If you are new to the world of forex trading, then you are probably having some trouble making money. The fact of the matter is that many of us start out with just a few hundred dollars. Of course, starting out with such little money is not easy. Being able to grow a small forex account consistently, into something worthwhile, is much easier said than done.
It takes a lot of skill, dedication, and common sense in order to grow a small forex account into something substantial. With that being said, it is more than possible to start out with a very limited amount of money, and still grow that small forex account into something that you can be proud of. It’s not easy, but it is doable. Let’s now go over Andrew’s biggest tips on growing a small Forex trading account consistently yet quickly.
How to Grow a Small Forex Account
What we want to do right now is to go over the most important tips on how to grow a small forex account in a consistent manner. Some of these tips may seem pretty obvious, but all too many beginners don’t follow them or know about them. We are here to help you grow a small forex account consistently, and this means starting with the basics.
Trading Strong Trends
When it comes to growing a small forex account consistently, one of the biggest tips you need to follow is to only trade strong trends. One of the biggest mistakes that newbie traders make is to trade with very weak trends, in ranging markets, or even against trends.
Yes, it is possible to trade in ranging markets or against trends, but these are things that even professional traders often have trouble with period they professional traders can’t do these things with great success, the new as a newbie surely can’t either. The most consistent way to success here is to look for extremely strong trends, and only trade when those trends are going to continue.
Remember Risk Management
If you want to grow a small forex account consistently, then you definitely also need to keep risk management in mind. For one, this means that you should never invest more than 3% of your total trading capital into a single trade.
This way, if a trade does go South, at least you won’t lose more than 3% of your total capital. All too many movies invest ridiculous portions of their total capital into trades. When those trades are lost, those new traders lose all of their money. What you also need to remember here is that you want to start very small.
For the first week, start with 0.01 lots per trade. Only increase the amount of lots per trade that you invest if you are profitable. As a rule of thumb, you should never invest more than 0.30 lots per trade.
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Lock in Those Profits
What all too many newbies fail to do when attempting to grow a small forex account is to lock in their profits at a reasonable time.
Sure, tripling or even quadrupling your initial investment is fantastic. However, it’s getting there that is the problem period all too many newbies will end up losing money because their winning trades aren’t winning enough for them.
The point here is that you’re not supposed to get greedy. As a total newbie, a 1.5 profit margin is more than enough. In other words, your risk to reward ratio should not be all too high. If you have already made a 50% gain on your trade, as a newbie, it’s wise to close the trade and to lock in those profits.
Fundamental Calendars
What you definitely need to do before you start trading on any given day is to check your fundamental calendars for news. Here, you are looking for three bull news.
If you see that any currencies have three bull news listed, then you want to avoid trading with them. Never trade with a specific currency when there is fundamental three bull or three start news. It’s simply not worth the risk.
Don’t Over-Leverage Trades
Another mistake that ultimately newbies make is to over leverage their trades. Sure you can leverage a trade by 500 to one, but if your trade is lost, you end up losing 500 times your initial investment. The fact of the matter is that as a newbie, you need to leverage trades only by a small amount, or not at all.
Leveraging trades is a great way to make money if you have limited capital to invest with come up but it’s also a great way to lose much more money than you can afford to lose in the first place. For the first few weeks, you really want to stay away from leveraging your trades.
Don’t Use Just One Timeframe
To grow a small forex account consistently, you should also use many different timeframes in order to find your entry points into trades.
You should use 15 minute, one hour, 4 hour, and one day timeframes in order to find the best entries. You can see things on longer timeframes that you can’t see on shorter timeframes, and vice versa. You want to be confident that you are entering a good trade before you enter it.
Don’t Overtrade to Make Up For Losses
One of the best ways to blow your trading account is to start over trading when you have losses to account for.
The simple reality is that you will lose money at some points. However, starting to trade at very high levels and with high investments amounts to try to make up for those losses is not going to get you anywhere.
This will lead to a gambling mindset and two emotional trading. If you start over trading to make up for losses, rather than growing a small trading account, you are more likely to just lose more money.
Consistency is Key
The other thing to remember here is that consistency in trading is always key period if you want to grow a small trading account, you need to stay consistent in your approach. If you have a good trading method or strategy that is proven to work, then stay with it.
If you do lose some trades, just analyzed what went wrong, and then make small adjustments from there. Flip flopping from one trading strategy to another without mastering any one strategy is not going to get you anywhere.
Growing A Small Forex Account Consistently
If you follow the tips that we have provided you with here today, you should be able to grow a small forex account consistently.
