Tag: Forex trading tips for newbies

Top 10 Forex Trading Tips

Fabian FabianLatest News / Latest News / NewsLeave a comment

Top 10 Forex Trading Tips

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

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

Forex Trading Tips

Top Forex Trading Tips

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

 

Trading without Researching

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

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

 

Understanding Accounts, Spreads, & Commissions

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

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

 

Having a Solid Plan

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

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

 

Determining Your Risk Tolerance

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

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

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

 

Emotions & Patience

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

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

Best Forex Trading Tips – Final Thoughts

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

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

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Best Forex Strategies & Tips

Fabian FabianLatest News / Latest News / NewsLeave a comment

Best Forex Strategies & Tips

OFFICIAL SITE: INCOMEMENTORBOX.COM

Andrew’s Trading Channel is here to provide you with some of the best Forex strategies and tips for success around. Andrew himself is the owner of the Income Mentor Box Day Trading Academy, as well as other educational resources too. We really like his YouTube channel because he produces many tutorials and lessons on a weekly basis, all of which can help you become the successful day trader you aspire to be.

Best Forex Strategies

Best Forex Strategies & Tips

Here we want to feature a selection of the best Forex strategies and trading tips as outline by none other than Andrew himself. As we stated above, on Andrew’s Trading Channel on YouTube, you can find many new tutorials and trading lessons every single week.

Let’s take a look at some of the best and most recent ones out there. In one way or another, these best Forex strategies tutorials can help put a whole lot of money in your pocket.

CLICK ON IMAGE TO GO TO ANDREW’S TRADING CHANNEL 

Andrew’s Trading Channel

 

2 EMA + Bollinger Bands + RSI

Alright, so right off the bat, this is going to be one of the more technically advanced FX trading strategies. This one, while it is not designed for newbies, Andrew does do a great job of explaining it thoroughly and in great detail.

When it comes to making substantial daily profits and executing reliable trades that are highly likely to be ITM, then this 2 EMA/Bollinger Bands/RSI trading strategy is a great way to go. Yes, it incorporates 3 different kinds of indicators. This makes it seem quite intimidating. However, in all reality, if you watch the video and pay attention, you should be able to execute this strategy without too many issues.

Best Forex Strategies – Finding Entries & Exits

Of course, when it comes to trading FX, what you definitely need to get the hang of is how to find the best entry points for trades, as well as the best exit points too. Entry points are the points or price at which a trade is entered into. Exit points are the points or price levels at which trades are closed.

If you expect to see any sort of success in FX trading, being able to find and identify the right entry and exit points is crucial. We would absolutely recommend watching this video from front to back. It is one of the most useful and best Forex strategies and tips tutorials which Andrew has put out in a long time.

The London Breakout Strategy

We will leave explaining what this London breakout strategy is to the video itself. Not in a million lifetimes could we explain it any better than Andrew has in this video. However, we do think that it is one of the best Forex strategies around. The reason for this is because it is so highly profitable.

Yes, it can be a bit risky to utilize this strategy, especially as a trading newbie. That being said, as you will find out, this particular method of trading can allow you to make a full day’s income in just a single trade. If you like making large profits through minimal trades, then this is a lesson to keep your eye on.

The Ultimate Oscillator Strategy

When it comes to the best Forex strategies and tips around, something you need to master is how to use oscillators properly. The main point of oscillators is to show when securities are overbought or oversold, but they do have other purposes as well.

These are an integral part of day trading which you should absolutely be super familiar with. In this particular tutorial, Andrew discusses a particular oscillator trading strategy, how it works, and how you can best use it to make great profits. As you will find out here, it’s all about buying low and selling high to make substantial monetary gains.

Best Forex Strategies – Beginner Trading with $200

One of the hardest parts of FX trading is when you are a beginner, you don’t really know what you are doing, and you only have a couple hundred dollars to start trading with. Yes, when you first start out with such little money to spare, trading can be very challenging, not to mention super risky as well.

The less money you have, the harder it all becomes. Well, in this particular one of the best Forex strategies tutorials around, both parts 1 and 2, Andrew shows how you can successfully start day trading with just $200. He will show you how to mitigate as much risk as possible, as well as how to grow that account into something substantial.

9 Biggest Time Wasters

When it comes to the best Forex strategies and tips around, this particular video tutorial is a bit vague. The reason for this is because Andrew discusses 9 specific things which people do to waste time. These particular time wasters do of course apply to Forex trading, but there is so much more to it than that.

These trading tips also apply to every scenario in real life outside of the world of day trading. If you can manage to stop doing these 9 things you can become a much more successful Forex trader, and much more successful in real life too.

6 Major Forex Trading Mistakes

The other video tutorial courtesy of Andrew which we would like to discuss has to do with mistakes. This particular video features some of the best tips around and can go a long way in helping you to create your own best Forex strategies.

Here, Andrew discusses 6 major mistakes which newbies often commit when they first start trading FX. Take a close look at the video. If you mange to avoid these 6 major trading errors, your chances of success and making huge profits will skyrocket drastically.

The Best Forex Strategies & Tips – Final Thoughts

The bottom line is that if you are looking for the best Forex strategies and tips around, then Andrew’s Trading Channel is the place to be. If you are looking for a full scale and comprehensive FX trading education, we would recommend checking out the Income Mentor Box Day Trading Academy.

LEARN TO DAY TRADE LIKE A PRO WITH INCOME MENTOR BOX!

Income Mentor Box Day Trading Academy Andrew’s Trading Channel