Your Monthly Forex Trading Plan

Your Monthly Forex Trading Plan

If you are new to Forex trading, you may not know how to get started or how to make a plan of attack. Well, as somebody who has never traded before, or is still in the beginner stages, putting together a monthly Forex trading plan is essential to your success.

The fact of the matter is that trading Forex is not easy. This is indeed quite hard, and it takes a good deal of skill, patience, knowledge, and planning to be successful. Simply put, analysis, planning, and research are half the battle. If you can properly analyze the market and make a solid plan of attack based on your findings, things will go much better.

Sure, some of the most seasoned trading professionals may be able to just sit down in the morning and start trading. However, these are people that have plenty of experience. For everybody else, you first need to make a solid plan, or in other words, a monthly Forex trading plan.

Monthly Forex Trading Plan

You need to sit down for a few hours at the beginning of the month, maybe for a full morning, and really take your time analyzing the market. If you spend a few hours putting together a monthly Forex trading plan, things will be much easier. If you have a solid plan of attack, you won’t need to spend as much time each morning doing research before you begin your session.

For those of you who don’t know what goes into making a monthly Forex trading plan, no worries, because that is exactly what we are here for right now. Let’s get right to it and talk about the five most important components of your monthly Forex trading plan.

Analyze the Current Market Structure

The first aspect of your monthly trading plan is to analyze the current market structure. You need to identify multiple market factors including various support and resistance zones, trend lines, major pivot zones. Simply put, you need to see what the structure of the market is like.

Not only do you need to analyze market structure, but you also need to analyze the structure of the market of the previous month, and you then need to compare the two.

The past often dictates the future, so if you can find out what the current state of the market is like, it becomes much easier to put together a monthly Forex trading plan, as well as a weekly and daily plan.

Monthly Forex Trading Plan

 

Make A Plan for Daily Trading for Your Monthly Forex Trading Plan

For your monthly Forex trading plan, a good idea is to actually create a daily trading plan. Of course, a monthly plan is great for providing you with the big picture, but you also need a daily plan for every day of trading. Remember, the more planning and research you put into Forex trading, the more likely you are to be successful.

A big part of this is deciding which currency pairs you plan on trading with, and of course, the current market structure, as well as the following points below will help you determine this.

Moreover, this also means developing a solid trading strategy, one that either you have developed, or someone else’s strategy. As long as it is a proven strategy that takes care of how to enter trades, when to exit them, and where to set stop loss and take profit levels at, you should be fine. What’s your trading strategy?

 

Pay Attention to the Upcoming Week’s News

One of the most important things that you need to factor into your monthly Forex trading plan is fundamental news, and not just for the coming day, but for the coming week. In order to examine fundamental news, we recommend checking out the economic calendar on investing.com.

Here, you will see various news releases associated with specific national currencies, whether one star, two star, or three star news.

Three star news is often referred to as three bull news, and this is what you need to look out for. If you see that a currency, say the Euro, is slated for a three bull news release at 11 am, it means that you should not have any open trades with the Euro at that time. Also, don’t open any new trades with that currency for at least one to two hours after the news release.

 

Look for Patterns in the Previous Month

The next thing that you need to do in order to put together a comprehensive monthly Forex trading plan is to take a look at one day, four hour, and one hour timeframes, particularly for the previous month, or at least the previous week. Here, you are looking for patterns such as trends.

You want to look for patterns on all of the timeframes, and moreover, you want to see if there are patterns that are related across various timeframes. If you see patterns occurring across various timeframes, you can assume that they may continue into the future, and thus provide you with profitable trading opportunities.

Monthly Forex Trading Plan

 

Set Realistic & Attainable Goals for Your Monthly Forex Trading Plan

The final aspect of your monthly Forex trading plan is to set attainable goals for yourself. You can decide what your goals are for yourself, but just don’t set them too high. If you set unattainable goals, you will undoubtedly be disappointed and disheartened when you inevitably fail to achieve those unrealistic goals.

Monthly Forex Trading Plan

A Monthly Forex Trading Plan for Success – Conclusion

The bottom line is that something like a monthly Forex trading plan will increase your chances of success exponentially. If you take the time to do research, to analyze the market, and to find the best possible trading opportunities at the beginning of the month, your life as a Forex trader will become much easier.

