Trading Lessons You Need to Learn

Trading Lessons You Need to Learn

If you are a newbie trader then there are so many different things that you need to learn in order to be successful. This is true whether you are day trading, swing, trading or anything in between. And it also applies to all trading types, whether we’re talking about crypto currencies, forex, the stock market or commodities, the fact of the matter is that there are various trading lessons that you need to learn early on in your trading journey in order to be profitable.

Of course, as is the case when we first started trading, we also needed to learn these lessons and unfortunately we had to learn the hard way. Luckily for you, we already learned all of these trading lessons the hard way, so now we can convey all of this information to you so you don’t have to learn the hard way. If you read this article on the best trading lessons that you need to learn, then you can avoid making the same mistakes that all too many beginners make.

Trading Lessons for Success

What we want to do right now is to cover some of the most crucial trading lessons for success that you need to know in order to make money instead of lose it.

Consistency is Key

One of the biggest trading lessons that you will learn eventually is that consistency is key. Now what many beginner traders do is to choose one type of trading strategy or one type of indicator and then use that as much as possible. Now beginner traders will often win a couple of trades but then lose many more than they win.

Most traders will then move on to a different trading strategy because they think that the previous one didn’t work. Most traders will bounce back and forth between various trading strategies in the hopes that something awesome is going to come along people. The fact of the matter is that the trading strategies aren’t the problems.

Let’s face it, when you choose a trading strategy, you look it up online and you are going to use one that everyone else says is proven to work. This means that most trading strategies that you will utilize do actually work. The problem isn’t the trading strategies. The problem is you. You need to be consistent. Inconsistencies will lead to inconsistent wins and losses. Master a single trading strategy, make sure that it works and then if you like, move onto another one.

Your Strategy Needs to Have an Edge Over the Market

When it comes to the most valuable trading lessons that you need to learn. Although being consistent is of course very important, what you also need to realize is that you always have to have an edge over the market. The simple explanation here is that whatever trading strategy you choose to use over the long run, it needs to be profitable.

Or in other words, it needs to produce a positive result. The fact of the matter is that no matter how consistent you are, if your trading strategy does not produce a positive result in the long run, then you are going to end up consistently losing money.

Of course, in this sense, consistency is not a good thing. Now what you need to realize here is that it is possible to have an edge over the market with a low winning rate because your average gain is still at much higher than your average loss. But it is also possible to have an edge over the market if you have a higher loss than gain ratio because you’re winning rate is very high. Either way, you need to have an edge over the market and this is one of the most valuable trading lessons that we wish we knew when we first started trading.

Just Follow the Price

Yet another one of the biggest trading lessons that you need to learn as a newbie trader is that it’s usually best if you follow the price. If you don’t know how to do analysis or you just don’t have time to crunch all of those numbers, then what you should do is to follow the price.

If the price is moving higher, you should place buy trades and if the price is moving lower, you should place sell trades. Another piece of advice that you should follow is to always pay attention to the price no matter the fundamentals. Therefore, if you see that the price is going up, but you think that there might be a bearish reversal in the horizon, you should still follow the price, especially as a newbie trader.

There is No One Size Fits All Strategy

In terms of valuable trading lessons that you need to learn as a newbie, this one is perhaps the most important. The fact of the matter is that many traders think that there is some kind of one size fits all trading strategy which some people refer to as the Holy Grail. Sure, it’s some trading strategies are much better than others. This is true.

However, the fact of the matter is that every market is different, and every type of trading is different too. This means that a trading strategy that works well for Forex swing trading is probably not going to work well for cryptocurrency day trading. Each trading strategy is specifically designed for specific markets, and the sooner you figure this out, the better you will perform.

It’s Not a Get Rich Quick Scheme

The next of the Super valuable trading lessons that you need to learn is that trading is not a get rich quick scheme, but in fact is a get rich slow scheme. You can easily grow your trading account to 7 figures or even eight figures, but it does take a long time.

The fact of the matter is that slow trading, or in other words, placing many small investments, is much better than placing just a small amount of big trades in the hopes of making it big.

Sure, you could win a whole lot of money in a limited amount of time, but as soon as you lose a single big trade, the journey is over. Therefore, what you want to do is to take the slow approach, because if you engage in proper risk management, your chances of winning trades are much higher. It’s much better to make slow profits than it is to lose money. It’s as simple as that.

Trading Lessons for Newbies

The bottom line here is that if you pay attention to the various trading lessons that we have provided you with here today, your chances of becoming a profitable and consistent trader increased greatly. Remember folks, these are lessons that we wish we knew when we first started trading. Luckily for you, you can get right past making the errors and get right to trading the proper way.

