Forex Trading Sources For Beginners

Best Forex Educators and Mentors

A good way to become proficient at forex is by following experts in the field. However, there are so many self-proclaimed “experts” out there, and picking the trustworthy ones can be a bit daunting. No worries, in this section, we will supply some of the most trustworthy educators and mentors as far as forex is concerned.

Top 3 Forex Twitter Feeds

1. @Schuldensuehner

Holger Zschaepitz, Senior Editor of the Global Financial Desk, posts charts daily. These charts are useful because they give you a snapshot of what’s happening in the global marketplace on a daily basis, and this allows you to wake up each day with a snapshot of what's happening in the global marketplace.

2. @LizAnnSonders

Liz Sonders is the chief investment strategist of Charles Schwab & Co. Sonders. She tweets regularly about trends in the economy. Her tweets are quite helpful for forex investors who need guidance in the forex markets and you will do well to follow her Twitter handle for information that can give you a heads-up in your Forex investment endeavors.

3. @TDANSherrod

TD Ameritrade's managing director of trading, Nicole Sherrod, tweets about notable deals, sector performance charts, and other interesting and pertinent data that can be useful to you as you surf the forex trading markets.

Best Forex Websites To Practice Forex Trading

In this section, we will supply you with some websites you can use to practice forex trading. These websites have many helpful resources like copy trading, passive income options, demo account options, and educational content (video, blogs, signals, etc).

Before we list these websites, we will define these resources so you know what they are and how they can help you in trading successfully.

Copy Trading

This gives you the ability to see any position opened by a professional trader and then copy their moves at once. It’s automated and quite different from another strategy known as mirror trading. When you mirror trade, you’re simply following the strategy of a trader. That’s not the same with copy trading because, this time, your capital is controlled by the moves of the copied trader.

Passive Income Options

Passive income options refer to income that can be generated for you through automated trading options. You can reduce your involvement by utilizing signals through copy trading, following signal providers, or expert providers, and these automated systems will carry out deals on your behalf when specific criteria are met.

Demo Account Options

Demo accounts have become quite popular since their invention because they enable users to test their trades in actual, live market conditions without risking any of their money, which is a good way to evaluate the user experience of a platform.

Educational Content

Educational content refers to blogs, videos, signals, expert insights, and other resources that you can use to learn about forex trading so you can make the best-educated decisions in the forex trading markets.

Now let’s talk about websites that offer these options for beginner traders.

eToro

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eToro is a multi-asset platform which offers both investing in stocks and cryptoassets, as well as trading CFDs.

eToro is one of the leading forex trading websites. eToro provides copy trading options that allow users to duplicate other traders’ moves in real-time and this can help beginners trade successfully even before they have gained all the knowledge and experience of forex trading. By copying other experienced traders in the forex market, beginners can still make profits while learning the ropes of forex trading.

With eToro's automated copy trading, beginners can make passive income as their trades will be executed on their behalf when certain parameters are met. In this way, you can minimize your involvement and still gain profits.

When you open an account with eToro, you receive a free $100,000 demo account which you can use to build a virtual portfolio and surf the forex markets. This can help you experience what it is like to trade and also develop your trading strategies without risking your capital.

eToro has an educational section on their website with many helpful resources to learn about trading and follow successful traders.

RoboForex

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Your capital is at risk.

RoboForex is a brokerage company that provides services to financial markets and is also one of the leading forex trading websites. RoboForex has a platform called CopyFx which allows you to duplicate the transactions of other successful traders and this can be a source of passive income even for beginners.

Beginners can get passive income using RoboForex’s CopyFx provision for automated copy trading because when certain conditions are satisfied, trades will be conducted on their behalf. By doing this, you may reduce your engagement while still making passive income.

RoboForex has a demo account option called Demo Pro which is specifically created for beginners with less than 1 year of trading experience. This demo account allows you to practice trading in real market conditions without risking your capital. So, you do not have to wait to be an expert before experimenting with the market and developing your trading strategies.

In addition, RoboForex demo accounts, like the real accounts, have a "Cash-back (Rebates)" program, which allows you to get virtual income mimicking the additional income you can earn on a real account, and this gives you the opportunity to assess all the advantages of the program before switching to a real account.

RoboForex has educational content for their potential clients on their website which includes analysis and forecasts of forex markets and trading tips. The website also features a blog where you can follow market trends and learn more about forex trading.

AvaTrade

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Your capital is at risk.
71% of retail investor accounts lose money when trading CFDs with this provider.

AvaTrade is an award-winning online broker which provides forex trading services. It offers a variety of copy trading services and also provides useful signals and trading notifications.

AvaTrade provides automated copy trading options like DupliTrade which allows you to duplicate trades from multiple signal providers, and AvaSocial which is like a social media platform that allows you to connect with your fellow beginners, and other experienced traders. AvaTrade offers a risk-free 30-day automated demo account that allows you to practice your trading strategies in real-time market prices and conditions.

Beginners can use AvaTrade’s automated copy trading to get passive revenue because their transactions will be performed when specific criteria are met. In this way, you can reduce your engagement in the process while still making money.

AvaTrade has extensive education resources on its website. There is a “Trading for Beginners” section dedicated to beginners where you can learn the fundamentals of forex trading. AvaTrade’s blog and training videos are also quite useful for newbies in the forex trading arena. You can also get information on economic indicators which may be useful to you in developing your trading strategies.