The Journey to Becoming a Profitable Forex Trader
Did you know that the Forex market is at this time the most liquid market in the whole world? Yes, this means that there is no more money floating around in any other market than in the foreign currency market. With huge volume of trading as well as a great deal of volatility, which foreign currency pairs experience means that the Forex market is a great place for everybody to make money. Now, with that being said, there is of course a difference between a Forex trader and a profitable Forex trader.
Simply put, you don’t wake up one day and just become a profitable Forex trader because you feel like it. Becoming a profitable Forex trader takes a heck of a lot of knowledge, skill, and practice. There is a reason why there are so many Forex trading schools and courses out there because this is something difficult, something that qualifies as a real profession.
Just like you wouldn’t start working on cars without first learning how to be a mechanic, you also wouldn’t start trading Forex without first getting some sort of education, at least a minimal education. What we are here to do today is to provide you with a full-scale guide for your journey to becoming a profitable Forex trader.
We want to start things off with a long list of the most valuable forex trading tips around, the best tips that you need to follow in order to make money and to avoid losing it. We are then going to follow that up by talking about a few of the best educational resources is around that will teach you everything you need to know to become profitable Forex traders. Let’s get to it and help you make money.
Tips for Becoming a Profitable Forex Trader
As a beginner, we do not doubt the fact that your journey is going to be a relatively long and difficult one. If you want to be a profitable trader, there are many different things that you need to learn.
Before we get into talking about the various educational resources that can teach you how to be a great Forex trader, we first want to provide you with some of the most valuable tips around.
What we want to do right here is provide you with a starting point. A few of the most important Forex trading rules and tips that you need to be aware of. If you plan on being successful, especially when you start your journey as a newbie.
Learn from A Reputable Educational Resource
One of the most important tips that you need to follow when it comes to becoming a profitable Forex trader is that you actually need to know what you’re doing. In other words, in order to become profitable in the world of Forex, you need to get yourself educated. Foreign currency trading is not something you can just do successfully one day.
The simple reality here is that there are many different concept terms, strategy, skills and many other pieces of knowledge that you need to know in order to be a proficient and profitable Forex trader. Simply trading Forex without any kind of education is like going to space without ever learning anything about being an astronaut. If you expect to be profitable here, then you first actually need to learn.
Now, in case you have no idea where to go, learn how to trade forex. No worries because this is something that we are going to cover in quite some detail further below. We have some great educational resources that you can use to help become the best Forex trader that this world has ever seen.
Learning to Manage Risk
If you plan on being a profitable Forex trader, another very important tip that you need to follow is that you need to learn how to engage in proper risk management. The simple reality here is that Forex trading does involve a certain amount of risk. Although it’s not quite as random as gambling, there is always a risk that things can go south and that you can lose your money.
In other words, you really don’t want to blow all of your money on a single trade, and moreover you don’t want to blow money that you can’t afford to lose. So first and foremost, there is a general rule of thumb in Forex trading as well as in market trading in general, which is that you should never risk more than 1% or 2% of your total trading balance on a single trade.
Just to put this in simplest terms, if you have $100 in your trading account, this would mean that you would not trade more than $2.00 for a single trade. This way, even if you do lose a few trades, at least you’re only going to lose a small percentage of your overall balance instead of losing it all at once.
What we also need to stress here is that you really cannot trade with money that you cannot afford to lose. That money in your bank account is all you have for your next mortgage payment and use it for the mortgage payment. Never gamble with money that you can’t comfortably afford to part with. It’s just not worth the risk.
Don’t be Unrealistic
One of the biggest mistakes that you can make as a newbie Forex trader is to set super unrealistic goals that you will never be able to achieve. Yes, having good goals is a good thing because it helps motivate you to achieve something. However, with that being said, if the goals you set for yourself are completely unattainable, then all you are doing is setting yourself up for failure.
If you set completely unrealistic goals, you never going to be able to reach them, and if you can never reach your goals, it is going to completely destroy your more out SAP. Your motivation, and make you want to stop trading for good. The simple reality here is that as a beginning Forex trader, you’re not going to make 10s of thousands of dollars per day. It just doesn’t work that way. Even the most experienced and profitable Forex traders generally don’t make that much.