If you need help day trading, and what you need is a comprehensive education, particularly on Forex trading, then the best place to be is the Income Mentor Box Day Trading Academy. At this time, the IMB Academy is the most comprehensive, user friendly, effective, and affordable Forex trading school out there.

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How to Prevent Emotional Trading

December 3, 2020 Fabian FabianLatest News / Latest News / NewsLeave a comment

How to Prevent Emotional Trading

Emotions have absolutely no place in trading. All emotions do is ruin a trader’s mindset. Trading, whether Forex, stocks, cryptocurrencies, or otherwise, is about reason, logic, and solid planning. Today, we will provide you with some crucial tips on how to prevent emotional trading from draining your bank account.

Try to Keep Trades Small

One thing that you can do to prevent emotional trading on your behalf, especially as a beginner, is to limit the size of your trades. The larger the trades that you place, the more emotionally charged the situation is going to be.

Of course, nobody likes losing money, and the more money lost, the worse it is. So, if you place a $10,000 trade, it’s going to be super stressful, way more stressful than a $100 trade.

Now, as you get better and more confident in your abilities, those larger trades will become less stressful. However, for the time being, to keep your emotions in check, it’s best to go with smaller trades.

Get Rid of Your Ego

Yet another thing that will help prevent emotional trading is to park your ego at the door, so to speak. Yes, your ego is a part of your emotional state. For instance, if you win a few trades in a row and make some good money, it might get to your head.

In other words, a series of wins can artificially overinflate your ego. It comes to the point where you are falsely confident, and eventually you’ll start being reckless.

On the other hand, if you lose several trades, and you allow this to get to your head, it may make you far too cautious and scared of trading. Whether trading inflates or deflates your ego, both results lead to losing more trades. Therefore, to prevent emotional trading and losses, leave your ego out of it.

Educate Yourself

One of the best things that you can do to prevent emotional trading is to get educated on the matter. Simply put, the more you know about Forex, stocks, and other markets, the less you need to rely on your gut feeling.

Of course, your gut feeling has to do with your emotions, but gut feelings can often be wrong. Trading without a solid education and a good knowledge base is a sure-fire way to end up losing, and this will only make you more emotional.

It’s a vicious cycle, one that you need to prevent from occurring in the first place. The more you know, the more confident you can be in your abilities. Therefore, if you are confident, when you place trades, you won’t be very worried about them. It all comes down to knowing what you are doing.

Use a Solid Strategy

Related to the previous point, something else that you can do to prevent emotional trading is to find, refine, and practice a good trading strategy, or even several of them. The fact of the matter is that no professional trader just places trades on a whim.

Every good trader has a good strategy behind them. If you use a time tested strategy that is proven to produce positive results on a consistent basis, then you can be confident in your trades. The better your strategy, and the better you are at its execution, the less emotional this whole process will be.

Only Trade What You Can Afford to Lose

Perhaps one of the biggest mistakes that newbie traders make is to trade with money that they cannot afford to lose. Folks, if you gamble with your rent money, your school tuition, your money that you need to put food on the table, it is automatically going to create stress and an emotionally charged situation.

If you do this, you absolutely need every trade to go your way. If one trade goes south, oops, you just lost your only way to pay this month’s rent.

To help keep emotions to a minimum, you need to only trade with money that you can comfortably afford to lose. In the event that you do lose some money, if you didn’t need it to survive, it’s not going to affect your mental state in any significant way.

Start Taking Care of Yourself

One of the most important things for you to do if you want to prevent emotional trading is to actually take care of yourself. By this, we mean make sure that you are in a good mental state, as well as in good physical health.

The reality is that there are many things that can cause you to become emotional, and they will all affect your ability to trade in a rational and reasonable manner. If you are super depressed, stressed out, anxious, tired, malnourished, or anything else of the sort, it’s going to affect your mental state and your emotions.

If you start the day of trading already stressed out, you can probably guess that things aren’t going to go your way. So, just take care of yourself, take a personal mental health day, drink a hot tea, and take a bubble bath.

Start Getting Used to Risk & Loss

Yet another way to prevent emotional trading is to get used to the idea of risking your money and potentially losing it. Folks, this is the name of the game.

You are gambling your money, albeit in a rational and analytical way, but in a sense, it is still gambling, and when you gamble, there is always a chance that things won’t go your way.

You won’t ever be a profitable and confident trader if you cannot accept the fact that sometimes you will lose, undoubtedly. The best of the best traders can put their emotions aside, suck it up, and keep going. This is the nature of trading.

It’s About Quality, not Quantity

The other thing that we want to stress here is that trading is about quality, not quantity. Simply put, if you put research and effort into finding the best possible trades, you can be reasonably confident in them.

However, if you just place a ton of trades and hope for the best, it’s going to be super stressful and emotional. This is always the case, no matter what, quality is always better than quantity.

