Education is key to successful forex trading and there is a variety of online educational choices. If you’re searching for basic fx, futures or cryptocurrency guidance for experienced traders, or a free ebook for beginners, we’ll be explaining how to find the right education course for you and your needs.
Online forex trading is a vast subject which may seem daunting to potential traders. The reality is that trading is complicated; there are no shortcuts or get-rich-quick schemes – and don’t trust anyone who tells you otherwise.
It doesn’t mean that you can’t make money from forex trading though. It just means you can also take advantage of others’ knowledge and skills to benefit from trading. Investing in the best day trading education will provide you with basic skills, a powerful network of support and set you on the road to effective trading.
Here, we will be providing some tips that will help you select the best online trading day education for you. None of the available programs will replace learning ‘on the job’ – trading and developing your own experience – but they can help out with your own trading to encourage you and develop your skills.
If you’re not already trading and you’re looking for the best day trading education, you should think about what kind of trading you wish to do. Were you interested in futures or trading options? Will you prefer simple shares, or complicated indices? A host of options are available:
The most well-known form of trading. This includes buying and selling the shares of various businesses through a stock exchange.
Most stock trading education materials will be about buying and holding, long-term strategy – focused on the fundamentals and valuation of the business. Day trading stocks is more focused on price action. Learning about the technical analysis is therefore more important than business analyzing.
Fx is a highly popular trading medium, with billions traded on a daily basis. Short for ‘foreign exchange,’ forex trading speculates that one currency is more or less expensive than another.
Trading in commodities is where you deal in items such as precious metals or raw materials that produce certain goods. Commodities are classified into two groups: Hard commodities are mined products (gold, oil, etc.). Soft commodities are agricultural or grown products (weat, sugar, etc.).
Cryptocurrency demands a higher educational level than others nowadays, simply because the product is so young. Bitcoin, which is the most popular example of a crypto, you’ll have surely heard of. Bitcoin and others like Litecoin and Ripple are digital currencies which operate independently from banks. Crypto-currency trading includes the use of digital wallets, blockchains and advanced encryption methods.
However it is possible to speculate on cryptocurrencies price movement without owning them. This simplifies the process and makes the process much more available.
Futures includes forecasting whether a product or stock price will rise or fall within a given time frame.
Options are one of the more complicated ways of day trading and will probably entail some form of trading education: it essentially involves buying or selling stock before or after a period of time depending on whether you think the price of the stock will fall or rise.
Binary Options Trading
Binary options are a condensed type of trading options where you predict whether a stock or commodity’s price will go up or down over a given period of time. The investment ‘stake’ is set, thereby capping possible loss. Such are also referred to as ‘no risk’ trades, because the payout is often calculated in advance. A trader should know exactly how much they’ll win or lose on the underlying asset, regardless of the scale of the price change.
Binaries are high-risk occupations, with restricted educational choices. ‘Thanks’ to the prevalence of dishonest operators, they are banned in Europe now. Equally high risk is paying for education, and free websites or forums, alongside trial accounts, are a superior choice.
Trading indices include trading on a group of stocks relating to a given region. For example, the FTSE 100 is a list of the top 100 enterprises quoted on the London Stock Exchange. S&P 500 and Nasdaq are identical groupings of stocks exchanged in the United States.
Such index values can be traded, and learning how to trade them revolves around price action and market-wide economic analysis.
Social or copy trading includes setting up a trading account and connecting it to another trader, who is more experienced. Whatever trades they do, your account makes also. In other words, your losses and profits are copied in line with how much money you have invested.
Swing isn’t a form of day trading, but you’ll see trading education sites offering courses for it. Swing trading is a form share trading in which you keep your shares for anything from 2 days to 2 weeks to take advantage of any move in their price.
Free Education Vs Paid Education
If you are studying trading education, cost is one of the key factors that you will be considering. The first thing to point out is that there is no such thing as a free lunch; at some point almost any website or course offering free trade education or advice will require you to pay for more in-depth services.
