Elementary -The Best Free Forex Online Course for Beginners
Welcome to the next level forex education in your course towards learning all that you need to know about the forex market and how to operate within it. In the elementary level, you will go through the following major topics:
- Support and Resistance Levels
- Japanese Candlesticks
- Fibonacci trading
- Moving averages
Because this is level is extensive, there are so many things you will learn. For that reason, you need to be prepared to handle what comes with currency trading.
Here is what you will need to get through this level in the course:
- An open mind.
- A proper way to take notes as you go.
We are going to go through a summary of what you can expect from this level, as you learn more about how to trade forex.
Support and Resistance Levels
Under this topic, we have the following subtopics:
Support and Resistance Trading in Forex
Support levels refers to when the prices have stopped falling and resistance levels refers to when the prices have stopped rising. These levels can be used to your advantage in your online trading.
The two main concepts you will learn about in this level are:
- The Bounce Strategy
- The Break Strategy
Sometimes, you will experience something called ‘breaks’ in forex trading. The two methods that can help you pass these breaks are;
- The aggressive approach
- The conservative approach
Get to the lessons and learn how these concepts fit into making you the best broker you can be.
Trend lines are a broker’s way of knowing what will happen. When it comes to forex trading, you are gambling on the future essentially. Knowing how to draw and read these lines will help you know important things like when to enter or exit the market.
Market trend types you will find include:
When it comes to drawing trend lines, there are some important things that you will need to consider so that you can get accuracy. In this lesson, you will be taught how to utilize this resource for the best margins.
Trade Channels in Forex
This is the last segment of the first major topic. Here, you will learn all you need to know the types of channels in forex trading. They include:
- Ascending channel
- Descending channel
- Horizontal channel
In addition, there are more points to consider listed at the end of the course.
What is the Japanese Candlestick?
To learn this, you will have to delve into this course to find out more about them. The candlesticks have a rich heritage in the forex market and price change tracking. The best parts about this is how well explained the segments are.
The Japanese Candlestick Anatomy
To use the candlestick, you will need to know what it is comprised of and what each part means. Get into the details of the candlestick in this section that explains all you need to know about the shadows on the sticks and other minutiae.
Basic Japanese Candlestick Patterns
The FX market relies in the Japanese candlestick very much to gauge prices and come up with trading scenarios for more accurate predictions. In this segment you will learn what the basic patterns are, for better readings and other things like the four types of Doji:
- Long-legged Doji
- Dragonfly Doji
- Gravestone Doji
- Four Price Doji
It is all very well explained.
Lessons four through to six are about:
Single candlestick patterns
Dual candlestick patterns
Triple candlestick patterns
From these, you will learn the details of what they look like and what they mean on a chart.
Japanese Candlestick Cheat Sheet
If you want an easy way to remember the patterns you see and what they mean, a cheat sheet is provided for your benefit.
Candlestick with Support and Resistance
In this subtopic, you will learn that without other aids, the candlesticks alone are not enough. That is why they need to be paired with other tools to make sure that you get information that is comprehensive and actionable.
Learn how you can use the tools provided to get a good trade.
Finally, we get to the summary of this part and move on to Fibonacci Trading.
If you are wondering what the sequence described by an Italian Mathematician has anything to do with the forex market, do not worry. When you ask what is forex, this is just some of what you get.
In this course, you will learn the following crucial things:
- How to use Fibonacci retracement to enter a trade
- The reason why Fibonacci retracements are not foolproof
- How to use Fibonacci retracement with support and resistance
- How to use Fibonacci retracement with trend lines
- How to use Fibonacci retracement with Japanese candlesticks
- Using Fibonacci extensions to know when to make profit
- Using Fibonacci extensions to determine the stop to lose less money
When using Fibonacci trading, one needs to understand that most traders observe Fibonacci level numbers very closely to make sure that they are not getting any problems when learning to trace the trends and make a great trade. It is not just about having the best brokerage accounts.
All these tools are created for the express purpose of making sure that you have a way to spot entry and stop loss points.
The details of this part of the course need keenness.
Moving averages in trades are one of the major indicators of what you can expect. The market trends and reversals get mixed up with noise and that might cause you to lose. Moving averages are intended to differentiate real trends from the background noise.
Here is what you will learn in this section:
- Simple moving average explanations
- Simple vs. exponential moving averages
- Use moving averages to find the trend
- Use moving averages as dynamic resistance and support levels
Moving averages are the best when it comes to faster identification of trends that are real. This will minimize losses and make sure that you know exactly when to get into the market and when to check out.
Popular Chart Indicators
When it comes to chart indicators, there is a lot to unpack here. First, you must know some of the terminology and what it means. The words just keep getting bigger the further down you go on this forex course.
Here are the subtopics covered under popular chart indicators:
- How to use Bollinger Bands
- How to use the MACD Indicator
- How to use Parabolic SAR
- How to use the Stochastic Indicator
- How to use RSI (Relative Strength Index)
- How to use ADX (Average Directional Index)
- Ichimoku Kinko Hyo
- Trading with multiple chart indicators
- What is the best technical indicator in forex?
To summarize popular chart indicators, any trader worth their salt will know that there is more to trading than using just one chart. Data is the key to making a good trade and having these tools will more than help you do just that. The elementary level of forex education ends here.
Top Rated Online Best Forex Brokers 2023
Support and Resistance Trading in Forex, Trend Lines in Forex and Trade
What is the Japanese Candlestick? Japanese Candlestick Anatomy, Patterns and Cheat Sheet
Fibonacci Trading, How to Use Fibonacci Retracement with Table, Support & Resistance, Trend Lines and Japanese Candlesticks
What Are Moving Averages? Use Moving Averages to Find the Trend, Dynamic Resistance and Support Levels
Popular chart indicators, How to use MACD indicator, Parabolic SAR, Stochastic indicator, RSI, ADX and Ichimoku chart?