How to Start Profitable Forex Trading
There is no doubt about the fact that Forex trading is difficult. But with that said, it’s also one of the most lucrative things that you can do. The simple reality here is that the Forex market is at this time the largest and most liquid market in the world, and of course, this means that there are massive profit opportunities for those who know what they were doing. However, profitable Forex trading just isn’t easy, and it takes a whole lot of skill, knowledge, and practice to do it properly.
As a newbie, chances are that you just don’t have the knowledge, skills, or patience to make it happen. Yet this is not to say that with a little bit of training and education that you can’t get to a level where you can be confident in your Forex trading skills. This is what we are here to help you with today to teach you how to start profitable Forex trading so you can be a self-reliant, independent, and highly profitable trader.
We first want to start out by providing you with a large list of tips on how to start profitable Forex trading. We’re then going to provide you with some of the best Forex trading educational resources around, both free and paid resources that you can use to your advantage to learn everything that you need to know to be profitable in the world of foreign currency trading.
Profitable Forex Trading Tips for Newbies
There is no doubt about the fact that add the beginner you were going to have some troubles trading Forex. It’s just not easy to do. With that being said, with a few valuable rules and tips you can improve your chances of making profits. Let’s get to it and provide you with some of the best and most profitable Forex trading tips for newbies, keeping in mind that these tips are just starting points to help point you in the right direction.
Get an Education
Perhaps the most valuable tip that we can provide you here is that if you plan on engaging in profitable Forex trading, then you actually need to know what you’re doing. Or in other words, you need to get yourself an education. Forex trading is not something that you can just start doing one day without any sort of training or knowledge.
There are many different terms, concepts, strategies and skills that you need to master in order to be successful in the world of foreign currency trading. Therefore, the number one tip that you need to follow is to get yourself an education. No worries if you don’t know where to get a Forex trading education because we will discuss that in great detail further below.
Set Realistic Goals
One of the biggest downfalls of oh so many newbie traders is that they set highly unrealistic goals. Sure, having great goals is not a bad thing because it motivates you to achieve them. However, with that being said, if your goals are completely unrealistic then it is going to be totally impossible to get there. This is something that destroys many newbie traders because it completely saps their morale.
People, you aren’t going to make $10,000 a day trading Forex, especially not as a beginner. Sure, there are some people who might be able to pull that, but those are people who have been trading for decades. As a beginner, set yourself a goal of maybe $100 profit per day. It’s not a whole lot, but it’s definitely a good starting point. Once you set a realistic goal, you can then start working towards it.
Learn About Risk Management
If you plan on engaging in profitable Forex trading, one of the things that you definitely need to do is to learn about risk management. Simply put, you don’t want to blow all of your money on a single trade. Generally speaking, the rule of thumb is that you do not want to risk more than 1% or 2% of your trading account on a single trade, at the very most.
This way, even if you do happen to lose a trade, you’re only going to lose a small percentage of your overall account balance. Moreover, on that same note, what you also never want to do is to trade with money that you can’t afford a lose. Don’t gamble with the money that you need to pay your mortgage or to put food on the table. It’s just not worth it. Only trade with money that you can easily forward to lose, and even then, you still want to be careful.
Create a Trading Plan & Stick to it
Another huge mistake that so many newbies make is to just trade randomly. People forex trading is a very thought out, well planned, and methodical thing. You cannot just fly by the seat of your pants here. All of the best Forex traders have mastered various trading strategies that are shown to be profitable in varying market conditions.
What we’re saying here is that you need to master some Forex trading strategies, and of course this is best done by getting yourself a trading education. Moreover, once you have decided how much money you can rest per trade, how much money you have to risk overall and what sort of trading strategies that you want to use. You can then create a full-scale trading plan that includes exactly how much money you plan to make and how you plan on getting there.
With that being said, what is also important is that you stick to your plan, especially if it is a tested and proven plan that has shown to be profitable for many other traders. If you happen to lose a couple of trades with a plan, or strategy that is proven to be profitable, don’t throw in the towel and give up. Losses happen even to the best traders using the best strategies. That said, obviously if you keep losing trade after trade after trade, then it might be time to switch things up a bit.
