If you want to trade forex but have no idea what you are doing, then you have come to the right place. Let’s get right to it and provide you with some of the best foreign currency trading tips for newbies out there at this time. Remember folks, we are here to help you make money.
Say Goodbye to Your Emotions
The first thing that you need to realize about foreign currency trading is the fact that emotions have absolutely no role to play here. The simple reality is that oh so many trading newbies decide that their gut knows best. This could not be more wrong. Your emotions have absolutely no place in foreign currency trading or any other type of trading for that matter. Your emotions will do nothing but cloudy judgement and get in your way.
What you need to do is stick to what you know and stick to the facts. It’s something goes wrong, don’t overreact. If you lose a big trade, don’t try to place more big trades to make up for it. Trading is supposed to be rational, reasonable and well thought out. Everything you do in trading, whether Forex or otherwise, needs to be well thought out. Whatever you are doing, if it’s nothing more than an emotional knee jerk reaction, then stop it right now.
Do Some Daily Weather Forecasting
When it comes to foreign currency trading, one of the things you absolutely need to do is some daily weather forecasted, so to speak. In other words, you need to check the news because all sorts of news, weather, economic, political or anything in between, can have massive impacts on national Fiat currency values.
For instance, if you see a news story about EU S housing market completely crashing, chances are pretty big. But you know that the US dollar is going to become weaker over the next few days. Being aware of what is going on in the world is extremely important for foreign currency trading. National currencies are of course linked to the economies, so economic news is very vital to pay attention to. Never start a day of trading without taking a close look at the news.
Stick with the Major Foreign Currency Pairs
As a newbie trading foreign currencies, another thing that you have to do is to stick with the major currency pairs. The major currency pairs are the ones that see the most consistency yet also produced the most profits. The major currency pairs are also the ones that are most widely used in the world, and the most widely traded.
Some of the major currencies that you want to focus on include the US dollar, the British pound, the Swiss franc, the Japanese yen, the Australian dollar, and the Canadian dollar, as well as of course, the euro. Don’t start trading with random currencies such as Russian rubles or Indian rupees. It won’t go well.
Start Small with Foreign Currency Trading
What you need to know here is that foreign currency trading isn’t easy, not in the least. Therefore, as a newbie trading floor experience, it is strongly recommended that you not have more than one, two, or maybe three trades open at once. Simply put, the more traits you have open at the same time, the harder things have become, the keep track of.
Yes, as a beginner you definitely want to keep an eye on your trades at all times, because if you aren’t 100% confident in your trading strategy then you want to be sure that your trades going right at all steps of the way. As you become a better trader, you can have more trades open simultaneously, but for the time being, stick with one or two.
This start small rule also applies in terms of the amount of money that you invest into trades, not just the amount of trades that you have open at once. It is recommended that you invest no more than 1% or 2% at the very most of your trading capital into a single foreign currency trade. Investing any more than two percent of your total capital in a single trade is extremely risky.
Don’t Mess Around with Leverage
We aren’t going to go into much detail here, but as a foreign currency trading newbie, the bottom line is that you should not mess with leverage, not at all. Sure, leveraging trades is great if you win because you end up making a lot more money than you rest, but with that being said, if the trade goes South, you’re on the hook for the full amount.
Get a Trading Education
The fact of the matter is that with foreign currency trading, if you don’t have an education, mainly a solid base of knowledge, then you just aren’t going to be successful. Foreign currency trading, while extremely profitable, is also one of the most difficult things out there to do properly. If you don’t know at least the basic concepts and strategies that go into foreign currency trading, chances are pretty much 104% then you’re going to lose every single last penny you invest.
We need to find a Forex trading school that you can teach you all the fundamentals, the basics, all of the terms, strategies and everything in between that you need to know in order to be successful. The number one Forex trading school that we would recommend tracking out at this time is known as the Income Mentor Box Day Trading Academy. If you want to learn how to trade forex, you want a great teacher and you want to start making money as soon as humanly possible, then this is the place to be.