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For more trading tips, strategies, methods, and everything in between, check out Andrew’s Trading Channel. Here you will find the world’s best stock market trading school, a trusted day trading school, state of the art indicators and trading tools, Forex and crypto signals groups, and more!
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.
Start Slow
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.
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.
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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.
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.
EUR/USD Masterclass
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 want to become a profitable trader, and you want to learn from the best, Andrew’s Trading Channel is something you need to check out. Today, we are going to take a closer look at Andrew and his channel to see how it can help you make money.
What is Andrew’s Trading Channel?
Just to be clear, Andrew’s Trading Channel is a YouTube channel that is dedicated to helping aspiring traders make money. It’s about teaching newbies the best tips, tricks, and trading strategies that put money into pockets.
Who is Andrew?
If you aren’t familiar with Andrew, if you want to be a good trader, and you want a good teacher, then you better get to know him fast. He has been a hugely successful trader of crypto, Forex, and stocks for well over a decade. Not only does he know what he is doing, but he also makes for a fantastic teacher.
He knows how to explain things in ways that make it easy for newbies to understand, and he does everything live on video too. Andrew has lead many successful trading-related ventures over the years, and we do think that Andrew’s Trading Channel is one of the best, particularly if you are looking to learn trading without spending any money.
Andrew’s Trading Channel Latest Guides
What we really want to focus on right now are some of the best and latest trading guides and tutorials that have been uploaded to Andrew’s Trading Channel. As you are about to see, this channel can help you trade stocks, Forex, cryptocurrencies and more.
Let’s take a look at some of the latest videos for some examples of what Andrew can teach you. Remember, there are literally thousands of guides and tutorials on this channel, so there is plenty for you to learn, and all for no cost to you.
The Best One Minute Gold Scalping Strategy
One of our favorite video guides on Andrew’s Trading Channel is this one that focuses on trading gold and the United States Dollar. Here, Andrew performed a live trading session in realtime, so you can follow along.
This particular strategy is all about maximizing profits while minimizing time spent trading. As you can see from the video, Andrew made well over 400 Euros in profits in a single minute, yes, just one minute. This is of course super impressive, and if you pay attention to how Andy does this, you can recreate these results for yourself.
Now, this particular strategy guide on Andrew’s Trading Channel also focusing on trading gold against the United States Dollar, and yes, this is also a scalping strategy. This means that it is all about very short-term trades that produce profits.
The difference between this strategy and the one above is 19 minutes. With this strategy, Andrew managed to generate over 1,600 Euros in profits in just 20 minutes. Folks, that’s more money than most people make in a week of full-time work. This strategy is not the easiest to master, but it definitely gets the job done.
Of course, if you like making money, then the stock market is always something to consider investing and trading in. That said, finding the right stocks to invest in at any given time is not easy, and choosing the wrong ones can lead to disastrous losses.
This particular video guide on Andrew’s Trading Channel talks about the three best stocks to invest in right now. Do keep in mind that this video is time sensitive, as the best stocks to buy today might not be the same as the best ones to buy in a month from now. Therefore, if you plan on acting on the advice provided here, you do need to do so relatively soon.
If you have been paying attention to the market, something you probably know is that Bitcoin has experienced a massive surge in value over the past year, especially in the last few months. There is a lot of volatility present in the current cryptocurrency market, which is why it is a great time to trade Bitcoin and altcoins. In this video, Andrew discusses what the current Bitcoin run means, what future possibilities are, and how you can take advantage of it to make profits.
Although this is not really a trading guide, we do want to include this video in today’s review as a testament to how good of a trader Andrew is. Folks, in February alone, Andrew managed to make 1,000% in profits. It really does not get much better than that.
Andrew & The Income Mentor Box Day Trading Academy
Something else that we do want to touch on here is that the same Andrew from Andrew’s Trading Channel is also the mentor behind the Income Mentor Box Day Trading Academy.
For those of you who don’t know, this is one of the most popular, trusted, comprehensive, user-friendly, and cost-effective trading schools out there. Yes, it focuses on day trading Forex, but it also helps people get better at stock and crypto trading.
While Andrew’s Trading Channel is a great resource for beginners, a cost-free resource to learn different trading tips, rules, secrets, and strategies, it does not qualify as a full-scale education.
If you want to start with the basic terms, rules, and market aspects, and you want to learn how to do everything that is required to be profitable, then you do want to check out the Income Mentor Box Day Trading Academy.