Sure, it is possible to make thousands of dollars a day trading forex, but then you actually need to know what you were doing and moreover getting to a level where you can make that much money per day takes years of practice. The bottom line here is that as a beginner, you need to set yourself realistic goals. So, start by aiming for a couple hundred dollars in profits a day.
Choosing a Good Broker
One of the things that many people forget about when it comes to trading is that you do need a good broker. In essence, the broker that you use is the middleman. And yes, having a good middleman does make a big difference. The fact here is that there are indeed many scam brokers out there. There are tons of brokers who are not licensed or registered with their one and only aim being to steal your money.
Obviously these are brokers that you need to stay away from. However, the scam brokers are not the only ones that you need to stay away from because there are also just those that are not ideal for newbie traders.
What you need to do is to do some research on the various Forex brokers that are designed for newbies, ones that feature accounts with very low commissions. When it comes to trading foreign currencies, one of the absolute biggest mistakes that you can make is to underestimate the importance and the power of having a good broker in your corner. This is not a decision that you want to rush through making.
Create a Good Trading Plan & Stick with it
Yet another massive error that many newbie traders make is that they just trade randomly without putting too much thought into it. This is a massive mistake because the case here is that 4X is all about methodical thinking, planning, and so much more. Forex is a very strategic type of thing that takes a whole lot of mental power and thought. You can’t just fly by the seat of your pants when you’re trading foreign currencies.
What you need to know here is that all of the best Forex traders have mastered a variety of proven trading strategies that are tested over time and have proven to provide profitable results. We suppose that what we’re saying here is that you should get to mastering some of the best Forex trading strategies around, which of course is done by getting a Forex trading education. The simple fact here is that you need to make a Forex trading plan that takes into account all of the necessary factors that you need to keep track of.
This means that you need to know how much money you have to trade with, how much capital do you plan on rescue per trade? What type of trading you plan on engaging in the trading strategies you plan on using, how much money you plan on making per day and more. Every aspect of your training should be methodically thought out and planned down to the last and finest detail.
Something that we also need to say here is that if you are using a trading strategy or a plan that has proven to be successful in the past, If you happen to lose a couple of trades with it, don’t automatically just throw in the towel and give up. Yes, outliers do occur and sometimes the unexpected happens. If you are using a trading strategy that has proven to be successful for other people, then there is no reason to stop trying it.
With that being said, there are of course some trading strategies that don’t just don’t work well, ones that may not be suitable for you. If you keep failing with the same trading strategy and you just keep losing trade after trade, and it’s probably a good idea to switch things up and find a new trading methodology.
Leave Leverage to the Pros
If you are a newbie and you don’t know what leveraging trades is, then you can just skip this part. The fact of the matter is, as a newbie trader, you want to stay away from leveraging trades. Leveraging trade is just way too dangerous for newbies to engage in, especially if you only have a limited amount of money to trade with. Just as a rough explanation, leveraging your trades means trading with way more money than you actually have at your disposal.
For instance, just as an example, you could leverage a trade at 100 times to one, which would mean that you would only have to invest a single dollar, but the value of the investment would actually be $100.
This allows traders to trade with way more money than they actually have, which can be a good thing if the trade ends up being a winner because it means that you end up making 100 times more profits than you could have on the other hand, if the trade ends up going South and loses, then you are on the hook for the whole amount for the whole $100 investment not just the $1.00. Yes, leveraging trades is definitely a high risk, high reward type of thing. But as a newbie is super high risk type of trading is not to your advantage.
Take Things Slow
If you plan on becoming a profitable Forex trader, one of the things that you need to realize is that it doesn’t happen overnight. And the more you practice it, the better you will get. As the old saying goes, practice makes perfect, and this is definitely something that applies in the world of Forex trading. The main point that we’re trying to make here is that as a beginner, never have more than one or two trades open at once.
The simple fact here is that as a beginner it is very hard to keep track of multiple trades that are open at once. The more you have open at once, the hardware becomes to keep track of. Sure, a professional trader can keep track of five or even 10 or 15 open trades at a single time. But with that being said, that is no easy thing to accomplish.