How to Prevent Emotional Trading – Final Thoughts

There you have it folks, some great ways to prevent emotional trading from dictating your trading game. If you truly want to become a profitable trader, we recommend taking a look at the Income Mentor Box Day Trading Academy, one of the world’s most respected online schools for aspiring traders.

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Newbie Forex Trading Tips

June 25, 2020August 24, 2020 Fabian FabianLatest News / Latest News / NewsLeave a comment

Newbie Forex Trading Tips

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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Best Trading Guides for Beginners

May 29, 2020 Fabian FabianLatest News / Latest News / NewsLeave a comment

Best Trading Guides for Beginners

If you are new to the world of day trading, whether Forex, stocks, crypto, or anything in between, you might be having a bit of difficulty. Yes, trading all of these assets on the market can be extremely profitable. For instance, if you do it right, you stand to make thousands of dollars per day. This is where the best trading guides for beginners come into play.

The fact of the matter is that trading something like Forex is much harder than just choosing random signals and executing trades. You need to have a lot of knowledge, skill, a good deal of patience, and yeah, a bit of luck too. However, if you go into trading without any prior knowledge or experience, you’re bound to lose money.

However, below we want to take a look at some of the best trading guides for beginners out there. All of these guides come to us courtesy of Andrew A. Andy is the leader of the Income Mentor Box Day Trading Academy, plus a large variety of other educational resources too. Today we are here to look at some of his most recent trading guides for newbies, as seen on his YouTube channel.

Best Timeframes for Beginners

One of the most recent trading guides which Andrew released on his channel is all about finding the best timeframes to trade in. Timeframes in FX trading are extremely important to know about. There are 1 minute, 3 minute, 5 minute, 15 minute, 1 hour, 1 day, and so many more timeframes.

Choosing the right ones can be very hard, especially as a newbie. Finding the right trading timeframes can make all of the difference. Check out the embedded video for a comprehensive explanation on choosing the right timeframes for day trading.

EUR/USD Scalping

This is another one of the best trading guides for newbies out there, with this one being all about Forex scalping, specifically using the EUR/USD pairing. Here you will find out all about scalping, what it is, how to do it, and more. In short, scalping in FX trading is all about placing a large quantity of small trades.

The aim is to make lots of small profits. It can be a great way for newbies to minimize risk and maximize profits. The EUR/USD pairing is one of the best to work with for FX scalping. If making lots of small profits each day sounds good to you, then you should absolutely check this video out.

SL & TP Masterclass

Just to be clear, SL stands for Stop Loss, and TP stands for Take Profit. Stop loss and take profit orders are essential to understand if you plan on being successful in Forex trading. Both SL & TP are vital if you plan on maximizing profits, mitigating risk, and minimizing losses.

A well set stop loss order can stop you from losing a full investment in the event that a trade goes south. Moreover, a well set take profit level can allow you to bank profits before things turn around. When it comes to trading guides for beginners, this might just be one of the first ones that you should check out.

Trading NASDAQ for Newbies

The NASDAQ is one of the world’s largest and most popular stock exchanges. Of course Forex is a great way to make money trading currencies. However, there are some really great profit opportunities on the stock market too. Now, trading the NASDAQ does take a bit of skill and knowledge.

This is not something you can start doing blindly. In this particular video, Andrew is going to show you how to use support and resistance levels to trade the NASDAQ. As you will see from this trading guide, Andrew manages to make somewhere in the neighborhood of $5,000 with this trading strategy. S&P500 for the NASDAQ tends to work quite well.

Stock Trading for Beginners

Yes, the previous trading guide was about trading NASDAQ stocks, but of course, there are other stock markets out there too, all of which can provide you with massive profits if you go about trading and investing the right way.

This particular trading guide will provide you with some of the very best stock trading tips out there. If you plan on getting into the stock market, before you do so, you should definitely check this video out. It will provide you with a whole lot of useful info to help get you started.

Generating Full Time Income from Home

What is really interesting about this particular trading guide is that it is all about being able to make profits from home. Some people have day jobs and trade Forex on the side, which is fine, but not necessary.

Real Forex traders can spend their days trading Forex and make more than enough money to live comfortably. It is not necessary to have a day job when you are a pro Forex trader. With this trading guide, you will get some really awesome tips on how to trade Forex full time from home. The point here is to bring you to a level where you don’t have to rely on a menial day job for survival.

Best Trading Guides for Newbies – Final Thoughts

As you can see, Andrew from Income Mentor Box has a great YouTube trading channel, one that comes out with many new videos per week, particularly these trading guides for newbies. Remember folks, nobody stumbles backwards into Forex trading and is an automatic success.

Life just doesn’t work that way. Becoming a professional and profitable day trader takes time and effort. That said, with these best trading guides for beginners, you can speed up the learning process a whole lot and start making good money much sooner.