As long as you incorporate all five of the factors we just discussed, your monthly Forex trading plan should be comprehensive and accurate enough to allow you to trade FX currency pairs with relative ease. Of course, this is not a fool proof plan, as you do need to know what you are doing.

We do realize that some of the components of this plan, such as analyzing trends, as well as support and resistance lines, takes a bit of know how.

If you don’t know how to do this, it is strongly recommended that you seek an education in Forex trading. One of the best sources to get a comprehensive education in Forex trading is the Income Mentor Box Day Trading Academy.

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EA Pip Scalper & Default Settings Issues

EA Pip Scalper & Default Settings Issues

If you have not yet heard of the EA Pip Scalper Forex autobot, you really have no idea what you are missing out on. This is one of the newest and highest performing automated Forex trading systems out there. It may only be slightly over a month old, but in that short time, it has managed to garner an amazing reputation. Everybody who has used this software so far has had mostly only good things to say about it.

People seem to agree with the fact that the EA Pip Scalper app is by far one of the simplest and most user friendly apps around. The fact that it trades all Forex currency pairs on all timeframes, automatically, without you having to do any work, is of course awesome. There is also the simple fact that this software actually performs really well. If you use it properly, you stand to gain several thousand dollars in profits per day.

Now, this is not to say that this automated Forex trading bot is not without a few small issues, but that said, they are nothing major. One of the issues that people seem to be having is in relation to the optimization feature and the default settings. Apparently, once people mess with the settings to perform optimization, they cannot change them back to the default settings. Ok, to be fair, this is in no way the fault of the EA Pip Scalper app or the MetaTrader platform.

Unfortunately, some people may just not understand the full functionality of the EA Scalper combined with the MetaTrader app. However, this is really no big deal. If you don’t know how to revert your software back to the default trading settings, read this article and watch the embedded videos. Today we will teach you how to revert the EA Pip Scalper back to its original default settings, so you can get back to trading FX profitably.

EA Pip Scalper

Optimization with MetaTrader 4 and MetaTrader 5

Something that we do want to note is that the optimization feature on MetaTrader 4 does not seem to work nearly as well as it does on MetaTrader 5. Moreover, if you do change some of the settings on MT4, they are also harder to change back than if you were using MT5.

Therefore, if you want to make life easier on yourself, we would definitely recommend using the newest version of the MetaTrader trading platform, MetaTrader 5. Not only is it easier to revert back to the original EA Pip Scalper Default settings with this version of MetaTrader, but the platform itself is just much better too. This is particularly true in terms of user friendliness. Everything is just much easier with MT5 than with MT4.

EA Pip Scalper

Reverting the EA Pip Scalper Back to Default Settings

Alright, so if you managed to mess up the functionality of your copy of the EA Pip Scalper app by changing the settings, particularly for the optimizer, you have probably begun losing trades, that or the optimizer doesn’t work anymore.

This is actually a common problem, especially if you manually changed some of the settings and now cannot remember what the default settings were. Luckily, both for MT4 and MT5, there are some easy ways to revert back to the default settings.

For MetaTrader 4

  • Within the MetaTrader 4 trading platform, go to the optimization feature of the EA Scalper, and make sure that the EA Pip Scalper Bot is selected, and then select the currency pair you want optimized (whichever one you want)
  • Make sure that the timeframe is set to H1, and ensure that the spread is set to 5.
  • On the right, click on the “expert properties” tab. If either you have changed some of the settings within the expert properties box, or the optimization fails to run, on the bottom right of that popup box, click on “reset”.
  • All the settings should now be returned to the default settings. It’s actually quite simple as you can see.

For MetaTrader 5

  • If you are using the MetaTrader 5 platform, go to the inputs tab, then right click on it, click on “default”. It’s as easy and fast as that.
  • You may also change the settings back to default manually, but this of course requires you to know what the default settings were to begin with.
  • For more info on how to do this, check out the video that we have included here.

Using EA Pip Scalper Custom Settings

Something else that we would recommend checking out are the various custom settings that you can apply to the EA Pip Scalper. Now, what is convenient about these custom settings is that you don’t actually have to change anything yourself, something that makes life easier.

These custom settings can be found on the official website. There is a “reports” section where you will see three files, each of which contain a different custom trading setup. The really cool part about all of this is that these custom settings are designed to optimize results based on your trading account balance.

