About 'forex contest'|Contest Forex, Prize 46400 USD
Learning to become a savvy investor isn't done by opening a book and reading about price/earnings ratios, dividends, and chart patterns. Well, it is, but it's a lot more than that. After you've read a few basic investment books, you need to get in there and get your hands dirty. There is no better way to learn investment techniques than by actually applying them. Since you don't want to lose your capital while learning, there are some free tools available. Here are the top 5 free tools for learning to become a savvy investor. Demo Accounts Open a demo account with a broker and use it to practice stock, futures, options or forex trading. Your existing broker will usually give you a separate demo account, if you ask for one. Any good broker will also offer you a demo account even without a real account. You can run test strategies on the demo platform alone, or alongside your real account. This allows you to stay in touch with the market and its moves, even if you don't want to change any of your current real investments Contests and Tournaments These are even better than demo accounts, because real money is at stake. Even if it's a long-shot to win the contest and claim the prize, you still feel more compelled to make profit than in the demo account. You'll place each trade more carefully. This helps you stay in focus and in tune with the market news and with new investments. Webinars More and more brokers are now offering free instructional webinars on investment instruments. These are seminars held online, often with real-time charts and with investments being placed right before your eyes. You'll have a chance to comment and see commentary from other webinar participants, along with help from the instructor. You can usually ask questions and get an answer right there, unless there are too many participants. In any case, email follow-up is encouraged. Investment News Many investment news sites, including BBC and Yahoo Finance, can teach you a lot about investing, just by following the news stories and picking up their vocabulary. Reading investment magazines and newspapers can also help, at least once in a while. Their articles will be more timely than books. The rules, laws and investment climate change so quickly that books are sometimes outdated just days after printing. Video Channels Video content sites geared toward investing, such as INO TV and Tradertape, have investment videos that really go a long way toward increasing your awareness of the markets and tools available. Watch the videos with discretion; I think you can pick out the infomercials from the real news stories. Avoid learning from salesmen. They'll teach you how to trade so their commissions get fat. I'm sure you'd rather trade for your own wallet. Look for impartial sources. Good well-rounded sites are Investopedia, MarketWatch and Yahoo Finance. More from this Contributor: Debunking the 8 Most Popular Investment Myths Creative Ways to Get More Out of your Savings Money Saving Tips in your Home |
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