Choosing the Right Broker
Although many newbies might not think about this if you plan on engaging in profitable Forex trading, you need to have the right broker in your corner. Of course, for one, this means staying away from unregistered and unlicensed scam brokers that are sure to steal your money. It also means that you need to do some research on brokers to see which ones offer the most newbie friendly packages or accounts.
There are many brokers out there that offer minimal commissions and minimal trading fees, so you can save as much money as possible. We recommend doing some research on the best beginner friendly brokers, and for Forex trading out there at this time. One of the biggest errors you can make is to underestimate the importance of having a good broker in your corner.
If you plan on engaging in profitable Forex trading, another important tip that you need to follow is to start slow. The simple reality here is that the more traits you have open out once, the more work you have to do and the more moving parts you have to keep track of. The less trades you have open at once, the easier things are going to be for you.
So as a beginner, we recommend not having more than one or maybe two trades open at once. Once you’re confident that you can handle having two trades open at once, you can then move up to having three or even four trains open at once. The simple fact is that it can be very stressful to keep track of so many moving parts at once, so to keep your stress levels to a minimum, keep the moving parts to a minimum as well.
Stay Away from Leverage
Yes, leveraging your trades can be extremely profitable, but it’s not easy. Leveraging trades is something that is best left for the professionals. For those of you don’t know, leveraging your trades means that you can technically trade with a whole lot of money that we have to spare. For instance, if you leverage a trade by a factor of 10 to 1, it means that you only have to invest $100, but it means that you can trust trade with $1000.
Sure, this means that you can make 10 times the profit with ease, but if you end up losing the trade to be aware that you were on the hook for the whole $1000, the full amount that you leveraged. As a beginner trader, this is extremely risky and it’s best that you stay away from it until you are confident that you can win trades with these.
Focus on the Major Currency Pairs
When it comes to newbies and profitable Forex trading, something that we recommend is that you stick with the major currency pairs. There are five or six major currency pairs that are extremely predictable and allow for relatively easy profitability. You need to stay away from the exotic currency pairs that move in unpredictable ways. Some of the best pairings include USD/CAD, EUR/USD, USD/AUD, USD/CHF, and USD/JPY.
Don’t Forget Stop Loss Orders & Never Add to Losing Positions
Something that all traders should do no matter of the skill level, is to use stop loss orders. Folks, if you invest $1000 in a single trade and it starts to go South, a stop loss order can stop you from losing the majority of your investment. For instance, if you set a stop loss order at 10% under your initial investment, it would mean that you would only lose $100 out of the $1000 that you invested.
This is the number one tool at your disposal to stop you from losing massive amounts of money due to losing trades.
At the same time, something that you should avoid doing at all costs is to add money to a losing position. Both if a position is already losing, especially if you are a beginner, that is not overly confident in your skills then you need to close it and cut your losses. Yes, professionals can sometimes add to their losing positions and come out on top, but it’s not easy.
Leave Your Emotions at the Door
If you plan on being a profitable Forex trader, perhaps one of the most important things that we can give you is to leave your emotions at the door. The simple reality here is that emotions have absolutely no role to play in trading.
The only organ that you should be using to trade forex is your brain. If you get too emotional, you’re going to make unreasonable and irrational decisions that are going to negatively affect your balance. Trading needs to be reasonable, rational, and methodical. There is absolutely no place for emotion here.
Don’t Bet Against the Market
The final Forex trading tip that we want to provide newbies with today is that you should never trade against the market. Once again, just like leveraging trades, betting against the market is something that is best left to the professionals. Yes, betting against the market can qualify as profitable Forex trading, but it takes great skill to do so successfully.
Forex Trading Guides on Andrew’s Trading Channel
If you want to start profitable Forex trading and you want to get a good education but you don’t have any money to pay for it, something you should check out is Andrews Trading Channel on YouTube. Andrew is indeed one of the best Forex traders around and what’s really nice is that he has the ability to teach you how to trade in ways that are very easy to understand.
Not only is Andrew a fantastic trader, but he also knows how to be a great teacher. What is important to note about Andrew’s Trading Channel is of course that it is 100% free. On this channel you will find hundreds if not thousands of videos concerning Forex, cryptocurrency, and stock market trading. There are tons of videos that contain very useful trading strategies, tips, guides, daily news updates and so much more.