The three custom settings files are for $100 Forex accounts, $1,000 Forex accounts, and $10,000 Forex accounts. What it comes down to here is that each of these setups is designed to allow for maximum profits and minimum risk based on your account balance.

Of course, the more money you have to trade with the better, but this doesn’t mean that you can’t grow a $100 account into a $10,000 account. If you are starting off small, we definitely recommend trying out the EA Pip Scalper’s custom settings.

EA Pip Scalper Settings – Final Thoughts

People, if you want to trade Forex profitably and easily, then this EA Pip Scalper app is a great way to do it. It literally does all of the hard work for you, and it is very reliable. Whether you want to use the default or the custom settings, they all perform quite well.

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Income Mentor Box Day Trading Academy

Income Mentor Box Day Trading Academy

Do you want to become a professional and profitable Forex trader? If so, there is no better place to be than the Income Mentor Box Day Trading Academy. Let’s take a closer look! 

Income Mentor Box Day Trading Academy

The Income Mentor Box Day Trading Academy

Right now, we want to provide you with all of the most important details about the Income Mentor Box Day Trading Academy, so you can make your own choice about whether or not to join it.

What Exactly is it?

First off, the IMB Day Trading Academy is a world class Forex trading course. This is its primary goal, to teach everybody and anybody how to be a professional and profitable Forex trader. At this time, the IMB Academy is one of the world’s highest rated and most popular sources for a trading education.

Now, do keep in mind that the primary focus of this academy is to teach you everything there is to know about Forex trading. However, a lot of what you will learn here can also be applied to other markets, such as commodities, cryptocurrencies, and stock trading too.

Moreover, keep in mind that Income Mentor Box is a fully online course, which is nice because it means that you can do it all from your own home, or wherever you happen to be, as long as you have an internet connection. With the IMB Day Trading Academy, you can finally learn how to be profitable in the world of Forex.

Who is it for?

When it comes down to it, the Income Mentor Box Day Trading Academy is designed for beginner, for newbies who have very little or absolutely no prior experience with Forex or with trading in general. The point here is that the IMB curriculum is designed in such a way so you can learn from the bottom up.

Here, you will start off with the basic components and terminology involved in Forex trading, and then you will slowly move onto the more complex aspects.

However, this is done in a very organized and well structured way. Remember, this course is designed for beginners, so it is made to be as easy to grasp as possible, and a lot of this is thanks to the plethora of full length video tutorial lessons that you can follow along with.

Who’s the Mentor?

In terms of who the actual mentor behind the Income Mentor Box Day Trading Academy is, his name is Andrew A. Andrew is a long time trader, one who has been in the business for just about a decade now. Yes, Andrew’s forte is Forex no doubt, but he is just as knowledgeable in the stock market, with cryptocurrencies, commodities, and more.

Andrew doesn’t claim to be some sort of guru like so many of those phonies out there. However, through years of trading (and receiving a degree in economics and business), he learned everything there is to know. Moreover, he has made all of the mistakes, and he has learned from them, so you don’t have to. When it comes down to it, there is really nobody that we would rather learn Forex trading from than Andrew.

What’s the Curriculum Like?

Ok, so what you need to know here is that the IMB Day Trading Academy consists of a total of 5 modules. Each module contains about 11 full length lessons. In total, this course will provide you with over 55 full length and fully comprehensive lessons.

Each lesson takes the form of a video, and these can actually be quite long. Once again, it starts off with the easy stuff, and then slowly progresses to the more difficult aspects of trading. With the help of this curriculum, you will learn literally everything there is to know about Forex trading.

What is also important to note is that you can work through the materials on your own time. With a membership to the Income Mentor Box Day Trading Academy, you get full lifetime access to all course materials, so you can take however long you feel is necessary.

Income Mentor Box Day Trading Academy

How Much does it Cost?

What you might like about the Income Mentor Box Day Trading Academy is that it comes in at just $299. Now, this is a one time fee. You only pay $299, and there are absolutely no hidden or recurring fees of any sort.

Considering how valuable the content is, this is the best deal that you will get far and wide. Based on the quality of education that you get here, there is not a single Forex training course out there that can match this one dollar for dollar.

Some Great Reviews!