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Andrew’s Trading Channel – Conclusion
The bottom line is that if you need a free way to learn the best trading tips, secrets, and strategies around, then Andrew’s Trading Channel is one of your best bets. Andrew knows what he is doing, and even better, he is a fantastic teacher. That said, if you want to be a self-reliant and profitable trader who has a great base of knowledge, then the Income Mentor Box Day Trading Academy is what we recommend.
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.
Start Small
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.
Manage Risk
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.
Money Management
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.
Remain Consistent
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.
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If you are a beginner in the world of Forex trading, you might be having a bit of trouble making money. Realistically, if you are totally new to FX trading, and you don’t have much of a knowledge base, chances are that you are actually losing money. However, even as a total newbie, something that you can do in order to increase your chances of success is to make a daily Forex watchlist.
The fact of the matter is that FX trading is not easy, not in the least. It takes the right knowledge and patience, plus the right timing is very important as well. Sure, plenty of traders, particularly the seasoned veterans, will trade without a so called daily watchlist. However, the most successful of traders do use a daily Forex watchlist.
Now, this is nothing too groundbreaking or revolutionary. Realistically, it is nothing more than a conglomerate of information, a plan of what you will trade throughout the day. People, a lot of what Forex trading is all about is planning, strategy, and analysis. If you take a few minutes in the morning to put together a daily Forex watchlist, you can then simply follow it and execute your strategy.
Today, we are here to talk about the five most important components that go into making a daily Forex watchlist. There are five main components that your watchlist needs to include. Now, these are nothing overly special on their own. However, when the five components that we are about to discuss come together, they provide you with the required foundation for a successful day of currency trading.
Analyze the Past Week & Look for Opportunities
The first thing that you should do when creating your daily Forex watchlist is to analyze price action of the past week in regard to certain currency pairs. You should take a close look at the one week timeframe to analyze what happened in the last week.
You want to look out for all of the basics like price range, price direction, trend, reversals, and all of that other fun stuff too.
Knowing what the price of a currency did in the past may reveal useful information about future movement. You may even look at a one month timeframe, although for these purposes, looking back one week should be enough. This way, you can get a good idea of what the market is doing and what specific Forex pairs that you might want to focus on.
Pay Attention to Fundamental News for Your Daily Forex Watchlist
The second component of your daily Forex watchlist should be fundamental news. In fact, this is perhaps one of the most important components of all. The fact of the matter is that politics, economics, industry, and everything in between, it’s all related.
Therefore, you want to pay close attention to fundamental news releases. Specifically, we would recommend going to investing.com, and checking out their economic calendar. Here, you will see news releases associated with national currencies.
For instance, you might see a news release happening at 1 pm for the USD. Now, what you are really looking for here is Three Bull News, which signals a major news release that will have a big impact on the economy.
As a newbie trader, the important thing to know here is that you never want to trade during Three Bull News with the associated currency. Using our above example, this would mean that when 1 pm hits, you don’t want any open trades with the USD, and you also don’t want to open more positions with the USD until one to two hours after that news release.
Set Up an Alert System
The third component of your daily Forex checklist should be your alert system. An alert system, such as the free ones that come with MetaTrader and Tradingview.com, will alert you of certain events. In other words, you could set an alert so that if the price of the EUR/USD hits a certain point, you get notified.
This helps make life much easier because it means not constantly having to pay attention to various Forex currency pairs. Simply set up your alerts as needed (which means that you need to know at which price you would want to trade at) and wait for the alert. Once the alert sounds, you can then place your trade.
Choose Your Currency Pairs for Your Daily Forex Watchlist
The next thing that you need to do is to pick the specific currency pairs that you are going to focus on. This is very important for creating a coherent daily Forex watchlist. Now, there are of course hundreds of currency pairs, but there are only seven that you as a newbie should be dealing with.
Five of the most major and safest pairs to trade with are EUR/USD, USD/CAD, USD/JPY, GBP/USD, and AUD/USD, with USD/CHF being another big one. Folks, it’s all about quality, not quantity, so focus your efforts on a few relatively safe pairs, and then go from there.
Review the Plan & Set Realistic Goals
The final component of your daily Forex watchlist is your own plan and goals. Simply put, you need to hammer out a solid trading plan and strategy, something proven to work, something that you feel confident in. Moreover, it’s fine to set goals for yourself, but make sure that they are realistic. If this is your first day trading, don’t expect to start raking in cash immediately.
Your Daily Forex Watchlist – Final Thoughts
As you can see, by themselves, the five components of a good daily Forex watchlist are not anything super cool or anything that people have not seen before. However, when these components come together, they form a solid daily Forex checklist.