Use a Forex Signals Service
The other foreign currency trading recommendation that we have for you is to try using a signal service. If you are a new view as no idea what you are doing, then a single service is right for you. If you use the right signal service, you’ll get up to a dozen signals a day. For instance, you might get a signal for the USD CAD pairing.
This signal would come complete with entry and exit points, so you know exactly when and for how much to buy and sell. You literally don’t have to know a single thing. Just wait for the signals to come out, go to your trading platform of choice, and copy and paste. In case you didn’t know, with your membership in the Income Mentor Box Day Trading Academy, you get access to a 100% free Forex signal service.
Foreign Currency Trading for Newbies – Final Thoughts
If you follow the foreign currency trading tips that we have outlined here today, you shouldn’t have any problem with making money. Just remember that every foreign currency trading journey starts with the right education.
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There is no doubt about the fact that trading the market is very difficult. In fact, if you ask most people, it’s one of the hardest things that you can do. As a newbie who doesn’t know the first thing about the market, one thing that you might want to check out are some trading guides. Some simple trading cards can be very effective in teaching newbies the fundamentals and basics of trading as well as more advanced trading strategies to.
Now, with that being said, there are of course tons of trading guides out there. Now by this we are not talking about a person, but rather actual guides AKA tutorials or lessons. The simple fact is that most trading guides are tutorial that you’re going to find out. There just won’t teach you everything you need to know. Moreover, many of them are just wrong. Sure, there are some trading guides that are legit, but those often cost a ton of money, and that’s not ideal either.
What we’re here to do today is to take a look at various trading guide sources, so you know exactly where to learn the best materials from the best people. One specific person that we’re going to talk about today is Andrew. You might know Andrew from Andrew’s Trading channel on YouTube or from one of his Mentor Box Trading Academies. Yes, you guessed it, today we are here to take a look at the free trading guides on Andrew’s Trading Channel, as well as the paid ones that you get access to within his trading academies.
Best Free Trading Guides for Newbies on ATC
The main thing that we are here to look at today is Andrew’s trading channel on YouTube. Now before we start talking about the various trading guides and tutorial videos that Andrew has uploaded on this channel, what we want to do is to take a closer look at him. After all, if you expect to be one of the best traders out there, then it serves to reason that you also need to learn from one of the best.
Well, when it comes down to it, Andrew is definitely one of the all-time best traders out there, particularly at this time. He has been trading professionally for well over 10 years now. In that time, he has managed to see great success. Andrew makes a full-time living being a trader, but he doesn’t really trade full time.
If you want to make a whole lot of money trading just a few hours per day and he is a great person to learn from. There is also the fact that he is a super experienced stock market, forex, cryptocurrency, and commodities trader. In other words, this man knows a lot about many different market assets. Even better is the fact that Andrew also makes for a great teacher.
Not only does he know what he’s doing, but he also knows how to convey all of these materials in ways that are very easy for newbies to understand. When it comes down to it, there is really nobody that we would rather get our trading guides from than Andrew. What we want to do now is to take a look at some of the best and most recent trading guides and tutorials that Andrew has uploaded on his channel.
Finding the Best FX Trades
When it comes to the best trading guides around, particularly for Forex traders, this is definitely one that you want to check out. In this particular video, Andrew is going to teach you exactly how to find the best Forex trades.
Of course, if you want to make money trading foreign currencies, you first need to find the best pairs to trade with. Exactly how to find the best pairs that are going to provide you with the most profit is exactly what this trading guide is going to teach you. If you are an inspiring Forex trader, this is probably one of the first trading guides that you want to check out.
The Best Crypto Signals Group
The fact of the matter is that even if you don’t want to be a full-time trader, and even if you don’t want to take the time to learn how to trade, you can still make money. For example, this particular video talks about one of the best crypto signals groups around.
This is a group where you will get up to a dozen high-quality crypto signals per day. Ones that come complete with entry and exit points, so all you have to do is copy and paste of into your broker. Making money has never been this easy.