The other thing that we want to mention about the IMB Day Trading Academy is that it has hundreds of rave reviews online. The fact of the matter is that people seem to be extremely pleased with it!

Income Mentor Box Day Trading Academy Free Forex Signals

Perhaps one of the most important things to mention about the IMB Day Trading Academy, is that with your membership, you get free access to the IMB Forex signals group. This is totally free and it comes included with your membership. This is a group where you will get up to 20 super accurate free Forex signals per day.

All you have to do is copy the signals and paste them into your broker or trading platform, and then execute the trade. These signals are very accurate and end up being profitable up to 95% of the time. This is a super easy and surefire way to profit in the world of Forex, and you can do this before you even start the course itself.

Income Mentor Box Day Trading Academy

 

Income Mentor Box Day Trading Academy – Final Thoughts

The bottom line is that the IMB Day Trading Academy is the number one place to learn how to trade Forex like a pro. If you want to start making real money, we would definitely recommend checking it out.

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Best Forex Strategies & Advice

Best Forex Strategies & Advice

The fact of the matter is that Forex trading is of course not easy. Sure, it has the potential to be hugely profitable when done right. However, it also has the potential to cause traders to lose large sums of money in very short periods of time. Yes, there are plenty of successful traders out there, and what they all have in common is that they used good Forex strategies.

Now, if you are a newbie to the world of Forex, you probably don’t know too many Forex strategies. Moreover, if you have never traded before, you could definitely do with some tips and advice, and some crucial education in general. FX trading is not the kind of thing that you can just wake up one morning and decide to be successful at by day’s end. It takes a lot of good knowledge to trade FX profitably.

This is what we are here for today, not as much to talk about specific Forex strategies and trading advice, but more to provide you with a great source for these strategies and tips. His name is Andrew. A, a long time day trader with plenty of experience under his belt. Andrew has seen great success in the world of Forex, and through his various funnels and channels, he does his absolute best to relay the best Forex strategies and advice to the people who need them the most.Forex Strategies

Who is Andrew A?

Before we get into talking about some of his best Forex strategies & tips, let’s quickly talk about Andrew. Andrew is a Forex trader with over 10 years of experience under his belt, and yes, he is very profitable. In fact, Andrew is the creator of the Income Mentor Box Day Trading Academy, various Forex & Crypto signals groups, and even some high quality automated Forex trading software too.

This man knows what he is doing, and where he is generally best known from is his YouTube Channel, Andrew’s Trading Channel. Specifically, this trading channel is what we are here to talk about today, as this is where Andrew provides his followers with some of the best Forex strategies and trading advice around.

Forex Strategies

 

Andrew’s Best Forex Strategies & Advice

Ok, so right now we want to take a look at some of Andrew’s best and most recent Forex strategies that he has covered, as well as some of his latest Forex trading tips and advice videos too. Let’s take a look.

Simple & Profitable Forex Scalping Strategy

What you need to know here is that in Forex, scalping is all about placing many small trades. Instead of placing a few large trades, which can be very risky, scalping is all about making tons of small trades on short timeframes. This can indeed be very successful when done right.

When it comes to Forex strategies, this particular one involves using the 3 EMA (exponential moving average) to create scalp trade setups. It’s definitely a video worth watching if you want to make decent profits really fast. This is one of Andrew’s most recent Forex strategies videos, and it has already become very popular among his followers.

EUR/USD Forex Scalping Strategy

Yes, here we have another video where Andrew describes one of his popular scalping Forex strategies. However, unlike the strategy video discussed above, in this one, Andrew uses the EUR/USD currency pairing as an example.

He does everything right in front of your eyes, including placing trades, so you can see exactly how he does it. If you want to trade the EUR/USD pairing, that has a huge profit potential, checking out this video on how to do it might be able to help you out.

Knowing When to Cut Trades

When it comes to Forex strategies, something that needs to be a part of every trading strategy, is knowing when to cut trades. Yes, sometimes trades go south and losses happen. This is just the way it is, and it is nothing to fret about.

That said, when trades are not going your way, you need to know when it is time to throw in the towel and just cut your losses. In this particular trading tutorial, Andrew discusses the two most important signs you need to be aware of that signify when it is time to cut a trade.