It’s just way too stressful to keep track of so many moving parts all at once, and it’s something that even the best of us struggle with. Therefore, as a newbie, start off with just having a single trade open, then two, then three. It’s all about starting slow and gaining the necessary practice and skill in order to become as good as you could possibly be.
Keep Your Emotions in Check
If you plan on becoming a profitable Forex trader, one of the most important things that you need to do is to leave your emotions at the door. Simply put, emotions have absolutely no place in trading whatsoever. If you are trading with your emotions, then you are trading wrong. Trading needs to be done with your brain, not your heart or your gut feelings.
The important fact that you need to know here is that if you are way too emotional, you’re going to make highly irrational and unreasonable trading decisions that will negatively affect your balance. Trading is about being reasonable, methodical, and rational.
There’s absolutely no place for emotion in trading because It causes people to make bad decisions that are not in their best interest. Don’t freak out if you happen to lose a couple of trades. Just try to analyze your trading plan, see what went wrong, and then make the necessary adjustments.
Stick to the Major Currency Pairs
One of the things that you need to realize on your journey to becoming a profitable Forex trader is that not all currency pairs are built the same. Generally speaking, there are six or eight major currency pairs, and the rest of them are all considered exotic currency pairs. What you need to know here is that it is the major currency pair that you need to trade with.
While the exotic currency pairs you need to stay away from. The major currency pairs are way more predictable and easier to make money with, especially for newbie traders. The exotic pairings can be very unpredictable and hard to trade with. Some of the best pairings for newbies to trade with, and for everybody in general, include USD/CAD, EUR/USD, USD/AUD, USD/CHF, and USD/JPY.
Don’t Forget About Stop Loss Orders
One of the best tips that we can provide for you is that you need to use stop loss orders when Forex trading. A stop loss order is a very simple tool that will help you recoup the majority of your money in the event that a trade that you have placed goes wrong. For instance, you can set a stop loss order at 10% below your initial investment.
For example, if you were to invest $100 in a trade, and you set the stop loss at 10% below the initial investment, this would mean that if the value of the trade were to dip below $90, the trade would automatically close, thus preventing the remaining $90 from being lost. This is a very valuable trading tool that you absolutely need to use to your advantage.
Don’t Add to losing Positions or Bet Against the Market
The final thing that we want to say here is that in order to be a profitable Forex trader, especially as a newbie, something that you never want to do is to add to losing positions or to bet against the market.
Yes, both of these training techniques can work to make put money in your pocket, but this is usually only true when professionals are involved betting against the market and adding to losing positions are both very long term types of trading that take a whole lot of skill to execute properly.
Betting against the market or adding to losing positions is extremely dangerous and can quickly lead to major losses. As a newbie, doing either of these things is not recommended.
Becoming a Profitable FX Trader with Andrew’s Trading Channel
If it’s a trading education that you’re looking for, but you don’t want to pay money for it, then it is Andrew’s Trading Channel that you want to check out.
What is Andrew’s Trading Channel?
Andrew’s Trading Channel is a YouTube Channel hosted by Andrew A. This channel is all about providing aspiring traders with the best rules, tips, guides, and up to date market news. What is also neat about this channel is that Andrew often livestreams trading videos, where he trades live on camera.
This is really neat because it means that in order to be a profitable trader, all you have to do is copy Andrew’s trades as he performs them live on camera.
The bottom line is that if you want to be a profitable Forex trader, and you want the best tips and guides around, as well as the best trading strategies, at no cost to you, then this is a great place to be.
Who is Andrew?
For those of you who don’t know who Andrew is, he is a longtime trader who has been trading Forex, stocks, cryptocurrencies, and more, for well over a decade. He makes a full time living very easily, and he doesn’t even trade full time. When it comes to teachers that make learning fun, easy, and fast, Andrew is definitely one of the best.
Andrew’s Trading Channel Guides
Let’s just take a quick at some of the most popular and most recent trading guides on Andrew’s Trading Channel.
Making 70K in 30 Days
If you want to become a profitable Forex trader, then this is definitely a video worth checking out here. Andrew teaches you how to find the very best and most profitable Forex trades. If you follow these tips and rules that Andrew talks about within this video, then there is no reason that you cannot make €70,000 in 30 days, just like Andrew did.