Remember folks, if you want a truly comprehensive day trading education that covers everything from A to Z, then joining the Income Mentor Box Day Trading Academy is highly recommended.

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Using The ATR Indicator For WINS!

February 25, 2019 Fabian FabianLatest News / Latest News / NewsLeave a comment

Using The ATR Indicator For WINS!

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If you are tired of losing trades and you need to find a great way to trade Forex and set your stop loss levels, this ATR indicator strategy is one you need to take a look at. Below, we are going to outline how to use the ATR indicator to set your stop loss levels. We also have a live profit session to show you. This is where Andrew, from our own Income Mentor Box Day Trading Academy, shows you his live trades and profits, all thanks to this ATR indicator.

What Is The ATR Indicator?

Ok, so before we really get into the meat and potatoes of today’s ATR indicator article, it is probably wise if you know what this ATR indicator actually is and how it functions. Ok, so ATR stands for Average True Range. The Average True Range or ATR indicator is a measure of volatility. If you do not know, volatility is a measure of the strength of the price action. In other words, it measures how volatile an asset such as a currency pairing is, in terms of how far the price may move in either direction in any given time.

The ATR indicator is indeed quite important and is often overlooked when it comes to analyzing and determining market direction and asset volatility. Although it is often overlooked, real trading professional know just how important it really is, and it has been in use for several decades now to determine volatility and price action. The ATR indicator can be used in order to create a full trading strategy, or it can also be used to just set entry and exit signals and levels too.

How To Use The ATR Indicator To Set Stop Loss

Ok, so now that we have figured out what exactly this ATR indicator is, we want to talk about how you can use it in order to win trades. In this case, we want to talk specifically about stop loss levels and how to use the ATR indicator in order to determine the stop loss level for any given trading position which you may place. Right now we are going to go through a step by step process on doing this in as easy a way as possible. Let’s get right to it and teach you how to use the ATR indicator in order to place winning trades and to set the proper stop loss levels.

First things first, go to your trading platform of choice. Here you need to find the indicators tab. Look for the ATR indicator, find it, and select it. Every charting solution and trading platform should come with this.

As you can see, it just looks like one single line, which you can modify as you choose. Many traders use the ATR indicator by setting the level to 20. However, by default, the level is usually set to 14, which is actually based on days. You can choose the color and the style of line based on your preferences.

So, when you are making a trade, look at your charts and analyze the price of the asset in question, and examine the ATR indicator at the same time. You are looking for the ATR value, and you are looking for an ideal resistance level too.

Now you need to find your stop loss by examining what the ATR indicator is telling you. You want to take the value of the ATR indicator and multiply it by 2. This is what your stop loss level will be for a certain asset at a certain time. You want to add this value (ATR x 2) to the market price, and this is what your stop loss will be.

Yes, we here at the Income Mentor Box Day Trading Academy know that this whole ATR indicator concept is a bit difficult to understand, especially in words without any visual reference. But hey, this is why our leader, Andrew, has taken it upon himself to make an ATR indicator trading video. If you take a look at the video, Andrew outlines all of these steps in details and provides you with several live examples. Once you see it live in action, you should be able to grasp the concept quite quickly.

ATR Indicator Live Trading Results

Of course, you don’t want to just take our word that this ATR indicator and stop loss strategy works. Here at the Income Mentor Box Day Trading Academy, Andrew always provides you with live trading updates and results, with trades being placed, going on, and being closed in real time.

We are here to show you that our strategies actually work, and that you can do the same to make good money through trading. Like we always say here, the proof is in the profits. If you take a look at the below video, you will set that Andrew placed a very good trade using the ATR indicator method which we outlined above.

The results which Andrew were able to achieve were pretty good no doubt. Using this same trading strategy which we outlined above, Andrew was able to make a profit of well over 300 Euros with one single USD/JYP trade. Guys, if you use this ATR indicator strategy, there is no reason why you cannot make a few hundred Euros profit in a single trade just like this. Also, keep in mind that this trade was only open for roughly 2 hours. Making over 300 Euros in just 2 hours is definitely impressive!

Income Mentor Box & The ATR Indicator – Final Thoughts

While this strategy might be a bit complex to understand at first, we do think that Andrew did a great job at explaining it in an easy to grasp way. Yeah, it might take a couple rounds of practice, but there is no reason why you should not be able to achieve the same results as Andrew here.

If you want to become a professional day trader and learn how to profit through Forex, indices, stock, and commodities trading, our Income Mentor Box Day Trading Academy is undoubtedly the best place to be. For the low onetime payment of $299, you will gain full access to all course materials. It’s time to quit your day job and become a professional day trader from home, a highly profitable one!