyone.
Book reading comes at some minor cost but usually offers the best quality of education for your buck if you get the right books.
Getting education from blogs, news and articles can be somewhat tricky as there is a lot of misrepresented information and it is difficult to find something really good and interesting once you are past your Forex 101 phase.
Online FX forums offer education of a similarly varied quality level — you either find a nice community that would help you develop your ideas and give you some insights, or you get into a company of marketers and poor traders feeding you with scams and incompetency.
Watching videos can be very helpful and at the same time many traders consider it an easier source of information than reading books. Unfortunately, few good Forex videos are released with free access.
Web courses and webinars are supposed to be one of the best sources of education but, in Forex trading, where marketers rule the industry, it is quite a problematic task to find courses that do not suck.
Mentorship and one-on-one training is the best way to learn almost anything, and the FX market is no different here. Too bad, it is very expensive — excellent trader’s and mentor’s time is precious.
Getting formal education is a good idea if you plan to pursuit a formal career in trading (by working in some financial investment institution). This sort of education is obviously quite expensive; it is also difficult to find something that would really help you trade in online retail market.
Personally, I am constantly educating myself through all of these ways except for the last three options. And how about you?
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If you have some suggestions regarding educating oneself in the matter of foreign exchange trading, please feel free to reply to this post using the form below.
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