The goal is to find a reputable course of high quality which offers value for money. It depends on your own goals and circumstances, what constitutes value for money. Below are some things to bear in mind:
- Be aware of what you want: There are massive amounts of opportunities for trading knowledge out there. Make sure you know what you’re doing before you enter your card information on the first website that promises to help you achieve financial independence. Wanna trade in futures or forex? Need to spend a little, or can you afford more? Do you learn best by reading or by watching? Need to have someone talk you through the basics or are you ready to invest in some markers and get right into it? Understanding this would save you a lot of needless spending which could be better spent in productive trade.
- Do your homework: Many websites are honest on how much they are charging for a course or educational kit, while others require more insight. When a course offers ‘free’ tuition, then it is likely that you will have to start paying after a number of classes. Such costs are not necessarily reported or made transparent, so be sure to check out the fine print or inquire in advance what, if any, costs may be expected down the line.
- Budget: The price of the course and the indicator will vary wildly from $20 to $9000. Subscriptions can also range from $10 a month to nearly $200. It’s a huge investment to invest top money so if you believe a premium course is for you, make sure you can afford it and get your money out of it.
Finding Your Level
Trading courses online have different levels a lot of times, typically for beginners, intermediates, pro or similar. As you would imagine the rates to be on a sliding scale – lessons for beginners are cheaper and then more costly forwards.
Assess what degree of trader you are in practical terms when searching for the best trade education. If you don’t know your FTSE from your elbow then you’re not going to become a premium investor by signing up for gold members trading room right away.
On the other hand, if you’ve made a little investment in stocks and want to take your trading to the next level, or maybe get interested in another form of trading, then you’re going to take an intermediate course.
Advanced trading education should be considered only by those who have been full-time traders for a while and feel like working alongside their trading with some mentoring and keeping their strategies new.
Regardless of your rank, note that education functions best as an adjunct to your trade. There is no replacement for real-world, real-time, real-monetary trading, despite all the tips, books and trial accounts that money can purchase.
Paying For Quality
Day trading education differs greatly in the nature and form of services on offer. Also, be aware of the creators of trading schools who claim they began offering courses because they were tired of wasting money on programs and metrics that didn’t work, an expensive course doesn’t automatically equate a successful course.
The type of services or tools that you could expect to find as part of a trading education package may include:
- Indicators: Programs which use different formulas to evaluate stock prices and indicate their direction.
- Demo accounts: This helps you to trade with a simulation platform and simulation money.
- Webinars / Tutorials / Live Classes: Live online lessons with seasoned traders or tutorials.
- Mentoring: One-on-one assistance offered by an experienced trader.
- Downloadable materials: These may be items like PDF booklets or interactive quizzes that illustrate the greater scope of trade.
- Weekly/daily e–mails: These could provide you with some tips from the traders or market guidance for the day.
- EBooks: eBooks are freely available on occasion to generate interest in a more comprehensive, paid course.
The main indicator of any course or package’s efficiency is how trustworthy the trader behind it is. Allow investing your money only if: the educational trader has at least ten years of experience and demonstrable success. Only by direct experience can you become an expert trader; someone without a considerable amount of that won’t be worth your money.
The course will show you how to trade yourself. Every sincere mentor or trading teacher can inspire their students to trade for themselves. Any course or platform that needs constant payment to keep you on its site is less likely to make you a good independent trader in the right headspace.
Education Website Reviews
Now that we know what we are searching for and what is theoretically available, let’s take a look at some of the best trading education websites out there and provide an overview of what they offer:
Day Trading Academy
Marcello Arrambide’s Day Trading Academy is the brainchild of this trader with more than 17 years’ experience. Having lost large sums of money on bad software and indicators, he built up his own hands-on experience and later founded Day Trading Academy as a “fresh approach” to trading education.
