Forex Trading Tips & Strategies for 2021
Are you a newbie to the world of currency trading? If so, you are in the right place. Let’s get to it and discuss some of the best Forex trading tips and strategies for 2021, so you can get to making some real profits.
Forex Tips for Newbies
The first thing that we want to cover today are some of the most important Forex trading tips that newbies need to adhere to. If you follow the simple tips and rules as outlined below, your chances of success will increase drastically.
First off, when you are just starting out with FX trading, it’s important that you start small. By this, we mean that you shouldn’t have many trades open at the same time, no more than two or three, or else they become hard to keep track of. Moreover, don’t invest much money into single trades. If you are a beginner, chances are you will make mistakes. If you are going to lose trades, they best be small ones.
Something else to adhere to when it comes to Forex trading for beginners is the 1% rule and the 3% rule. Now, it depends on who you ask, but the bottom line is that each trade you place, the money invested in it, should not total more than 3% of your total trading capital at your disposal. You don’t want to invest half of your money in a single trade, because a couple of losses will wipe you out.
Just remember to manage your money properly. The rule of thumb in FX trading is that you should never trade with money that you cannot afford to lose. Don’t gamble your rent or mortgage payments on the chance that you could strike it big.
Pick a Good Strategy
FX trading is not the kind of thing that you can just do on a whim. It’s not something emotional and it’s not something that you can wing. FX trading needs to be well thought out, planned, and methodical. This means finding some solid trading strategies that are easy to master and proven to work.
In terms of Forex trading tips for newbies, one the best ones we can give you is to try and be as consistent as possible. If you lose a trade, don’t throw your game plan in the trash and start over. If you know that your strategy is good, weather a few losses and keep on trucking. Consistency is key in FX trading.
Get a Trading Education
One of the best things that you can do before you even start here is to get yourself a decent education. The fact of the matter is that without at least a basic understanding of the market and FX trading concepts, you won’t get very far. You wouldn’t run into a burning building without first learning how to be a firefighter.
Finding the Right Broker
Finding the right broker for trading is a pretty big deal too. Some are best for heavy trading while others are best for newbies. Try to find yourself a low cost and beginner friendly broker.
Set Realistic Goals
One of the biggest mistakes that newbie traders make is to set super unrealistic goals. Folks, you won’t make thousands of dollars in your first weeks or even months of trading. There is a learning curve involved, and you need to realize that for the first while, your profits aren’t going to be anything super exciting.
Make Weekly & Monthly Plans
The other Forex trading tip you should follow is to prepare some weekly and monthly trading plans based on both technical and fundamental analysis. Don’t just start trading blindly.
Some Simple Forex Trading Strategies
What we want to talk about now that we have covered some of the most important Forex trading tips for newbies, are some of the best and easiest Forex trading strategies that you as a beginner can employ with relative ease.
5 Minute Gold Scalping Strategy
This particular strategy for Forex trading is a truly fantastic one, something that every newbie can learn how to do in just a couple of hours. Even better is the fact that these trades only last for a few minutes and involve small investments, thus making this strategy perfect for newbies.
VWAP Trading Strategy for Newbies
VWAP stands for volume weighted average price, and although it is quite the mouthful, it’s a fantastic trading tool to know, and as you can see from this video, it allows for some fairly straightforward strategies that any newbie can learn.
Best Fibonacci Strategy for Newbies
The Fibonacci retracement indicator is another one of these indicators that allows for easy trading for newbies. Watch the video included here to find out exactly how to use it with ease.
Where to Learn Forex Trading in 2021
Seeing as one of the most important things you can do as a beginner Forex trader in 2021 is to get an education, it might be a good idea to know where the best place to get that education is.
Well, when it comes down to it, the best place to learn everything that there is to know about Forex trading is from the Income Mentor Box Day Trading Academy.
With a fully stocked curriculum, over 55 full length video tutorial lessons, and a fantastic mentor that makes learning fun and easy, not to mention for a very low cost, Income Mentor Box is the place for newbies to be.
Forex Trading for Newbies in 2021: Final Thoughts
The bottom line here is that as a newbie Forex Trader in 2021, you do need to be careful. There are many great Forex trading tips and rules that you need to follow, and some really easy strategies that you can learn in no time at all.
That said, we feel like the most important thing you can do for your trading game is to get an education. Making money in the world of trading is much easier when you actually know what you are doing.