How to Start Trading Forex Profitably

At this time, the foreign currency exchange market is the most liquid market in the world. What this means is that there is more money in the foreign currency market than in any other market in the world. What this means for traders is that there are massive opportunities to make profits. Would not being said trading Forex is not easy in the least. It takes a whole lot of skill, practice and knowledge to trade forex profitably. When it comes to how to start trading Forex profitably, it’s much easier said than it is done.

The reality here is that you don’t just wake up one morning and become a profitable trader, because you feel like it. Trading Forex profitably requires you to be aware of all of the most important market concepts, terminology, trading strategies, and so much more. Moreover, there are many different rules that you need to follow if you plan to start trading Forex profitably. No worries, because one of the things that we’re going to do today is to provide you with a detailed list of all of the most important rules that you need to follow in order to start trading Forex profitably.

The simple reality here is that trading Forex is a full-time profession, one that many people train for years to master. Just like you wouldn’t first fly a commercial airplane without getting your pilots license, you also wouldn’t start trading Forex without first getting the right kind of trading education. Yes, this is something else that we are here to talk about today, the best places for you to get a Forex trading education so you can start trading Forex profitably.

We have a really awesome free resource for you to take a look at where you can learn the best tips, strategies, and more, all for free of cost. Moreover, we also want to take a look at a full-scale Forex trading school, one that will teach you everything that you need to know to be a professional and profitable Forex trader. Let’s get right to it and help you start trading Forex profitably by providing you with all of the best tips, rules, trading strategies and educational resources that you need to be successful.

The Best Tips to Start Trading Forex Profitably

As a newbie Forex trader, there is no doubt about the fact that the beginning of your journey is going to be extremely long, difficult, and tedious. If you expect to start trading Forex profitably, there are a lot of things that you will need to learn in order to avoid losses.

We are here today to talk about some of the best educational resources around, the educational resources that will turn you into a professional, profitable, and self-reliant Forex trader.

However, before we get to doing that, what we want to do is to provide you with some general tips and rules about Forex trading. These are the most important rules that all professional Forex traders follow. Let’s get right to it and talk about some of the basic rules and concepts that newbies need to be aware of if they plan on being successful Forex traders.

 

Get a Forex Trading Education

Right off the bat, one of the absolute most vital things that you need to do if you plan on starting to trade Forex profitably is to get an education. Simply put, if you plan on making money in the world of foreign currency trading, you actually need to know what you are doing. This is not something you can just wing or do by flying by the seat of your pants.

You don’t go into space without learning to be an astronaut. You don’t go underwater without learning how to operate. In summary, and you don’t start trading Forex without first getting at these in education. You expect to be a profitable Forex trader. Then you actually need to learn how to trade. And yes, this includes concepts, terminologies, trading strategies and so much more.

For those of you who don’t know how to learn to trade forex, no worries, because this is something that we are here to discuss today. Below this section where we discuss a bunch of tips for trading, we’re going to talk about the best educational resources that you have at your disposal, so you can start trading Forex profitably by learning from the best, and all without having to spend a fortune.

 

Choose a Good Broker

Before we start talking about the other rules that you need to follow, if you plan on trading Forex profitably, is that you do need to have a good broker in your corner. Yes, of course. Market concepts, terminology, trading strategies, and more are all extremely important. However, what many newbies don’t realize is that the broker can make a big difference as well.

For one, there are scam brokers out there. Or in other words, illegitimate brokers who are not registered or licensed. These are scam brokers that will steal your money without question, and these are ones that you need to stay away from. Now, with that being said, not all brokers are scam brokers, but even many that are not scams as still just not good.

Many charge huge commissions that are not ideal for newbie traders. What you need to do here is to perform some research on the best Forex trading brokers around, so you can find the best one for you, specifically ones that are new, re friendly with low trading commissions, low fees, and low minimum required investments. Take your time when choosing a broker because this is not something that you want to rush.

 

Set Realistic Goals

One of the most important things that you will need to do here is to learn how to set realistic trading goals. One of the biggest mistakes that beginner Forex traders make is to set goals that are totally unrealistic and unachievable. Yes, of course, it is good to have big goals because big goals will motivate you to be successful.

However, would not being said if your goals are way too big and just cannot be attained, then you will never achieve them. If you never manage to achieve any of your goals, then it is going to greatly affect your morale and your motivation. Simply put, if you keep failing to meet your goals, it’s going to make you feel bad about yourself.