His philosophy is that those who know what they have learned through the Day Trading Academy then teach others. It’s not a business; it’s a “traders’ culture”
But what does that mean in practice? The Academy focuses on futures trading; it uses the E-Mini S&P in particular, an American futures index derived from the S&P 500. Through training you to use a method called the Congressive Trading Strategy, the Academy uses metrics to some degree but focuses on training you how to trade yourself.
Day Trading Academy is available to traders (broken down into Beginner, Intermediate, Advanced and Pro) at all levels of experience. If you sign up to their email, they deliver a free 41-page PDF booklet and free Web class.
Currently it costs $2997 if you want the entire four-part course. You get videos, exercises and the ability to get input and suggestions about your growing knowledge on day trading.
Warrior Trading offers trading guidance in different areas including Options, Swing and Cryptocurrencies. Warrior also prides itself on being a trading group, like the Day Trading Academy.
The difference is that while Day Trading Academy focuses on its founder’s personal experience, Warrior concentrates on testimonials from active Warrior graduates. This compensates for the fact that only one of Warrior’s five mentors has extensive trading experience spanning years.
In practical terms, one of the key selling points of Warrior Trading is its live, members-only chat room which includes feedback, Q&As, and other traders’ watch lists. The thrust of their commercial philosophy is to teach their trading method over a course of 15 chapters.
Warrior provides three packages when it comes to trading education: Starter, Pro and the application-only Inner Circle. Chat room access and a trading simulator are among the contents of those courses. The Pro kit starts with the in-depth courses and group mentoring. The Inner Circle kit provides exclusive access to the biggest traders and one-on-one mentoring.
The one-month Warrior Starter kit is $997. The packages that are Pro Bundle range from $4299 to $5299 for 90 days to 1-year access. You then subscribe to Warrior for $197 a month for both packages. The bundle for the Inner Circle is a flat $9997 a year.
Quantum Trading is Anna Coulling’s brainchild, a highly-experienced trader who has published several top-selling informative books about trade. Quantum Trading education covers a broad variety of forms of trading including stock, forex, cryptocurrencies and binary options.
Quantum’s trading education strategy includes the sale of indicators and platforms. There are no courses or techniques available here as opposed to Day Trading Academy and Warrior, but there are free video guides and posts about how to use the items on offer.
Quantum’s predictor packages – mainly based on forex but including some other areas – range in price from $20 to $900.
IG Academy is an award-winning trading education website which claims more than 40 years of trading experience. They put an emphasis on leverage investing, spread betting, and CFDs, thus IG lets you trade in a variety of styles including indices, fx, stock and commodities.
IG Academy offers various free courses including video tutorials, immersive activities, and quizzes.
They also offer webinars on live trading and a free trial account for those who sign up to their website. They also have a free chat room with more than 30,000 users (though you must be a member to post).
In the long run, what IG Academy promotes is that you sign up to use their trading site and you trade for yourself, while the site continues to provide support and education. IG makes its money, unlike the businesses mentioned so far, by paying commissions on your trades. When your trading volume falls below a set level, they will also charge a $30 fee per month.
Investopedia is an American company that was founded in 1999 with the goal of “empowering people with precise and unbiased financial information.” At their Investopedia Academy, they offer a broad variety of financial courses covering anything from day trading to personal finance.
Investopedia trading courses focus on futures, fx, cryptos, penny stocks, binary options and more.
Investopedia courses all cost $199, with numerous packages available at different prices. The payment is a one-time thing, no membership is available and once you’ve purchased the course, it’s yours to hold. In general, the course content appears to include videos, exercises, and downloadable material. The website also offers links to free past webinars.
Investopedia is different from many other educational websites that we are looking at here because it is more of a theoretical approach: you buy the course, learn from it and use it to advance your own business; you are not being given a forum or a series of indicators.
Online Trading Academy
Not to be confused with Day Trading Academy, the USP of Online Trading Academy is its “patented central technique” that can be applied to the trading of commodities, forex, futures and options.