In other words, this is your analysis and your trading plan for the day. It’s your game plan that you will use to place all of your trades, the rules you will follow, and so on and so forth.
All of that being said, if you don’t have any prior experience with Forex trading, we recommend seeking a decent education. It definitely helps if you have an education on the matter, so you at least understand the most basic concepts.
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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.
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.
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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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!
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.
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When you are new to the world of FX trading, things can be quite exciting. However, it can also be quite the intimidating experience.
There is no doubt about the fact that the prospect of making thousands in profits is alluring to many. But, there’s also no doubt that that the prospect of losing thousands of dollars is quite scary. That is what we are here for today, to provide you with the most valuable newbie Forex trading tips around.
No, being a beginner in the world of Forex is certainly not easy, and it takes a good deal of work to get to a level where you can make consistent and healthy profits.
However, if you follow all of the newbie Forex trading tips that we have outlined below, your chances of success will increase drastically. It’s all about trading the right way and avoiding certain things too. Today we are here to discuss all of the things which you should avoid doing in your FX trading journey.
Newbie Forex Trading Tips
Right here, we have 6 of the most valuable newbie Forex trading tips around. These hints and tips are all things which you should avoid doing at all costs. If you manage to avoid these 6 things, your chances of being a successful and profitable FX trader will increase exponentially.
Don’t Use Short Timeframes
When it comes to newbie Forex trading tips, one of the big DON’TS here is to never try trading with very short timeframes. Sure, short timeframes can be extremely lucrative, but you do have to know what you are doing. The fact of the matter is that trading the shorter timeframes can be very stressful.
Due to the trades only being open for short periods of time, the level of stress is very high. You have to keep an eye on all open trades at all times to ensure that everything is going to plan. Longer timeframes can still be very profitable to trade, butt they are also more stable, safer, and much less stressful to keep track of. As a newbie, start out by trading the longer timeframes.
Don’t Overtrade
Another great newbie Forex trading tip for you to follow, another big don’t, is to not overtrade. Sure, a professional trader with lots of experience might be able to handle having 10 trades open at once, placing 25 trades per day, and trading with large lot sizes.
However, it takes a whole lot of skill, effort, and experience to be able to manage this. Trading at such high volumes with large lot sizes is very risky. The more trades you have open at the same time, the harder it is to keep track of everything. oHowH
If you are new to FX trading, like very new, you should not execute more than 5 or 6 trades per day, and you should definitely not have more than 2 or 3 active positions open at once. This way, it becomes much easier for you to keep track of everything.
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Don’t Try to Learn Everything at Once
Another big mistake which beginner traders make is to try and learn everything at once. When it comes to newbie Forex trading tips, one of the biggest ones we can give you is to take things slowly. There is just no point in trying to cram a ridiculous amount of information into your head all at once.
This is a great way to ensure that you won’t retain any valuable information. If you try to learn too much all at once, chances are that you won’t actually learn anything at all.
Start off small, learn some basic terms, facts, and theory, and slowly move on to learning about indicators and trading strategies. Master a couple of indicators and successful trading strategies first, gain some experience, make some money, and then go from there. Folks, this is a marathon, not a sprinting race.
Don’t Make Things Too Complicated
In terms of newbie Forex trading tips, something else you want to avoid doing is making things way more complicated than they have to be. Sure, there are some really awesome trading strategies out there that involve multiple indicators and analysis tools. These are designed for the pros.
When you first start off with FX trading, there is no reason why you should not keep things simple. Just learn about a strategy that uses one or two simple indicators, and then go from there. Overcomplicating things will only result in a huge headache.
Don’t Try News Trading
Something that can be quite profitable is trading the news. Great Forex traders can read news reports and make profitable trades based on them. Sure, it definitely sounds quite easy, but it is not, far from it in fact. One of the most valuable newbie Forex trading tips for you to follow is to avoid news trading until you have gained more experience using simple indicators and other strategies.
Don’t Keep Trading in the Face of Constant Losses
The last of the newbie Forex trading tips we want to give you is that if you are constantly losing trades, it’s time to take a step back, revaluate your plan, and learn some new skills. There is no point to trading if you are just hemorrhaging money.
Newbie Forex Trading Tips – Final Thoughts
The bottom line is that if you follow all 6 of the newbie Forex trading tips as outlined here today, you should be able to make it big in the world of Forex. Of course, there is whole lot to know when it comes to trading currency pairs. There is truly no better way to become a pro trader than by learning from the best.