3 Ways to Find Forex Entries

Whereas the previous Forex strategies video we looked at was about knowing when to cut your trades, this one is about knowing when to open them. Of course, entering a Forex trade at the right time, and making sure that you are trading with the right currency pairs, is essential to success.

The right timing for the right trade can make a world of difference. This is why in this particular video, Andrew tells you what the 3 best ways to find Forex entries are. This is a really important tutorial video for all newbie traders, and we would definitely recommend watching it.

RSI & Fibonacci Forex Hack

In this particular Forex strategy video, Andrew discusses a somewhat complex yet useful trading strategy. As far as Forex strategies go, particularly those discussed by Andrew in recent times, in our opinion, this is by far one of the best.

Yes, it involves using two different indicators, Fibonacci and RSI in order to find the best possible trading signals and the best entry points. Yes, this particular strategy takes a bit of know-how and some time to master, but it has great profit potential and is definitely worth looking into.

 

Best Forex Strategies & Tips – Final Thoughts

As you can see, when it comes to the best Forex strategies and advice, Andrew’s Trading Channel is one of the top sources indeed. He’s got plenty of great advice that everybody and anybody can make use of. Folks, if you really want to make Forex trading as easy as possible for you, checking out the EA Pip Scalper app is a good idea, the first fully automated Forex trading system of its kind.

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EA Pip Scalper Main Page

Stop Loss Orders in Forex

Stop Loss Orders in Forex

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.

Stop Loss

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.

Stop Loss

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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The 7 Basics of Forex Strategies

The 7 Basics of Forex Strategies

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.

Forex Strategies

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.

Money Management

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.

Time Management

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.

Starting Small

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.

Being Consistent

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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Top 10 Forex Trading Tips

Top 10 Forex Trading Tips

When it comes to trading FX, it’s not quite as easy as some people make it out to be. As a newbie, there are quite a few things that you need to learn in order to be successful when trading currency pairs. This is not something that you can just wake up and do one day because you feel like it. It takes the right skills and knowledge to trade FX successfully. Well, today we are here to provide you with some great Forex trading tips.

Today, we are going to talk about the top 10 Forex trading tips that you as a newbie need to keep in mind if you plan on being a successful trader. Now, today we do not want to go over specific strategies or anything like that. These are more general Forex trading tips for newbies, things that you need to know right from the beginning. Let’s get right to it and help turn you into a more successful FX trading powerhouse!

Forex Trading Tips

Top Forex Trading Tips

Alright, so below we want to cover the 10 most essential Forex trading tips that you need to keep in mind at all times. Keep in mind that some of these are combination tips, so you won’t actually see tips all the way to #10, as some of these tips are a 2 in 1 kind of thing. You will see what we mean. Let’s get to it.

 

Trading without Researching

One of the biggest mistakes that many newbies make is to start trading with a random broker right away, and using real money too. Folks, the fact of the matter is that there are so many brokers out there, and not all of them are good. Don’t just choose a random broker. Do some research to find out what the best brokers are and what they have to offer you.

Moreover, don’t start trading with real money until you know what you are doing. There is no point in trading with real money if you are just going to lose it. Therefore, one of the most important Forex trading tips for newbies is to start with a demo account where you can trade with fake money, just until you get the hang of it. You want to get a good few weeks of practice in first.

 

Understanding Accounts, Spreads, & Commissions

Another one of the biggest Forex trading tips for newbies out there, and yes, this is a two part tip, is that you need to understand different account levels, and yes, this then means also understanding spreads and commissions. First off, what you need to realize is that there are different account levels for different types of traders.

Lower account levels often allow for lower lot sizes, less trading, they have bad spreads, and high commissions. The more serious you are about Forex trading, and the more experience you have, the better of an account you want to open with a broker. Of course, high commissions are bad because you end up paying a lot of money for every trade you place. Moreover, you also want to look for good spreads.

 

Having a Solid Plan

Perhaps one of the worst things that you as a new Forex trader can do is to start trading without having a plan. Yes, having a plan means that you need to be familiar with charts, terminology, spreads, indicators and more. However, the biggest Forex trading tip to gleam here is that you absolutely cannot trade blindly. This is the worst thing that you can do.

You need to know what you are going to trade, when to trade it, and how you are going to go about it, or in other words, what kind of trading strategy you will employ. Part 2 of this tip involves finding a good exit strategy. Of course, making money in Forex is all about when you exit a trade, so an exit plan is a must have.

