2011 Review of Forex Brokers
The education provided by forex brokerages has a substantial impact on the development and growth of a trader. This material is what helps instill new ideas and open doors to new opportunities. A broker's educational content should be progressive, well organized, and provide a medium for questions and constructive feedback. A particularly heavy weighting was applied to beginning educational material. It is this entry level instruction that provides the foundation for what could be the beginning of a lucrative endeavor into trading currencies. Without an easy-to-follow introduction, new traders are susceptible to making novice mistakes that could bankrupt their trading account and leave them feeling ripped off, which has been an unfortunate trend in leveraged trading. We also expect that traders of a "higher caliber" are appropriately accounted for within a broker's education. Whether this comes in the form of advanced wave theory or the exploration of algorithmic trading, we expect a brokerage to teach us something new.
Ranking first in our 2011 review of education is FXCM. FXCM ranks first for several reasons: First, their dedication to beginner traders is unparalleled by any broker in the industry. This is clearly depicted through their development of sites such as microlot.com and dailyfx.com. In addition to their introductory content, FXCM's trading courses provide a highly effective learning environment. Each course (Bollinger Bands, Elliott Wave, Carry Trade, etc.) has two video lessons, an "instructor take," a homework assignment, and the ability to ask questions. Combined with FXCM's interactive chat room and forum, FXCM has the means to add depth to anyone's pool of trading knowledge. FXCM gives a 7-day free trial of their online courses; otherwise, a live account is required to utilize their educational lessons.
Ranking second in this year's educational review is GFT. GFT is able to pull away from the masses by offering diverse education through several mediums. Most notably, GFT offers 7 live webinars every trading day. The webinars are conducted by GFT's education and analysis team, with topics ranging from "Fibonacci Trading & Theory" to "Advanced Indicators & Strategies.” Such topics help introduce traders to new analysis methods, as well as develop and fine-tune their current trading philosophies. Another GFT advantage comes from their partner site, fx360.com. Through this site, GFT provides their own unique technical analysis methods, which they support with additional education and commentary. The extra material helps its trading base to learn, apply, and build upon GFT's trading techniques. Overall, GFT empowers traders by providing educational material that fosters creativity and promotes trader development.
While not as well rounded as FXCM or GFT, both Forex.com and Alpari provide unique educational content that is worth mentioning. Forex.com offers 8 professional-grade forex videos that hit home on their respective topics; we just wish there were more than 8 of them. The entry level education provided by Alpari is a bit underdeveloped, but where they go above and beyond is with their "Technical Analysis Trading Guide," as well as their library of 30 educational videos.
Each brokerage has its own educational niche and takes its own approach to educating and developing its client base. Overall, FXCM does the best job of accommodating a variety of trading styles and delivering material that is highly focused and professionally developed.