The Best Profit Scalping Indicator
When it comes to trading guides, you’re not always going to learn rules and tips about actual trading. Some of these guy videos, like this one might teach you about some of the best tools and indicators to use for trading.
This particular trading guide is all about the best profit scalping indicator out there known as the UPSI or the Ultimate Profit Scalping Indicator. If you need a world-class profit scalping indicator that has the power to provide you with profitable buy and sell signals for the stock market, Forex, Cryptocurrencies, and everything in between, then this is definitely something worth checking out.
The Bitcoin Super Cycle
If you’re looking for free cryptocurrency trading guides and Andrew’s Trading Channel is a great place to be. As you can see, this particular video is all about how big corn just confirmed as so-called supercycle.
If you want to know what a supercycle is, we recommend watching the video and yes, it is very important for you to know. Something else that Andrew discusses in this particular video is that U.S. banks are to allow Bitcoin trading in 2021, something that is going to have huge implications for the market.
Best Easy Bitcoin Scalping Strategy
If you want to know how to make a whole lot of profits in a very short amount of time, then what you need to do is to learn how to scalp trade. For those of you don’t know, scalping and trading is when you place very many small trades.
This tends to allow for much higher profits and a reduced risk of loss, although with that said, if you expect to be successful with scalping trading, then you do need to know what you were doing. In this particular trading guide, Andrew is going to teach you the best and the easiest scalping strategy for Bitcoin.
This way you can make many small profits in a short period of time without risking all that much. If you need a big coin trading strategy that is proven and easy to execute, then this one is definitely worth taking a look at it.
Avoiding Fake Breakout Trades
When it comes to great trading strategies, particularly in Forex trading, one thing that many traders do is to take advantage of breakouts. In case you don’t know what breakouts are, we recommend watching the video as you will get a full explanation on the matter.
The simple reality here is that breakouts can be a great way to identify new trades for you to place, but with that being said, false breakouts are a thing. If you happen to place trades based on false breakouts, you are going to lose a whole lot of money.
Avoiding false breakouts is something that many newbies have trouble with, and it’s something that you will learn exactly how to do here. If you watch this video, by the end of it, you will know exactly how to avoid fake and false breakouts like a pro.
Making Money Doing Nothing
When it comes to trading guide that are ideal for newbies, especially for people who have a very limited amount of time to trade with, then this one is a great one to check out. In this particular video, Andrew teaches newbies exactly how to make money while doing nothing at all.
In other words, this video is all about how you can place trades that are going to be open while you sleep, as well as to create trading setup that will profit you while you are in bed. When it comes to the best and easiest ways to make fast money, this is definitely something you want to know how to do.
In Forex trading, one of the most popular and profitable currency pairings is the EUR/USD pairing, or in other words, the Euro and the United States Dollar. If you know how to set up your trades and exactly what you were looking for, the training with, particular currency pairing can be extremely profitable. In fact, if you do it right, this can be one of the most profitable currency pairs out there, and this is one of the best trading guides out there that will teach you how to set up things up for this pairing.
Fastest Gold Scalping Strategy
When it comes to trading guides that are about trading gold for profit, this is one you want to check out. Here, you will learn how to scalp gold, or in other words, how to make many small and fast profits trading gold. Remember, gold is a fantastic thing to trade, and if you know what you are doing, it can be highly profitable.
Best Forex Trading Guides at Income Mentor Box
Alright, so what we do need to make clear is that while Andrews Channel is a great free trading resource, it definitely doesn’t qualify as a fully comprehensive education that starts with the basics to provide you with the ground-up foundation that you need to be a profession traded. If you really want to learn everything there is to know about trading specifically about Forex trading, then you do want to join a real trading Academy.
What we’re talking about here is the Income Mentor Box Day Trading Academy. This is currently one of the world’s most popular and trusted forex trading schools for newbies a place where you get access to the best and most relevant Forex trading guides around. This course has a very specific structure that teaches you the basics first, and then moves onto the more complex aspects of Forex trading. It comes complete with well over 50 full-length lessons, each of which come in video tutorial format.
