Daily Forex, the FX traders’ news site, has recently launched FXAcademy.com, an online Forex education portal.
Developed by the Daily Forex team, the FX Academy provides free training and educational materials for FX traders, offered by an independent source not aligned with any specific brokerage and without the requirement to invest real funds.
Forex Magnates reviewed the new FX Academy service while it is still in its Beta stage, according to the website, and offers three main training tools for traders as of today; courses, trading simulations and a glossary.
Currently, there are seven courses available with three to five lessons each, ranging from basic FX introduction to advanced concepts in technical analysis. Every lesson contains a short video of about five minutes or less, instructors’ notes, suggested additional reading and a quiz. The video clips look polished and professional, but are easy to understand and not too serious.
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The second training tool offered on the site is the Strategy Simulations section. The idea of the simulations is that traders are exposed to popular news media reports and to currency exchange rate charts or commodity price graphs, and can see how their trading strategy would have performed in the past.
The medium through which the website is presenting the simulations is a linear timeline with events on it, each event containing a picture and text which is not very interactive. A more engaging experience could have been created if the situations were presented with fast-paced video clips, trying to capture the real excitement and fear of live trading and having to make a real-time decision. Letting the users choose a strategy and see the results, like the way lessons’ quizzes are built, would have also made it more interactive, rather than just being presented with three possible strategies, and then a conclusion.
The third educational section on the website is a glossary of Forex trading related terms, simply allowing users to search for simple and short explanations of terms they might encounter while learning or researching the markets.
The materials on FX academy are free and offered without the need for registration, but registering gives you access to a personal dashboard of your progress, including lessons learned, video game style achievement badges and “Academy Points.”
The company promises to update the service constantly with new lessons and trading simulations. And, as the service is still in beta there could be changes and feature additions made in the future, even additional languages might be possible according to user demands.
Explaining to Forex Magnates the initiative to set up the new portal, Adam Lemon, Senior FX Academy Instructor said: “By sharing our knowledge, insight and expertise of the global Forex markets we not only make learning Forex trading more accessible, we facilitate a faster, more secure and lower risk entrance into the exciting retail FX trading and investment arena.”