What you need to realize here is that although the Forex market is extremely liquid, unprofitable, it’s not a place where you were going to make $100,000 per day, especially not as a beginner. Word trading just doesn’t work that way. Even the most professional and experienced or 4X traders generally don’t make that much money.

Yeah, of course it is possible to make several thousand dollars per day trading forex, but then you actually need to know what you are doing. The point that we were trying to make here is that in order to start trading Forex profitably, you need to be realistic in the goals that you set for yourself. If you set relatively small goals, it will be easy to achieve them, and that will increase your morale and your motivation.

 

Keeping Risk to a Minimum

When it comes to trading Forex profitably, one of the most important things that you need to do, especially as a newbie, is to keep risk to a minimum. Yes, a big part of Forex trading is all about proper risk management. You need to be aware that trading Forex does involve quite a good deal of risk. No, it’s not quite as random as gambling in a casino because there is a lot of skill and strategy involved, but with that being said, there is always the chance that a trade him goes out.

The point that we’re trying to make here is that you really don’t want to blow all of your money on a single trade. On that same note, you really don’t want to trade with money that you just can’t afford to lose. One of the most important things for you to be aware of here is the risk management rule in Forex. What every good expert is going to tell you is that you should never risk more than 1% of 2% of your total trading account on a single trade.

It’s really just common sense. If you have $100,000 trading account and you invest all of that money in a single trade and it ends up going South, then your money is gone. However, if you follow the 1% rule and only invest 1% of that $100,000 trading account in the event that a trade does go South, you will only lose $1000. The fact that you are going to lose some trades in Forex trading is unavoidable, but if you keep this 1% rule in mind, at least you won’t lose too much money at once.

The other thing that you need to take note of here is that you should never risk money in Forex trading that you simply cannot afford to lose. In other words, don’t risk the money that you need for your mortgage payment to feed your kids or to buy medicine for your grandmother on Forex trading. If you cannot afford to lose it. Don’t gamble with the money that you and your family need to survive.

 

Stay Away from Leveraging Trades

If you’re planning to trade forex profitably, one of the things that you might be planning to do is to take advantage of the leveraging system. To explain this in simplest terms, this means that you can trade with much more money than you actually have available in your trading account. For instance, you could leverage a trade by a factor of 10 to 1.

If you do this, it means that the value of your investment is worth 10 times more than the actual amount that you invested. In other words, if you leverage a trade by a factor of 10 to 1, you could invest just $100. But to the investment would actually be worth $1000 at the end of the day. This means that he stand to gain 10 times more profits than you would have. Of course, this is a great and easy way to make money, but with that being said, it’s also extremely risky.

The reason why leveraging trades is so risky is because if you happen to lose a trade, you’re not on the hook for just for the, $100 you’re on the hook for the whole $1000, or in other words, you are on the hook for the 10, not the 1. Just a few last leveraged trades can end up completely wiping out your trading account, and can even end up putting you in debt. As a newbie trader, this is best stayed away from.

 

Hit the Ground Crawling

If you plan to start trading Forex profitably, one of the most important things that you need to do is to hit the ground crawling. Yes, some things are best done by hitting the ground running, but Forex is not one of these things. Sure, making money is much more likely when you have 10 trades open versus just one trade, but with that being said, it’s unlikely that you will make more money with so many trades open if you do not have the ability to keep track of them all.

The simple reality here is that as a newbie trader, you probably don’t have the skill or patience to keep track of more than one or two trades at once. There are a lot of moving parts involved and this is true even for just a single trade. If you plan on making money instead of losing it, you do really have to keep an eye on all open trades so you can close them at a moment’s notice if needed.

If you are not an experienced Forex trader and you have way too many trades open at once, you won’t be able to keep track of anything, and chances are pretty big that you’ll end up losing a whole lot of money. So, for the first few weeks, or even the first few months, only have a single trade open at once. Once you become confident in your abilities, you can then start increasing the number of open trains.

 

A Good Trading Plan is Worth its Weight in Gold

If you want to start trading Forex profitably, another one of the biggest mistakes that you need to avoid committing is to just randomly trade without really thinking about it. This is one of the biggest mistakes that you could possibly commit, because Forex is all about planning strategy and methodical thinking. Absolutely not a single aspect of four X trading should be left up to chance and definitely shouldn’t be blind by the seat of your pants.