What is really nice about these lessons is that Andrew explains everything verbally and then does everything live on video to provide you with visual aids. The bottom line is that if you want to learn Forex trading, then this is the place to be. Not only will you learn everything there is to know about Forex trading, but it is also very easy to learn.
Let’s not forget the fact that this Academy comes in at a very reasonable price, way more affordable than any other Forex trading school out there. Particularly when you consider the amount of value that you get here. Remember, once you are a member of this Academy, you are a member for life, which means that with one single payment you get full, unlimited and lifetime access to all course content. Even better is the fact that you also get something included for free, something that can help you earn money while you learn.
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A Free Forex Signals Service
As mentioned above, there is something included for free with this Forex trading school. What you get for free here is a Forex signal service. This is a service that is run over the Telegram Messenger app. Here you will get up to a dozen high-quality Forex signals per day that feature accuracy rates of up to 95%.
All forex signals come complete with entry and exit points, so all you literally have to do is copy and paste the signals into your trading platform or broker of choice. Once you execute the trade using the provided signals, you should see the profits accumulate. This is a really great way for you to earn money trading Forex while you are still learning how to do so from Andrew’s Income Mentor Box.
Best Stock Trading Guides at Stock Trading Mentor Box
OK, so the above trading school was designed for Forex traders whereas this particular one is designed for stock market traders. Folks, if you need the best stock market trading guides around and you need a fully comprehensive education that starts from the ground up, then it is Stock Trading Mentor Box that you want to check out.
Now we aren’t going to spend quite as much time talking about this trading school as the Forex trading school above, mainly because both of them have more or less the same format. Both of them have Andrew as the teacher.
They both have well over 50 full-length Lessing that take the form of explanatory video tutorials. They both come in at very low prices. An offer of unlimited lifetime membership with a single one-time payment. Moreover, this stock trading academy does also come with a freebie included.
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The UPSI Indicator
The freebie that you get included with your membership in stock trading mentor box is the very popular UPSI indicator, otherwise known as the Ultimate Profit Scalping Indicator. If you want to engage in market scalping, which is the practice of placing very many small trades with the aim of making lots of small profits, then the UPSI indicator is definitely a tool that you want to have in your arsenal.
When it comes to profit scalping indicators, this is definitely one of the best around. If you follow all of the trading guides that you get here, and you use the profitable buy and sell signals that the UPSI indicator provides you with, you should have absolutely no problems making money.
Learning to Trade with Andrew – Final Thoughts
There you have it, people, everything you need to know about where to find the best trading guides. Once again, if it’s a free education that you were looking for and you just want some basic tips, rules, and strategies, and Andrew’s Trading Channel is a great free resource to check out for all newbies.
With that being said, of course, if you want a fully comprehensive education for trading, then it is either the Stock Trading Mentor Box Academy or the Income Mentor box Day Trading Academy that you want to check out. Yes, of course. Both of these trading schools do cost money, but that said, they are very cost-effective and much more reasonably priced than any other trading guide source out there.
The simple reality here is that if you expect to be a proficient, profitable, and self-reliant trader, then you need to have the right kind of trading education in your arsenal. Without the right education and the right foundation of knowledge, you are not going to be successful. And this is true whether you’re trading cryptocurrencies, forex, the stock market, or anything in between.
If you are new to the world of Forex trading, you are likely intimidated by it. Yes, of course, there is a great potential to make big profits, potentially thousands of dollars in ROI per day. On the other hand, FX trading does of course also come with its risks, quite large ones. The less experience and knowledge you have about Forex trading, the more risk is involved. The higher the amount of risk, the likelier you are to lose money instead of making it.
That said, is just an inherent part of FX trading, and there is nothing that you can do to eliminate it totally. However, if you educate yourself on everything there is to know about foreign currency trading, and you have a good teacher to help you out, it will make life easier and trading more profitable.
