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| Source: Forex Hero. Soros Teacher. Retrieved from Forex Hero (Accessed July 2, 2022): https://forexhero.eu/assets/images/soros-teacher.png?v=25 |
Hello everyone, I hope you are in good health condition because I am going to share and review a good application for you to learn forex trading from scratch easily without having to read many books and that is why I am barely able to write again. While I am browsing the application, I found this great application that refreshes my knowledge regarding forex. Here is what I got from the application.
Basic Knowledge You Need To Know
The very first thing that I got from this application is that it contains information on trading the forex market in simple and understandable English where you will learn the definition of forex, money management, chart patterns, candlestick patterns, and psychology of the market, etc. This basic knowledge certainly will help to construct a red thread of trading so that you will have a better understanding of the forex market.
Test Of Knowledge
After you have learned the basic knowledge and theory from the course of Forex Hero, there will be a test section called quiz which will test if you have understood what you read or not. The test can be varied such as the definition of Interbank Market or even more complex questions. In the quiz itself, you will be given 10 questions and you have 10 seconds to answer each question.
Fundamental Analysis Game
Now the real deal is that you will be able to learn the interaction of the international political economy with a currency that you trade, for example, if there is political instability in a specific country, then the currency of that country has a chance to depreciate as investors would move their money to another safe country and when that happens what will you do, open a long or a short position?
Recommended Brokers
The next thing that I got is that Forex Hero also gives you information on recommended brokers you might want to use as in the course of basic knowledge, Forex Hero emphasizes that regulated brokers are important to determine your success in this business so that your money will not be used by irresponsible brokers. There are Cysec, ASIC, and other regulators that you can rely on. As for recommended brokers, there are eToro, FXCM, and other brokers.
Best Time To Trade Forex
Well, if you are a day trader and not a long-term trader, you should consider time to trade forex where there are four sessions, that is, London, Tokyo, Sydney, and New York. In the Forex Hero application, it will be more explained specifically why it is important to look for the sessions to trade. So if you are interested, then, you can download it from your app store.
Conclusion
Forex Hero is a good application that can boost your forex knowledge with a simple explanation of basic knowledge of the forex market. After that, you will be tested by answering 10 questions within 10 seconds on each question and the fundamental analysis test is also worth trying. Aside from that, to prevent your money to be misused by unregulated brokers Forex Hero gives you recommended brokers and information regarding regulators that should be on forex brokers. And the last there is information on the best time to trade the forex market.
Written by Andre I.
Reference
Forex Hero. Soros Teacher. Retrieved from Forex Hero (Accessed July 2, 2022): https://forexhero.eu/assets/images/soros-teacher.png?v=25