 

Determining Your Risk Tolerance

When it comes to the best Forex trading tips around, one of the best ones out there might be this one, that you need to determine your own tolerance of risk, and you then also need to protect yourself. Simply put, you need to know how much to invest per trade, and how many trades you should place per day. This is particularly important if you have a small trading account.

If you visit the official Income Mentor Box website, you will actually get a free eBook which discusses how to determine what your risk level is. The main point here is that you need to gauge the level of risk vs the potential reward, and if you can afford to risk XX amount of money.

This is all about protecting yourself and protecting your account balance. When it comes to protecting yourself from losses and unnecessary risks, make sure to have a solid trading strategy and don’t forget to set those stop losses either.

 

Emotions & Patience

In terms of the best Forex trading tips, something else to keep in mind here is that trading is all about just that, your mind, not your heart. If you trade with your heart and you let emotions cloud your judgement, things are not going to go well for you, not at all.

Emotional traders are risky traders, and risky traders are prone to losing money. Folks, it’s all about being patient, sticking to your strategy, and executing positions when the time is right. Don’t let your anger or frustration get the better of you. Keep a level head, stick to your strategy, and wait for the opportune time to strike.

Best Forex Trading Tips – Final Thoughts

We hope that our Forex trading tips can help you improve your results. If you want to learn more about Forex trading, visit Andrew’s Trading Channel on YouTube. Even better, if you want a full scale education, check out the Income Mentor Box Day Trading Academy.

CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS! 

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The Social Trading Bot is Here!

The Social Trading Bot is Here!

OFFICIAL SITE: socialtradingbot.com

Yes, it is finally time, the Social Trading Bot application is finally here! The fact of the matter is that it has been quite some time since a reliable new trading system has been released, but the wait is now over. Today, the Social Trading Bot platform is making its first appearance in the world of FX and CFDs. Sure, there are some decent autotraders and semiautomated apps out there for traders, but nothing like this.

The simple reality is that the majority of pieces of software designed for easy day trading just don’t live up to the hype. Either they don’t work nearly as well as promised, or they are just outright scams. However, this is definitely not the case here. This is one of those rare occasions where a new piece of software is the real deal.

The Social Trading Bot system is said to be one of the best in the world, and it really does have some special features which make it one of a kind. Today we are doing our initial Social Trading Bot review, a bit of an introduction to let you know what it’s all about. This particular piece of software comes loaded to the brim with easy to use features, it’s user friendly, reliable, and yes, profitable too. Folks, if you are sick and tired of losing trades, it might be time to check out this new platform.

 Social Trading Bot

What is Social Trading Bot Software?

This is a brand new piece of technology designed to help make the lives of day traders much easier. First and foremost, when it comes to the assets or markets it can trade, it is designed specifically for Forex and CFD trading.

This is something we do appreciate, because being able to trade all CFDs and currency pairs is a big deal. There’s not many other systems out there that can trade both of these things, especially not reliably.

Social Trading Bot

In terms of automation, you should beware that this is not a fully automated trading application. It is semi-automated. What this means is that it does automatically generate the most profitable and reliable FX and CFD signals to trade with. However, it does not execute the trades on your behalf. You do have to manually execute individual trades.

This is actually something we tend to like, way more than full autotraders. Being able to manually select individual signals to execute trades with offers a much better degree of control over trading. In layman’s terms, the Social Trading Bot app is a semi-automated trade platform for CFDs and Forex, one that generates very reliable signals.

How does the Social Trading Bot App Generate Signals?

Something else you might be wondering about this app, seeing as it generates CFD and Forex signals, is how it generates those signals. How does it work? Now, you might be used to traditional applications, ones that perform a multitude of technical analyses and fundamental analyses to perform trades. Sure, this is just fine, and if done right, it should work to win trades.

However, there is a problem, mainly that this kind of fundamental and technical analysis is not overly reliable in volatile markets, economic crashes, and big market shifts. During times of mass market fluctuations, these autotraders just do not work very well.

Yet, this is where the Social Trading Bot system comes into play. This piece of software works by generating CFD and Forex signals using a myriad of news analysis, economic analysis, and real time market development analysis.

