Your First Steps in Forex

If you have never traded forex before you have start somewhere. There are all sorts of eBooks and courses that claim to teach you how to make money trading the currency markets. They tend to cost quite a lot of money themselves.

We always recommend doing your own research where parting with your money is concerned.  By all means search Google, and look around the rest of this website too, but here are a couple of low cost ways for absolute beginners to get started on the rocky road to riches that is forex trading.

The first is simply to buy a book on the subject! We recommend "Getting Started in Currency Trading" by Michael Archer. You can buy a copy through one of our book stores. If you've read around the subject already, or have traded forex yourself, this is probably not the book for you. If you're a total beginner however, it covers everything you need to know to get started, and includes a lot of interesting history too.

To complement that book the big forex broker Forex.com will supply you with a free copy of an eBook version of "Currency Trading for Dummies" if you open a practice MetaTrader account with them.

If you prefer watching videos to reading books there are brokers prepared to help out free of charge too. Alpari UK provide a series of introductory videos that cover the basics of foreign exchange trading as part of what they call the "Alpari Academy". They also are happy to provide you with a demo MetaTrader account.

This is not an endorsement of Forex.com or Alpari as brokers, but if you're just getting started you will need to open a demo account with someone. They're as good as anyone for that purpose, and they also provide a useful freebie, so take them up on their generous offer even if you do have to give them your email address. Whatever you do don't send them any money yet! Wait until you are a lot more experienced, you've checked out what a large number of brokers have to offer, and you've worked out a way to make consistent profits using pretend money in a practice account.

There you have our first lesson. Do some research. Open a free demo account. Practice trading with pretend money. Whatever you do, don't part with any real money beyond the price of a few good books.