What is the best way to learn Forex trading?

It is good practice for new Forex traders to take the following steps:

1. Learn the basics first; what Forex is and how it works.
2. Open a free demo account (practice account) with a good Forex broker. These accounts are free and you can practice in real time as though you are trading real money. But you will be using "play" money.
3. Once you feel as though you at least understand how Forex trading works, then shop around for good Forex software that can help you identify good trading opportunities. Some of the software will even make trades for you automatically. Also, be sure to only purchase software that comes with a money-back guarantee.
4. Test the software in your free demo account and when you find something that does what you want it to do, learn about good money-management.
5. Finally, when you are confident that it is all working well for you, you can consider opening a real-money micro or mini Forex trading account to put your knowledge and software to work for you. Just remember to take it a step at a time and always keep learning and practicing to improve your win percentage.

A good Forex website to learn and practice through all of the above steps is: http://bestforexstrategies.com. Good luck and good trading!

There is a good Forex Trading Blog that covers the very basics of Forex Trading so the absolute beginner knows what he or she is getting into. The blog is called Forex is Easy??? and can be found at :

http://jim-forextradingexplained.blogspot.com/

First answer by Tradermac. Last edit by Sheach. Contributor trust: 0 [recommend contributor]. Question popularity: 1 [recommend question].