If you’re just starting off with Forex trading, then you’ll likely be overwhelmed with the vast number of online resources and trading courses that are out there. 

Although Forex trading can be extremely lucrative for professional traders who have found their consistency, being successful takes direct experience and an understanding of the basics of how markets work, and a strategy with a proven edge for you to execute on so you can actually turn a profit.

As a beginner, chances are that without a proper Forex trading education, you will almost certainly end up losing all of your money. 

However, with the right education, things can look very different, and that’s what we’re here for today. Let’s determine what the best Forex trading courses and resources for beginners are, and how you can access them so you can start your trading career off on the right foot!

Top 4 Forex Trading Courses for Beginners

The goal of today’s article is to find and compare the top four Forex trading courses which can help teach you all of the necessary skills you need to be successful when trading currencies. Let’s start by looking at the Phantom Trading Beginners Guide to Forex.

1. Phantom Trading Beginners Guide to Forex

First, we have the Phantom Trading Beginners Guide to Forex, which was actually created by our resident team member, Rob (Coldwater), and serves as a great introduction to anyone just entering the world of Forex. It is a free resource, and a big benefit that makes it ideal for those who just want to get their feet wet with a very general understanding of what Forex even is.

For a free resource, it was designed to be very extensive without having much fluff. It’s super informative and concise as it covers many important aspects of Forex trading, such as the basic concepts and terminology you’ll need to know to get started as an aspiring Forex trader.

It can be accessed by anyone, and it serves as a great starting point for anyone who needs a light yet informative introduction to Forex trading. It’s meant to be a well-structured resource that is easy to follow.

Main Benefits

  • An Introduction to Forex: A huge benefit is that the Phantom Trading FX Beginners Guide to Forex introduces key concepts such as leverage, lots, and pips/ticks to beginners.
  • Covers Basic Analysis: This beginner’s guide covers the basics of the forex markets without going into depth about technical or fundamental analysis.
  • Practical Exercises: This free Forex trading course includes a variety of practical examples and visual diagrams to learn from.

Pros

  • Completely free.
  • Great introductory resource.
  • Simple to follow and understand.
  • Gives you everything you need to learn as a beginner before learning a strategy.

Cons

  • Does not provide fully comprehensive Forex education.
  • Doesn’t go over technical or fundamental analysis or trading strategy.

2. Phantom Trading FX Forex Course

For those who successfully complete the Phantom Trading FX Beginners Guide to Forex, we recommend moving on to the Phantom Trading Forex Course, which is a monthly subscription that also includes access to the Phantom Trading discord community.

This Forex trading course obviously costs money, but it also offers a fully comprehensive Forex trading education for anyone looking to learn everything they’ll need to know to get consistently profitable as traders.

The training this Forex course offers is in-depth and complete. It’s designed for those who are serious about FX trading and want to join one of the best FX trading communities on the market. The level of support offered is also great for anyone going through the learning process.

Main Benefits

  • Advanced Trading Strategy: The Phantom Trading Forex Course teaches an advanced supply and demand trading strategy that is well known.
  • Live Trading: There are many weekly live trading and backtesting sessions where those learning how to trade get to see the strategy get executed in real-time which helps people pick it up faster.
  • Risk Management Education: This course offers one of the most practical and easy to understand risk management modules.

Pros

  • Very comprehensive trading strategy and course.
  • Full access to a trading community.
  • Live trading sessions.
  • Taught by a team of real, funded traders.
  • Regular updates.

Cons

  • Requires basic knowledge of Forex.
  • Monthly subscription fee.

3. Babypips.com

Babypips.com is by far one of the best free Forex trading courses, certainly one of the most extensive.

This website is dedicated to Forex trading, and it features one of the largest Forex trading blogs in the whole world. It provides readers with a plethora of blog articles, tutorials, step-by-step guides, and much more.

These resources cover all aspects of Forex trading, from the basic introductory content to the most advanced Forex trading techniques. It’s a fantastic resource for beginners who need a solid foundation to build upon. 

The only real issue is that Babypips.com is very lengthy and will take a long time to get through, and will only really give you a basic understanding of technical analysis.

Main Benefits

  • A Structured Educational Program: There is a structured program that provides readers with a step-by-step guide to Forex trading.
  • An Extensive Free Library: Babypips.com is one of the most extensive and comprehensive free Forex trading resources.
  • Interactive Quizzes: This website features a variety of interactive quizzes that make learning both fun and easy.
  • Market Analysis Features: Babypips.com also comes complete with its own market analysis and economic calendar which is useful for beginner traders.
  • A Plethora of Trading Tools: This Forex resource has many infographics, visual aids, and trading tools meant to help beginners.

Pros

  • Comprehensive guide to forex.
  • Completely free.
  • Great forums and community.
  • Multitude of trading tools and resources.

Cons

  • Huge amount of content and information overload.
  • Can be overwhelming.

4. Udemy – Forex Trading Course for Beginners

If you’re looking for a free resource to teach you the basics of Forex trading, the Forex Trading Course for Beginners on Udemy is a great one to try. It covers all of the basics and essentials of Forex trading, complete with quizzes, video lectures, and more. However, it is not as comprehensive as the other free or paid courses, such as the one from Phantom.

Main Benefits

  • A Single Tutorial: This course features a single yet comprehensive video lecture on Forex trading.
  • A Simple Introduction: This Udemy course makes for a good resource for beginners who need an introduction to basic Forex terms and concepts.
  • Self-Paced Learning: The Forex Trading Course for Beginners is designed so that people can learn at their own pace.

Pros

  • Completely free.
  • Easy to understand.
  • Lifetime access.
  • Learn at your own pace.

Cons

  • Not as comprehensive as other free resources.
  • Very limited support.

How to Choose the Best Forex Trading Course

Before we wrap things up, it’s important to consider what you’re looking for in a forex course so you can pick one that is suitable for you.

Difficulty Level

When choosing from the many online Forex trading courses, pay attention to who the course is designed for. Some courses are introductory whereas others require an existing knowledge of Forex basics. If you’re a beginner, then you’ll need to start with the basics otherwise you’re going to find it hard to follow.

The Curriculum

Always look for a Forex trading course that has an extensive curriculum. This is especially important if you’re paying for a course. Everything from market structure, core trading concepts, entry models, trade management, and risk management should be covered. 

Learning Resources and Tools

Always look for a trading course that comes with a plethora of trading resources and tools. Trading calculators, live trading sessions, interactive tutorials, quizzes, and more can all be a part of an effective Forex trading education that will help you become a consistent trader.

Community Support

It’s always a good idea to look for a Forex trading course that provides you with access to a community of like-minded individuals. This allows you to work together with other people embarking on the same learning journey, and to stick it out when things get tough.

Forex Course Cost

Of course, the cost is also something to pay attention to. As you can see, there are both free and paid resources available. Free resources, while not costing a single cent, are generally not as comprehensive as paid trading courses. For those serious about trading, investing in course that has a track record of producing profitable traders is recommended.

Final Thoughts on the Best Forex Trading Courses for Beginners

The bottom line is that if you need a good Forex trading course to get you started, then the Phantom Trading FX Beginners Guide to Forex is a wonderful resource to start with. If you get through that, then the full Phantom Trading FX Forex Course is what we next recommend. For the price it’s simply the most effective, complete, and easy-to-follow Forex trading education available right now.