There is a way in which you can experience the excitement and thrill of Forex trading without spending a dime. It’s actually a great way to learn the ins and outs of the market if you are either a new trader or thinking of becoming a trader. However, in order to trade for free you need to have the following tools:
This is the first step to trading for free on the Forex market. Brokerage companies offer free forex demo accounts and they are your best way to break into the trading market without the risk. A free demo account is in reality a training account loaded with fake money but it functions exactly like a real Forex account. You will be able to trade in the live market and follow it as if you were trading live. There are also different size free demo accounts that are identical to the real live ones to give you the best possible realistic experience without the risk.
Not all brokerage firms have this but several do offer free charting software. The free version of this software will contain only the very basic charting abilities but for a nominal upgrading fee you can unlock the rest of the programming. For a new trader, this is an excellent tool to use in concert with your free Forex account. Note that the free charting software, even with an upgrade, will have only so much live data feed information provided. For a beginner it may be all you will need.
Believe it or not, having access to Forex signals can really tune you in as a trader. Sometimes that one tip can make or break the trade you’ve been putting together. There are a number of different free Forex signal software programs brokerages offer. However, just like the free charting software, there are limits to the amount and level of information that you’ll be able to get from the free version. However, the more data you can collect, the wiser your decisions will become once you start live trading.
There are more and more free Forex training websites online now than there were a few years ago. Any idea why that might be? It’s because Forex trading is the hot potato that is attracting a lot of new players like you. But what can you learn from a free training website? First off, the educational foundations these sites are built on are superior to anything else you could find. Second, you get to teach yourself at home and at your pace. Third, it’s free. Sure, we’ve mentioned that already but thought we’d do it again. Free education is rare.
Putting It All Together
Think of all these free tools as part of your Forex sandwich. Each piece is required in order to complete a single delicious treat. Okay, maybe a sandwich is not the right analogy. Think of these free tools as items in your Forex tool box. There, that’s better. You need these tools in order to build your Forex career to where you want it to be. Without them, you won’t be building much at all.