If you truly want to become the best of the best in the world of FX, we would absolutely recommend joining the Income Mentor Box Day Trading Academy. It’s by far the best, most comprehensive, and cost effective Forex trading school around. Also, check out Andrew’s Trading Channel on YouTube for daily hints, tips, updates, new trading strategies, live FX trading, and more.
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If you want to be a successful day trader, you need to stop wasting time, and Forex time wasters can be detrimental to your success. Right now, we are here to talk about 9 big time Forex time wasters you need to avoid, if you plan on being successful.
9 Forex Time Wasters – STOP IT!
Right now we want to take a quick look at the 9 biggest Forex time wasters out there. These are all things which you need to stop doing. If you do any of these things, you won’t be a truly successful Forex trader. Now, with that being said, today we are not focusing solely on trading per say, but also on life in general. The below 9 Forex time wasters also apply to life in general.
Waiting for Inspiration
One of the biggest Forex time wasters out there is to wait for inspiration, which is also true for life in general. If you constantly sit around waiting for inspiration, you won’t ever actually accomplish anything at all. You are the only inspiration you need.
Sure, you have to pick your moments and execute trades at the right time, but sitting on your hands and waiting for a sign from God is not going to cut it. If you expect to be a successful trader, and successful in life, you need to take action and make your own inspiration.
Worrying About the Opinion of the Sheep
As Tywin Lannister in the popular hit TV series Game of Thrones said “Lions do not concern themselves with the opinions of sheep”. This holds true in real life, in Forex trading, and across the board in general. Sure, listening to professional traders and the advice which they have to give is one thing.
However, taking advice or listening to the opinions of people who have no idea what they are doing is pointless. Yes, everybody has an opinion, but unless their opinion is knowledge and fact based, and very educated, then there is no point in listening to it.
Complaining
When it comes to Forex time wasters, and to wasting time in general, complaining is one of the most severe offences which all too many people commit. Think about it. Where is complaining going to get you?
Absolutely nowhere, that is where complaining will get you. For instance, if you lose some trades, and you complain about it, is it going to change anything? No, of course not! Not only does complaining get you nowhere, but people really hate complainers too. Stop complaining and start taking action to correct your mistakes.
Trying to Please Everybody
Ok, so this one of the Forex time wasters may not apply overly much to trading, but it still does. One of the worst things you can do in general is trying to please everybody. Folks, pleasing everybody is simply not possible. Just look at politics.
There are always people who are going to be unhappy with the decisions you make, no matter what the case. The only person you should be aiming to please or satisfy is yourself. You are the one trading, it is your money being risked, and it is you should come out on top at the end of the day.
Comparing Yourself to Others
When it comes to Forex time wasters, another severe offence is to compare yourself to others. Where is this going to get you? Nowhere! Let’s say you are a newbie to the world of day trading. You don’t make much money and you lose trades fairly often.
You then see professional traders making several thousand dollars per day. It can be super demoralizing to compare yourself to the pros, because it makes you look at feel bad, but there is just no point to it. Sure, it’s fine to learn from the pros to try and emulate them, but to compare your success to there is useless.
Repeating the Same Mistakes
The definition of insanity is to repeat the same mistakes over and over again, and in terms of Forex time wasters, this is a big one. Newbie traders will often keep on making the same errors over and over again without making any real changes to their methods and strategies.
Why would you do this? Sure, if something isn’t broken, then don’t fix it, but if it is broken and not working right, you need to take steps to become better. It’s all about making improvements, not stagnation.
Perfectionism is another definite Forex time waster. Folks, even the best and most experienced traders still are not perfect. Even the best of the best still make occasional mistakes and lose trades. A risk of losing is inherent in day trading and there’s just nothing you can do. You can never be perfect, and once you get this through your head, you can start taking pride in the wins that you accomplish.
Fear of Failure
In terms of Forex time wasters, a fear of failure is probably one of the very biggest ones out there. People who are afraid to fail are people who won’t ever be successful. Yes, FX trading can be risky, and there is always a possibility that you will lose some trades. It happens.
While it is OK to work on the side of caution and to take care when trading, not placing trades or taking action due to being afraid to lose won’t get you anywhere. To make it big, sometimes you have to take risks. Such is the nature of life.
Not Living Your Life
The other thing you should not be doing is wasting all of your time trading Forex. Yes, FX is a great way to make money, but it can become very consuming for some people. You still need to live your life!
Forex Time Wasters – Final Thoughts
There you have it folks, 9 Forex time wasters that you absolutely need to avoid. Remember people, these Forex time wasters do not apply just to Forex, but to life in general. It’s time to live your best life!
