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Forex trading can be a difficult, but ultimately rewarding process. Learning the ropes in FX trading and applying them in practice gives traders the opportunity to understand how currencies work and to what degree they are dependent on a range of micro and macro economic factors.
Knowing where to start can be challenging. However, numerous FX trading courses provide users with theoretical and practical knowledge of how the market works, what its core mechanics are and how to make the most of opportunities as they arise.
Funded trading programs are particularly lucrative for FX traders, as they offer high buying power at a fraction of the monetary risk, which can be very enticing for traders.
Some of the best FX courses on the market can help you learn more about forex and help you achieve a higher success rate when dealing with funded trading programs.
The best FX trading courses to try out
When choosing an FX course, there are a few important factors to consider, which are:
- The cost of the course and overall value for money
- The materials provided by the course
- A combination of theoretical and practical knowledge (demo accounts included)
- Responsive customer service
FX courses are not rare products. In fact, the market is somewhat saturated with educational materials and courses that ultimately may not be as effective as advertised.
However, this does not mean that they cannot succeed in creating baseline knowledge on which to build upon to increase your chances of successfully completing a funded trading program.
Axiory
Axiory is a FX brokerage and education provider that focuses on forex and CFDs trading. Clients who register for an account with the broker can also access the educational materials provided by the firm.
When it comes to FX trading for beginners, Axiory provides plenty of value. For example, some of the materials provided by Axiory include;
- Basic mechanics of how the forex market works (bid, ask, volume, etc.)
- How live trading works and what factors and metrics to look out for
- Important economic indicators and how they can affect the market
- Trading strategies and how to implement them
- Technical indicators and how they work individually and in combination
Overall, the Axiory Trading Academy provides traders with plenty of value in terms of educational content and provides a solid foundation that can increase the chances of success with funded accounts.
While Axiory is not a prop trading firm, it provides more than enough valuable information for beginner prop traders to take advantage of and use for their benefit.
ForexSignals.com
ForexSignals.com is a forex analysis platform that provides buy and sell signals for its clients. While the signal service is not free, the educational content provided on the platform is free to read and provides succinct but useful information about the basics of the FX market.
Traders can learn more about strategies, technical indicators, risk management, and much more.
For traders with a bit more capital to spare, the $116/month signal subscription could provide a lot of value and help them not only beat a prop trading challenge, but also increase their chances of profitability in the long run.
The educational content provided by ForexSignals covers all the important aspects of forex trading, such as: risk management, trading strategies, technical indicators, and more.
DailyFX
DailyFX is an online portal for forex education and market news. The platform covers forex, commodities, and indices and also includes educational content for beginner FX traders.
A subsidiary of IG Group, DailyFX offers free educational materials covering a broad range of aspects, including technical and economical indicators, trading strategies, basic terms, etc.
Users can download free trading guides from DailyFX, as well as a range of educational ebooks.
It must be noted that DailyFX is not solely focused on forex and also offers news and analysis for thousands of stocks, commodities, and crypto.
Overall, DailyFX is a solid education platform that provides free articles that can help complete beginners to create a baseline on which to continue building and accumulating more knowledge as they practice on demo accounts or trade on live FX markets.
BabyPips.com
BabyPips is one of the most popular educational forex platforms that provides traders with a wide range of content covering technical indicators, risk management and trading strategies, basic terms, and more.
BabyPips readers will come across hundreds of articles covering market updates from the FX and crypto markets.
The School of Pipsology is the primary forex trading course offered by BabyPips and is completely free.
The platform also offers free economic calendars, technical tools and forums for active users to exchange ideas and learn as a community.
Overall, BabyPips is a solid entry-level platform that provides a user-friendly approach to the forex learning process.
Traders Academy Club
Traders Academy Club is an online trader community that provides home trading courses, daily market reports, live broadcasts, community trading and analysis tools to traders of any experience level.
With a multifaceted approach to the learning experience, Traders Academy Club is an experienced group that gives traders the ability to be part of a vibrant community of traders and exchange ideas with fellow individuals engaged with the forex market.
For those interested in funded trading accounts, Traders Academy Club can demystify many different trading strategies that can increase their chances of success on prop trading challenges.
While TAC may not be the most popular name among the forex trading education platforms, it does offer plenty of useful resources for traders to take advantage of.
IG Academy
IG Group is one of the most popular forex brokerage firms on the market that also provides free educational content to its clients.
The educational articles provided by IG can be broken down into two different types – structured content for IG clients and free articles for casual readers.
The curated content provided by IG Academy gives traders the full education experience – from the absolute basics to more advanced trading strategies and indicators.
A major advantage of IG Academy is that it is completely free, which makes it easily accessible for traders of all experience levels.
Clients can choose between live sessions and online courses at IG Academy, based on their preferences and whether they require a more hands-on approach in the learning process.
The courses provided by IG are divided into three experience levels – beginner, intermediate and advanced and there are a total of 10 different courses covering different aspects of FX trading.
Benzinga Forex 101
Benzinga is a financial news company that provides articles, courses, and data insights from the world of financial markets.
The Benzinga Forex 101 course provides traders with a beginner’s course that covers all the bases when it comes to functional FX knowledge and introduces them with actionable insights on how to use technical indicators, what the core mechanics of the FX market is, etc.
Enrolling in the course comes at a reasonable price point of $47, which is a one-time purchase with unlimited access to the educational content provided by the platform.
Traders can first sign up for a free Benzinga account to get a sense of the type of content that is available on the platform to decide whether the price tag is appropriate and provides enough value for them in terms of trading on a funded account, which typically comes with restrictions that are otherwise not enforced on retail FX traders.
What to focus on when trying to pass a funded trading program
Funded trading programs are part of the prop trading experience, which can be considerably different from retail forex trading.
Prop traders have to pay monthly or one-time fees to qualify for a funded account, after which they enter into a profit-sharing agreement and have to comply with restrictions on maximum drawdown, number of trades per month, overnight positions, and more.
For this reason, funded trading programs are much different and require specific knowledge and skills from the traders themselves.
For example, speed and the ability to manage risk are even more important for prop traders, as otherwise they run the risk of blowing up their accounts and having to start over with the trading challenge.
Therefore, the FX trading courses that focus on risk management tools and strategies are the most appropriate for prop traders looking to beat funded trading challenges.
Conclusion
Forex trading using funded accounts can be quite different from standard retail trading, due to the restrictions enforced by prop trading firms.
When choosing a FX trading course, traders must consider the educational content provided on the platform, as well as the fees and additional features that are available.
However, not all FX learning platforms charge a fee and some provide plenty of valuable information at no expense for traders.
The key in succeeding at a funded trader program is to develop an effective risk management strategy. Therefore, the best forex trading courses focus heavily on risk management and technical indicators to give traders the necessary tools to get ahead on the market.
