Getting Started with Forex Trading
If you plan to get into the world of Forex trading, then you absolutely want to follow the tips that we are about to provide you with right now.
Get a Forex Trading Education
What you need to realize here is that Forex trading is not something that you can just decide to do one day and then be successful at. Foreign currency trading is extremely difficult. This type of trading involves many different terms, concepts, strategies and much more. It takes a whole lot of skill, practice and know how in order to be a successful Forex trader.
Therefore, what you should never do is just start trading Forex. If you have no idea what you are doing. You need to have a trading education from a reputable source that knows how to teach. If you want to learn everything there is to know about trading Forex, we recommend taking a look at the Income Mentor Box Day Trading Academy.
This is a very popular Forex trading school and one of the most highly trusted ones in the world. It comes complete with a very easy to follow curriculum that is ideal for newbies. It comes with complete with over 50 full length lessons and by the end of the course you should know everything there is to know in order to be successful in the world of foreign currency trading.
Stick to Your Guns
Once you have a 4X trading education, what you need to do is to develop some trading strategies for yourself. Ones that are time tested and proven. Now we are not saying that you need to be an inventor or innovator here. By no means are we telling you to start creating your own trading methods and strategies. As a newbie, that is a short fire way to fail.
What you need to do is to find some time tested and proven trading strategies that have worked for other people and continue to work for many people around the world.
Just in case you happen to lose a couple of trades with one of these trading strategies, don’t throw in the towel and give up right away. If they are proven strategies that people from around the world use on a daily basis, then chances are that you either did something wrong or you just had a bit of bad luck. The only reason you should switch your trading strategies as if you consistently lose trades.
Find the Right Broker
As a newbie entering the world of Forex trading, what you also need to do is find the right broker. Brokers are a dime a dozen and there are so many of them out there that choosing the right one can give you a real headache. Now with that being said, there are not that many brokers that are ideal for newbies to use, so you will want to do some research on this front.
What you are looking for here is a broker that is not going to charge you insane commissions. Brokers that charge very high fees and commissions might be fine for professional traders who have money to spend but not for newbies. You only have a few hundred or a couple thousand dollars to trade with. Every penny that you can save on fees and commissions will make a difference to your bottom line.
Time of Day Matters in Forex Trading
In terms of being successful when it comes to Forex trading, another thing that you need to realize is that the time of day does make it difference. If you happen to live in the GMT time zone, then you want to trade between 9:00 AM and 7:00 PM. This is when the Forex market is the most active and the most liquid. Thus providing you with the most trading opportunities and the most profit opportunities. Of course, do keep in mind that if you do not live in the GMT time zone, you will need to make some calculations to figure out what the best trading times for you are.
Stick with the Major FX Currency Pairs
A big mistake that newbie Forex traders make is to just start trading with any and all currencies. This is a massive mistake, one that you need to avoid at all costs. When it comes to trading foreign currencies, you need to stick with the most popular and liquid ones, the safest ones. Some of the currencies that you should be focusing on are the United States dollar, the Canadian dollar, the Australian dollar, the Japanese yen, the euro and the Swiss franc. The British pound is a pretty good one too. Don’t start trading with exotic foreign currencies. It’s not going to end well for you.
Remember Risk Management
If you are a newbie who is just starting with Forex trading, what you also need to remember is that risk management plays a large role in how successful you will be. For instance, if you have $500 and you invest all of it into a single trade, and that trade goes South, then you lose everything at once. As a rule of thumb, in Forex trading you never want to risk more than two percent of your overall trading capital on a single trade. That way if it shrink does go South, at least you only lose 2% of your balance.
Start with a Small Amount of Trades
On the same note as the point before, you do also want to limit the amount of trades that you have open at once, especially as a newbie trader. If you were just starting with four X trading, we would recommend not having more than two trades open at the same time. Simply put, the more traits you have opened, the more there is to keep track of and the more chances there are for you to make a mistake. You should first get good at completing and profiting from single trades. Once you can manage having one or two trades open at once with ease, then you can move on to bigger and better things.
Always do Some Daily Forex Trading Weather Forecasting
Before you start training on any given day, you do also want to do some weather forecasting. In other words, you want to go to news websites and take a look at important economic and political news that may affect the value of national Fiat currencies. Anything in everything that well or just can affect currencies should be taken into account.
Use an FX Signals Service
Using a Forex signals service will come in very handy too. A Signals service provides you with all of the up to date info you need to make easy trades. You will be provided with a list of FX pairs each day, all of which come complete with both entry and exit points. This way, all you have to do is to copy and paste the trades into your broker or trading platform of choice, and watch as the money rolls in, all without really knowing the first thing about Forex trading. Just in case you didn’t know, your membership with Income Mentor Box includes the Income Mentor Box Forex signals service free of cost!
Forex Trading Tips for Beginners – Final Thoughts
If you follow the tips and rules that we have provided you with here today, then you should have a much easier time with Forex trading. However, our number one recommendation is that you join a Forex trading school because you simply won’t be successful without a good foundation of knowledge.
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