Social Trading Bot

In other words, during times like this, economic shifts caused by the current coronavirus, this kind of current news analysis is much more reliable for generating accurate signals than straight up technical or fundamental analysis ever could be.

In fact, the Social Trading Bot app was designed specifically to be used in such times of economic uncertainty, during massive market shifts, economic crashes, and other such volatile times. Now, in the midst of the coronavirus pandemic, which is seeing the market move in directions that old school technical and fundamental analysis cannot handle, it may be time to use this specialized app designed exactly for times like this.

Social Trading Bot

Who is The Social Trading Bot Platform Made For?

Simply put, the Social Trading Bot platform is designed for anybody and everybody. What does need to be said is that it is designed for newbies, for people that really don’t know much about trading Forex or CFD. The whole thing is made to be very easy to understand, user friendly, and it really does all of the work for you.

It features one click trading with minimal analysis, if any at all. Technically speaking, all signals come with all of the info you need, easy to understand stats, which help you decide whether or not to execute a trade on any particular signal. Sure, there is no reason why are more seasoned trader can’t use it, but it’s definitely designed for novices. It makes trading easy and profitable, even for people who really don’t know the first thing about Forex or CFD.

Social Trading Bot Review – The Verdict

One thing which we can say for sure about Social Trading Bot software is the fact that it is legit. It is not some kind of scam that is going to steal your money, and it seems as though it will perform as promised. All in all, this software is designed for newbies, so it’s easy to use even if you don’t know much about CFD or Forex trading.

It’s the real deal and it’s designed to make profiting from CFD and Forex trades as easy as can be. Yes, we will be doing more Social Trading Bot reviews in the days to come. We’ll be doing some FAQs to answer your most pressing questions about it.

We will also be doing some live trading sessions with it, just to see how well it actually performs. However, when all is said and done, we would definitely recommend giving this Social Trading Bot app a shot. It will undoubtedly change your life for the better and start putting real money in your pockets!

CLICK ON BANNER TO REGISTER FOR FREE!

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Forex Pro Island App Complete Guide

Forex Pro Island App Complete Guide

OFFICIAL WEBSITE: www.forexproisland.com

The Forex Pro Island App is brand new, it works very well, and it puts money into pockets without any work having to be done. Right now, we are doing this Forex Pro Island App complete guide to provide you with all of the most important info about it.

Forex Pro Island App

How Many Bots are Included?

Something that makes this Forex Pro Island App so unique is the fact that it does not just trade all currency pairs. Instead, this autotrader is designed to trade 6 specific currency pairs, the most popular ones like AUD/USD, EUR/USD, and four others as well.

Unlike with other autotraders that trade all currency pairs, but do not do so very well, this particular app only trades 6 specific currency pairs.

However, the whole point here is to execute quality trades to produce profits. In other words, here it is not about the quantity of signals or FX pairs that can be traded with, but about the quality of the best signals possible. This application comes with a total of 6 trading bots included, 1 specific one for a certain currency pair.

Should I Let All 6 Bots Run Simultaneously?

Something which many people are wondering about this Forex Pro Island App is if it is possible or recommended to allow multiple bots to run at once, even all 6 of the bots simultaneously. Well, this really has to do with the level of risk which you are willing to engage in.

The more bots you have running at once, the more capital you will need to trade with, and the more trades are placed. Yes, running more of the 6 currency bots at once may be a little riskier, but it does of course also increase your profit potential.

It is recommended that at first, you start off by running 1 or 2 of the bots, just to see how it all works. Once you start feeling comfortable with this software, you can then increase the number of active bots to 3, 4, or even all 6. So yes, if you feel like it, there is no reason why you could not let all 6 of the Forex Pro Island App’s bots run at once.

Forex Pro Island App

Where to use the Forex Pro Island App

Something that you do also need to be aware of here is that the Forex Pro Island App is designed specifically for use with the MetaTrader 4 platform. Some people have been asking whether or not this app can also be used with MetaTrader 5. The answer is no, it cannot.

This automated day trading application is designed for use specifically with the MT4 platform. Yes, this means that you will first need to download and install MetaTrader 4. You will then have to download and install FX Pro on the MT4 platform.

How Do I Set The Forex Pro Island App Up?

What is kind of interesting here is that the hardest part of using this Forex Pro Island App is the initial setup process. Alright, so there is actually too much for us to explain in terms of setting this application up and getting it to work right. Below, we actually have an in depth video installation guide which will take you through the exact steps.