Today, we want to talk about one of the best sources of education, tips, tricks, and strategies for Forex trading, particularly for newbies. There are some really great sources out there that can provide you with very simple, fast, and easy to understand Forex trading tips and strategies. Right now, we want to take a look at one of the best free online resources that can help provide you with valuable insights and tips into the world of FX currency trading.
Folks, if you are a beginner trader, and you don’t know what you are doing, you definitely want to stick around. We are about to tell you where to find the best tips and info, the easiest to learn strategies, and more.
Andrew’s Trading Channel for Forex Beginners
Before we talk about some of the best Forex trading guides for beginners that can be found on Andrew’s Trading Channel, we do just want to touch on who the teacher is and what you can find here. First off, Andrew himself is a long time trading pro who has been in the business for well over a decade.
He is a full time trader of Forex, stocks, crypto, and more, and he manages to make a very comfortable living doing so.
Moreover, what is great about Andrew’s Trading Channel, besides the fact that it contains hundreds and hundreds of free Forex trading guides and videos, all for free, is the fact that everything here is designed for beginners. Andrew does everything live on video so you can follow along.
Best Forex Trading Tips & Info for Newbies
Let’s take a look at some of the best Forex trading tips, guides, and strategy videos that you can find on Andrew’s Trading Channel.
Best 5 Minute Forex Scalping Strategy
If you are looking to invest small amounts of money per trade to minimize risk, and you don’t have a lot of time to spare for trading, then this 5 minute Forex scalping strategy is a great one to look at. Here, Andrew explains in a step by step manner how to use a 5 minute chart combined with three separate EMA or exponential moving average lines in order to make profits. As far as scalping FX trading goes, this is one of the most profitable strategies around, as well as one of the easiest to learn.
Growing a Small Trading Account
One of the biggest challenges that you will be faced with as a newbie Forex trader is limited funds. If you are just starting out in the world of FX trading, you probably only have so much money to spare. Remember people, one of the primary rules of Forex trading is that you should only trade with money that you can afford to lose.
This means that you may only have a few hundred dollars to start out with. No, Forex trading with so little money is not easy, but it is doable. In this particular trading guide, Andrew explains exactly how newbies can start with so little money, and how to grow that trading account into something substantial in just a couple of weeks.
Best AUX/USD Forex Trading Strategy
What is important to know as a Forex trader is that one of the most secure and profitable pairs to trade is AUX/USD (gold and United States Dollar).
These share an inverse relationship that makes trading this pair quite easy. As you will discover in this particular video, this pairing can be super profitable. If you want to make easy money and learn the best AUX/USD Forex trading strategy around, we recommend watching this particular video.
Best Ways to Spot Forex Entries
This final FX trading video from Andrew’s Trading Channel that we want to discuss today is this one, about the three best ways to spot Forex entries. As a newbie trader, one of the hardest things to learn is when and where to enter trades. Here, you will learn how to do just that in the easiest way possible.
Best Forex Trading Tips for Beginners – Final Thoughts
As you can see, Andrew’s Trading Channel is indeed one of the best places to get info, tips, and strategies in regards to FX trading. Everything you see on this channel is totally free, which is of course a big bonus because it means to having to spend money to make money. Moreover, if you are a newbie and you need Forex trading tips and information, this is by far the most beginner friendly source. Everything is presented in a user friendly and easy to grasp follow-along video tutorial format.
Now, what we do have to say here is that Andrew’s Trading Channel is of course not a comprehensive or full Forex education. If you are looking to learn really everything there is to know about Forex, we would recommend checking out the Income Mentor Box Day Trading Academy. No, this Forex trading school is not free, but that said, it is also where you will find a full scale, beginner friendly, and complete Forex education. This is the kind of school that turns clueless newbies into profitable full time traders.
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The fact of the matter is that the Forex market can be very unpredictable, which is why stop loss orders are so important. A stop loss order is one of the primary tools which a trader has at his or her disposal in order to avoid large losses. Today we want to take a closer look at exactly what stop loss orders are, why they are important, and what the different types are.
What are Stop Loss Orders?
Stop losses are a special type of order which can be executed on trading platforms and via your brokers. This is an order designed to limit losses in the even that the market goes in the opposite direction of a trade that was placed.