They have 130+ tutors, many of whom have extensive experience in real-world trading. To enroll in any of OTA’s paid courses, aspiring traders have to take a free half-day class first.
There are two levels to the Core Strategy course: Core Strategy and XLT Core Strategy (XLT means Extended Learning Track). The Core Strategy class is a two-part course that costs $7000 to complete in classes of no more than 22 students and takes seven days. As well as demonstrating the core strategy of OTA, it provides access to a forum for real-time trading and includes an exam at the end.
The XLT course is $8500 for three months, followed by a fee of $625 a month, or you can pay $12500 for three months, and have access for a lifetime. For your actual trading the XLT course is more like a mentoring scenario. You can trade live while being able to use the trading tools offered by OTA and speak to their investors.
The Stock Whisperer
As the name suggests, The Stock Whisperer is a stock-focused trading education platform, while education packages are available for swing and options.
The Stock Whisperer is Stefanie Kammerman, a popular name which has been trading since 1994. In terms of stock market shifts, Kammerman is known as the Stock Whisperer because of her sixth sense.
The Stock Whisperer web site is a treasure chest of information of stock education. Her subscription-only trading space, The Java Pit, allows traders to see her pre- and live trading screen.
A lot of the course packages are focused on coaching you to trade for yourself. One-on-one stock coaching can be purchased with Stefanie herself for between $299 and $1249.
The Stock Whisperer also provides variable length ‘Boot Camp’ packages. Those are intense, online courses that help educate you on trading and allow you to participate in simulation trading.
The Boot Camps cost as much as $3499. There are also workshops available for free looking at different aspects of trading. These are probably best for those traders who already have some trading and retail experience from $99 to $999.
TRADEPRO Academy was established in 2012 by George Papazov, a Canadian who has almost 20 years of trading experience in spite of his youthful looks. TRADEPRO aims to ‘certify’ future traders in stock, options and forex trading (it’s worth remembering here that you don’t necessarily need to be accredited from a broker account to trade stock).
Trading course at TRADEPRO has three levels: Swing, Pro and Elite. All include the same Trading Foundation, Options and Forex courses as well as links to webinars and regular tips. The Pro and Elite packages provide additional classes, more resources, mentoring, and more trading software access.
One enticing feature of the TRADEPRO courses is that they are solely on a monthly basis – as opposed to charging and subscribing upfront. The kit is $99 for Swing, $129 for Pro and $169 for Elite.
Tradenet is the best day trading academy in the country, as their homepage declares. Tradenet focuses on the teaching of fx, commodities and EU stock trading. The brains behind the company belong to Meir Barak, a skilled trader and business analyst who set up the platform in 2004.
Tradenet provides a wide variety of day trading courses and resources: self-study courses, taught courses, weekly mentoring sessions and training packages ranging from a few hundred dollars to around $5000. You can download tools on your own, or get 1-on-1 sessions with qualified educators from Tradenet. All those tools are based on the personal trading strategy of Meir Barak.
Tradenet offers four separate educational trading programmes: Intro, Student, Expert and Pro. These increase in price from $500 to $9000 and provide access to some of the above-mentioned sessions and services, as well as a trial trading account.
Online Educational Trading Videos
One thing we haven’t mentioned in this piece is the importance of trading educational videos on YouTube. The first thing to say about these is that it is a possible minefield whilst there is a place for them. If you are searching for free trading education on YouTube, you can apply the same research criteria as you would have for any trading training course.
Until you rely on a video, because it has amazing graphics or a snappy title; remember to consider whether the presenter of the video has significant trading experience. Would they actually give you something for free, or just tempt you to buy something you don’t need?
Could a career as nuanced as day-trading be condensed into a YouTube tutorial of five or ten minutes?
YouTube is hard to beat as a guide to the very fundamentals of day-trading for beginners. Yet it’s also worth wondering how many traders worth their salt can offer away worthwhile free trade education.