Best EMA Scalping Strategy for Newbies
If you want to become a profitable Forex trader, then you need to master some trading strategies. In this particular video and your talks about exponential moving averages and how to use them for scalp trading. When it comes to beginner friendly trading strategies that can put a heck of a lot of money in your pocket, this is one of the best ones for you to know.
Learning Forex Trading with Income Mentor Box
While Andrew’s Trading Channel is a great free educational resource for aspiring traders, the fact is that it does not qualify as a comprehensive education that starts from the ground up. If what you are looking for is a ground-up Forex trading education that starts with the basics, and you are willing to pay a few dollars for a high-quality education, then it is the Income Mentor Box Day Trading Academy that you need to check out.
At this time, Income Mentor Box is considered to be one of the best, most comprehensive, and most affordable trading schools around.
For those of you who don’t know, if you want to become a profitable Forex trader, then this super affordable and comprehensive 100% online Forex trading academy is the best place for you to be. Let’s provide you with the most important information that you need to know about this particular online Forex trading school.
The first thing that we want to tell you about this particular Forex trading school is what you will actually learn by joining it. Well, as you can see from below, the curriculum is very comprehensive. Keep in mind that the screenshot below is just a small fraction of the full curriculum. When you joined this trading Academy, what you get access to is a curriculum that consists of well over 50 full length trading lessons.
All of the lessons come in the form of video tutorials with the teacher explaining everything verbally and then backing it up with live visual trading examples. By the end of the 50 plus lesson curriculum, you should know literally everything there is to know to be a profitable Forex trader.
Yes, the course starts off with the basics and the fundamentals, such as basic concepts and terminology and then quickly advances to the more complex aspects of trading. This is where you will learn some of the best Forex trading strategies around.
Something that you may like to know here is who the teacher of the income mentor box Day Trading Academy is. Well, the teacher of this Forex trading course is none other than Andrew A. As we talked about before, Andrew 80 is one of the best traders that this world has ever seen, as well as one of the best features. When it comes down to it, there is literally no one else that we would rather learn Forex trading from than Andrew. He makes learning how to trade forex fun, easy, and fast, not to mention very affordable too.
A Free Forex Signals Service
When you join this Forex trading Academy, you also get access to a free Forex signal service. This is a signal service that runs over the Telegram Messenger app, one where you get up to 12 highly profitable and accurate Forex trading signals per day. These forex trading signals are up to 95% accurate and they come complete with both entry and exit points.
This means that all you have to do is take the signals as they appear, copy and paste them into your broker and watch as the profits accumulate. If you want to be a profitable Forex trader, this Forex signal service is a great thing to take advantage of because it can help you make money while you are still learning.
Speaking of the cost of this particular Forex trading school is going to cost you $299 to join. Now that may seem like a lot of money to spend at once, but the simple reality is that you can make back that money easily in a single day of trading if not in just a few hours. Forex trading can be very lucrative and making $300 in a single day is more than doable.
There is also the fact that you get more value and more bang for your buck here than you do anywhere else. Considering the very low cost of this Forex trading school, the amount of education that comes included with it is totally unreal.
What you also need to consider is the fact that once you become a Member of this Academy, you are a member for life, which means that you have full lifetime and unlimited access to all course content, which also includes the free single service that we’re about to talk about.
CLICK BELOW TO JOIN INCOME MENTOR BOX AND START MAKING REAL PROFITS!
Becoming a Profitable Forex Trader – Final Thoughts
The bottom line here is that if you follow all of the rules and tips that we provided in the beginning of today’s article, you should have no problems becoming a profitable Forex trader. Those eleven trading rules that we discussed today are by far the most important and valuable ones that you need to stick to.
Yes, it all starts with a great trading education, but that said, there are many other factors to take into account here. As long as you have a good education, you make a good trading, you set realistic goals, and you keep your emotions at Bay, you should have no trouble making money in the world of Forex. With that being said, if you want a trading education and you don’t want to pay money for it, we definitely recommend checking out Andrew’s Trading Channel on YouTube.
Moreover, if it’s a full scale and comprehensive Forex trading education that you’re looking for, then we recommend checking out the income mentor box Day Trading Academy which is at this time considered to be one of the absolute best forex trading schools in the world.