You need to be aware that there are over 10 different steps included in the installation process, and some of them can be a bit technical. However, it is absolutely crucial that you install the Forex Pro Island App properly, or else it will not be able to trade automatically on your behalf. Here we also have a link to an in depth installation guide with a step by step tutorial for your benefit. No, installing this app is not rocket science, but it does need to be done properly.

How Do I Use this Software – Is it Hard?

Many people are also wondering how hard it is to use the Forex Pro Island App. Well, as mentioned before, the hardest part about this whole thing is installing the software. However, using it is a different story. This software incorporates a highly sophisticated and advanced algorithm which performs a multitude of analyses to ensure that only the best and most reliable signals are traded with.

It does all of the fundamental analysis, technical analysis, and news analysis for you. This FX autotrader even executes and closes trades on your behalf. It comes complete with entry prices, stop loss levels, and take profit levels too. In order to make money with this FX autotrader, you literally just have to select any or all of the 6 included currency trading bots, turn them on, and allow them to trade on your behalf. Folks,

Forex trading really does not get any easier than this. The Forex Pro Island App does literally all of the work for you. As long as you have it installed properly on MT4 and you have an internet connection, this system will run on your behalf and put some pretty substantial profits in your pockets.

Forex Pro Island App

Can I Close Trades Myself?

What is quite neat here is that although the Forex Pro Island App does open and close trades on its own, you do also have the ability to close them manually. If you feel as though the trade is in the money, but will not reach the set take profit level, you can close the trade manually. This is also the case if the trade is going south and losing money. The fact that you can manually close trades with this autotrader is a pretty big deal and a clear advantage over other FX autotraders.

 

When Should I Let the Autotrader Run?

As is the case with all automated trading applications, there are ideal times to run the Forex Pro Island App, and times which are not good. First and foremost, the FX market is closed on the weekends, and therefore there is no point in running this app on Saturday and Sunday. However, seeing as the FX market is open during the week, this app should be allowed to run free on the weekdays.

Now, something that is important to note is that Monday’s and Friday’s are a bit risky, risker than the other 3 weekdays anyway. If you want to see the highest profit potential, let the bots run 24/5. However, if you plan on minimizing risk as much as humanly possible, letting the bot run on Tuesday, Wednesday, and Thursday is recommended.

 

Who Created the Forex Pro Island App?

We do want to stress that the Forex Pro Island App is indeed not a scam. It is legit and it is the real deal. A big reason why we trust this automated FX software so much is because we know who is behind it, and we trust him 100%. The man behind this autotrader is Andrew A. Andrew is a long time day trading expert in Forex, stocks, crypto, and so much more.

He has been in the business for many years and he definitely knows what he is doing. You might recognize Andrew from his very own Income Mentor Box Day Trading Academy.

For those of you who don’t know, the IMB Day Trading Academy is a one of a kind Forex trading course, often regarded as being the best in the world. You may also recognize Andrew from his trading channels on both YouTube and Telegram. This is a man who helps aspiring day traders make it big, we trust him, and therefore we trust the Forex Pro Island App too.

Forex Pro Island App

 

How Much Will it Cost Me?

The Forex Pro Island App is very reasonably priced indeed. It will cost you a single onetime payment of $299 USD. $299 might seem like a lot of money, but when you compare this cost to just how profitable this autotrader is, the cost is more or less irrelevant.

Let’s just remind you that Andrew himself was able to achieve a 79% win rate with $1,100 in profits in just a few hours of trading with this app. As you can see, the cost of the application can be made up in less than a single day, and yes, it really is a onetime payment.

 

Can I Use the Forex Pro Island App on Mobile Devices?

What is also very nice about the Forex Pro Island App is that it does indeed work on mobile devices. As long as you have MetaTrader 4 installed, and you have an iOS or Android phone, this app will work seamlessly. Let’s not forget that this FX autotrader is also available in virtually every country in the world!

Forex Pro Island App Guide – Final Thoughts

Folks, if you have any more questions about this Forex Pro Island App, please feel free to ask and we will get back to you as soon as you can. All things considered, this has to be one of the very best autotraders for FX out there, and we would definitely recommend giving it a shot.

Forex Pro Island Signup