Andrew also reviews various signal services, indicators, brokers, and trading platforms. What you’re looking for is up-to-date invaluable information that will teach you profitable Forex trading, then this is the place to be. Let’s quickly take a look at some of the most recent and most useful trading guides that Andrew has uploaded on his channel.
EMA 200 + MACD + Parabolic SAR
In this particular video, Andrew demonstrates how to combine three different indicator tools to produce massive profits in just a few days. Using the strategy that Andrew demonstrates within this video, he was able to make nearly €30,000 profit in a single week of trading. If you follow this particular trading strategy, there is no reason why you cannot do the same. Profitable Forex trading doesn’t mean having to do something new.
Best Crypto Signals Group
In case you would like to make profits trading cryptocurrencies, but you don’t know how to do so, then something that you want to check out is this particular video in which Andrew talks about the best cryptocurrency signals group around. It’s a really easy way to trade profitably without actually knowing what you were doing.
Making 70K in 30 Days
When it comes to guides about profitable Forex trading, this is probably one of the best around. In this particular video, Andrew demonstrates how you can find the very best Forex trades around. Using nothing but these tips on how to find the best Forex trades, Andrew is able to make over €70,000 in 30 days of trading. Once again, if you follow all of the tips that Andrew provides you with here, there is no reason why you cannot do the same.
Learning Forex Trading with Income Mentor Box
OK, so while the YouTube channel we just looked at above is a great starting point, especially for newbies, want to start profitable Forex trading by learning about some of the best trading strategies, the unfortunate reality is that it does not count as a fully comprehensive or full scale forex trading education.
Yes, it is a great place to learn about the best Forex trading tips, strategies and more. But it doesn’t provide you with a ground up foundation that starts with the basics. If what you are looking for is a truly comprehensive Forex trading education that starts at the very bottom and then slowly works its way up, then what you want to do is to check out the Income Mentor Box Day Trading Academy. This is a 100% online Forex trading school that consists of well over 50 full length lessons. Each of the lessons are anywhere from 10 to 30 minutes in length.
The lessons start out with some of the most basic terms and concepts that you will need to know in order to move on with Forex trading and the lessons then quickly advance to the more complex aspects of Forex trading. By the end of the 50 plus lesson curriculum, you should know literally everything there is to know about Forex trading, to be self-reliant and profitable.
What’s also really cool is that the teacher that you get here, Andrew, is not only very knowledgeable and skilled at Forex trading, but he also knows how to teach all of these things to newbies in ways that are easy to understand. When it comes down to and Andrew is one of the most knowledgeable, approachable, and friendliest teachers of Forex that we know.
He’s been in the business for well over a decade at this point and makes a full-time living trading foreign currencies. If you want to be like him and you want to make a whole lot of money on a daily basis, setting in front of your computer, then we recommend learning from him. The way to become the best is by learning from the best.
What you should also know about this particular forex trading academy is the fact that it comes in at a very reasonable price. For just $299, you can become a full member of Income Mentor Box. This is a one-time payment with absolutely no hidden or recurring fees of any sort. Once you are a member, you are a member for life with full and unlimited access to all course content.
What we also want to remind you of here is that when you join Income Mentor Box, you get free access to one of the world’s best Forex signals services around. This signal service allows you to engage in profitable Forex trading simply by copying and pasting signals into your broker. This way, you can make money while you are still learning.
CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS!
Learning to be a Profitable Forex Trader – Final Thoughts
Before all of the tips that we have provided you within the opening section of today’s article, then becoming a profitable Forex trader really shouldn’t be all that difficult. Profitable Forex trading is all about setting the right goals. Knowing the right strategies and sticking to a proven plan that is shown to be profitable. You can manage put all the pieces to the puzzles together properly, you stand to gain a whole lot of money.
Now, with that being said, the number one best way for you to start profitable Forex trading is to get yourself a full-scale education. We definitely recommend joining the Income Mentor box Day Trading Academy because this is where you will learn all the most important trading terminology, concepts, strategies and so much more, literally, everything you need to be a profitable Forex trader.
If you want a good Forex trading education but you don’t want to pay for it, then we recommend checking out Andrew’s Trading Channel on YouTube, especially if you want to learn some of the best Forex trading strategies around.