SL orders are set at a specified amount of pips away from the starting price. For instance, you can set these orders so that if a trade moves 10 pips against you, the trade will close on its own and save the rest of your investment, thus limiting the amount of money lost.
So, in essence, if you place a buy order, but the price goes down, a stop loss order would prevent you from losing the full investment.
The fact of the matter is that markets, especially the Forex market, is very volatile and often unpredictable. No matter how much work and analysis you put into your trades, things can always go wrong, and this is where SL orders come into play.
5 Forex Stop Loss Strategies to Know
Here we have 5 different stop loss strategies that you can employ in order to limit losses in the event that a trade goes south.
Using Static Stops
One way to set a stop loss is to set it at a static price point, which means that you set it at a certain point and do not expect to move or change it. This is a really simple way to set an SL and it allows traders to easily set a one to one risk to reward ratio.
In other words, if you want to keep your risk to reward ratio at 1 to 1, you can set your static stop loss at 50 pips below the entry price, while setting the take profit at 50 pips above the entry price. This is by far the simplest way to set an SL order.
Setting Static Stops with Indicators
This method of setting SL levels is much like the first one we just looked at. However, this one also involves the use of indicators. Some people use indicators such as the ATR (average true range) to do this. The big bonus here is that instead of setting an arbitrary SL, traders use actual technical market information to set the stop loss.
The bonus here is that traders can accurately analyze risk management options by using indicators such as pivot points and price swings and by using recent market information. Unlike simple static stop losses, here you actually use market information to make your decision more accurate, reliable, and less costly in the even that a trade goes south.
Using Manual Trailing Stops
For those Forex traders who want to exercise maximum control over their trades at all times while those trades are open, using manual trailing stop loss orders is a good way to go.
In other words, this type of SL involves a trader needing to pay close attention to open positions, because the trader will manually move the stop loss according to what is unfolding in front of him or her.
In essence, the further a trade moves in favor of your position, the further the SL order is moved to accommodate this. Then, when the market trend finally reverses, the position will be stopped out.
Trailing Break Even Stops
This specific type of trailing stop loss is similar to the other one we just looked at, but it allows for even better money management and risk management. Once again, a trailing SL is where a trader can adjust the SL level as the trade moves in his or her favor.
This is of course an attempt to mitigate as much risk as possible in the event that the trader makes a wrong decision and the market moves against him or her. The point here, for example, is that if you set the stop order to 50 pips below the entry price, if the price moves up by 50 pips, you can then adjust the stop order, say by 50 pips.
Now, your SL order would actually be at your break even point, or in other words, at the entry price. This is why this type of SL is also referred to as a trailing break even stop loss, because at the end of the day, the aim is to set the SL at the entry price, so that if a trade goes south, no money will be lost.
The Fixed Trailing Stop
The fifth and final type of SL order that we want to talk about today is the fixed trailing stop order. This type of stop order is like the other types of trailing stops, with the difference being that the trader sets the increments in which the stop loss order adjusts.
In other words, instead of manually having to adjust the order every time the market moves in your favor, you can set your trade to automatically adjust by a set amount of pips when the market moves in your favor. These automatic adjustments will continue until the trade is closed or until the stop order is hit.
Stop Loss Orders – Final Thoughts
The bottom line is that when it comes to Forex trading, the stop loss order is indeed one of your best friends. You won’t always be able to place the right trade, and when the time comes, you will be thankful that you learned all about SL orders. They can end up saving you a whole lot of money!
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When it comes to the world of Forex, something you really cannot do without are trading strategies. Yes, Forex strategies are very diverse and there are plenty of them to go around, hundreds in fact. If you plan on actually making a profit in foreign currency exchange trading, you need to have a solid plan in mind.
In other words, you need to have a mastery of various Forex strategies in order to profit. Without the right knowledge, skills, and some solid strategies in your arsenal, chances are pretty big that you will not see success anytime soon. Yes, FX trading is much harder than the pros make it look. Now, today we do not want to focus on specific Forex strategies for profitable trading.
What we want to focus on here are the basic components and the fundamentals which go into creating and using Forex strategies the right way. Specifically, today we want to cover the 7 basic components that you need to prepare for in order to make your Forex strategies work for you.
The 7 Fundamentals of Forex Strategies
Alright, so as we mentioned above, there are 7 vital components to every Forex strategy. More than that, these 7 fundamentals are crucial to master and to keep in mind at all times when you are trading, and this is regardless of the specific strategy you plan on using. If you follow the 7 tips that we have outlined below, you should be able to make any and every Forex trading strategy work to your advantage.
Perhaps the most important component that you need to factor into all of your Forex strategies for Trading is money management, which is another way of saying risk management. Of course, the risk of losing money is an inherent part of trading FX, as well as with stocks, commodities, and so much more. What you need to know here is that losing money is inevitable.
No, we don’t mean losing everything, but losing a trade here and there is going to happen no matter how well prepared you are. This is the nature of the game. However, it’s all about how well you manage your money and the risk of it all. In other words, never risk more money than you can afford to lose comfortably, so no using your rent or mortgage money to trade currencies! Don’t use it if you can’t afford to lose it.
The next important component of Forex strategies for profitable trading is time management. No, of course, you cannot spend the live long day trading, especially if you have a day job. However, equally as important to know is that profitable traders do spend all day trading, with many being full time traders who make all of their money in the world of FX.
Now, if you have a day job, you will still need to dedicate at least a few hours per day to trading, at least if you plan on being successful. The reason why people who trade for only an hour each day usually are not successful is because they miss the best opportunities. Simply put, you always have to be on the lookout for the best opportunities by keeping an eye on the market whenever possible.
Something that you always need to do, particularly if you are newbie testing out new Forex strategies, is to start off small. By this, we meant that you should stick to the smallest lot sizes possible and never invest a large chunk of cash into any one trade. If you are not yet very experienced, risking so much money is not worth it, especially considering that due to your status as a newbie, things are likely to not go your way.
Therefore, it’s best to start small. Moreover, by starting small, we also mean that you should not place a very large number of trades per day. Just like with anything else out there, it’s all about quality, not quantity. Also, having too many trades open at once makes things hard to track. It’s best to practice with some Forex strategies and master them before you start trading high volumes.
The next important basic of Forex strategies, no matter which one you use, is that you need to be consistent with it. Now, this only applies if you are using a proven strategy that has shown results in the past, either for you or others.
However, the point here is that you need to keep things the same and constant. If it works, don’t fix it. You need to stick to your plan, especially if it is a good one. Don’t veer off course, don’t let your heart and your emotions tell you what to do, and don’t start changing things up if there is no need. Consistency is key.
It’s All About the Timing
Something else to keep in mind in terms of using various Forex strategies as a newbie is that timing is very important too. As a beginner, it’s best not to start trading right when the market opens up or right when you open up a chart.
As a newbie, you want to take your time, you need to evaluate the best course of action, and you need to strike while the iron is hot. That said, rushing into a trade too quickly is not a good idea. So, if you see a profitable opportunity, take it, but don’t execute lackluster trades just so you have made a trade.
Getting an Education
If you want to learn everything there is to know about Forex strategies, what they are, how to use them, and so much more, it’s best to get educated. FX trading is not something you can just do successfully without any training. It takes a lot of hard work and skill to get to a level where you are profiting on a consistent basis. Therefore, getting a solid Forex trading education is crucial.
Practicing with Demo Accounts
Finally, you do want to get some practice in. There are plenty of brokers and platforms out there that come with free demo accounts where you can trade using fake money. Before you start using new Forex strategies, test them out using such a demo account, just to make sure that you know what you are doing.
The Basics of Forex Strategies – Final Thoughts
There you have it folks, the 7 basics of Forex strategies for profitable trading. Now that you know what these fundamentals are, you can get to mastering some simple Forex trading strategies that will put money in your pocket!
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