The vital thing for you to know here is that every single good Forex trader in the world’s mastered of wide variety of time tested and proven Forex trading strategies. Yes, what we were saying here is that you need to get educated in terms of some of the easiest and best forex trading strategies for movies out there. With that being said, a Forex trading strategy is not the only part of a trading plan that you need to account for.

What you also need to think about are things like what times of day you want to trade at, what kind of assets you want to trade, what currency pairs you want to focus on, what sort of indicators you want to use, how much money you plan on making, and more. Simply put, every single aspect of your Forex trading journey should be thoroughly mapped and planned out to the finest detail.

Going back to the trading strategy for a minute, what we want to talk about here is the fact that if you happen to lose the trade using a trading strategy that has been proven to be successful for many other people, then you should stick to it. For trading strategy is proven to work and has been able to make profits for many other people, then there is no reason why you should not be able to do the same. Do not become discouraged if you lose a couple of trades.

With that being said, there are of course bad trading strategies out there, so if you keep losing trade after trade day after day, then it is probably time to switch things up and to try using a new trading strategy. At the end of the day, what you need to know here is that you need to find a trading strategy that is easy for you to execute, and one that provides you with consistent profits. Once you find a trading strategy that can do both of those things for you, stick to it until the day you die.

 

Avoid Exotic Currency Pairs

One of the biggest mistakes that many newbie traders make when they start trying to trade profitably is that they will trade with just any and every currency pair that they see. This is a huge mistake because there are only a few currency pairs that you should be focusing on.

The five best Forex pairings for newbies to trade include USD/CAD, EUR/USD, USD/AUD, USD/CHF, and USD/JPY. These are known as major currency pairs because they are the most popular ones out there. They’re the ones that see the most liquidity and the most trading volume.

These are also the ones that are the easiest to predict in terms of trends and price movement. Therefore, they are the best or in currency pairs for newbies to trade. When it comes to trading Forex profitably knowing which currency pairs to focus on, especially for a specific day, is going to be a big advantage.

 

Leave Your Emotions Where They Belong, Outside

If you plan on engaging in profitable Forex trading, one of the things that you need to realize is that this is 100% methodical. Absolutely, in no way, shape or form do emotions have any place in trading whatsoever. If your emotions are playing a role in your trading, then you are trading wrong.

Trading is about using your brain, not about your heart or your gut. The simple reality here is that if you’re way too emotional when you are trading, you’re going to make irrational and unreasonable decisions that are not going to benefit you. If something goes wrong and you completely freak out and breakdown, it’s definitely not going to do you any good.

 Instead of freaking out, just stay calm and analyze what went wrong. If you can figure out what went wrong and can then make the necessary adjustments so you can then start trading Forex profitably. Leave your emotions at the door.

 

Take Advantage of Stop Loss Orders

When it comes to trading Forex profitably, one of the things that you never want to forget to take advantage of are stop loss orders. Stop loss orders are vital because they can stop you from losing the majority of your investment in the event that a trade ends up being a loser.

 For example, you could set your stop loss at 20% below your initial investment. Therefore, this means that if you were to invest $1000 in a trade and it ends up being a loser, then the trade would close out at 20% below that $1000 initial investment, thus saving you $800.

Even if a trade does end up being a loser, being able to properly use stop loss orders will prevent you from losing the majority of your investment. When it comes to trading Forex profitably, this is perhaps one of the most important things that you need to take advantage of.

 

Never Bet Against the Market or Add to Losing Positions

Two things in Forex trading that you should always leave to the professionals are betting against the market and adding to losing positions. While betting against the market can’t end up being extremely profitable, it’s one of the hardest things to do properly.

Even the most experienced of Forex traders have trouble doing this. This is only something that you should try doing after many years of experience. On that same note, never add to a position that is losing. In other words, don’t invest more money into a losing trade just to keep it open. Yes, there is a small chance that the trade can turn around, and then you can end up making money, but the chance is quite small. d

You already made an error in judgment in the first place by investing in a trade that ended up being a loser. Therefore, you cannot really be confident in your judgment that investing even more money into that same trade is a good idea. As a beginner, if you plan to start trading Forex profitably, you need to play it safe.

Trading Forex Profitably with Andrew’s Trading Channel

Alright, so now that we have covered all of the most important tips that will help you start trading Forex profitably. What we want to do is to provide you with some of the best educational resource is around on the matter. What we want to start off by talking about is Andrew’s Trading Channel that can be found on YouTube. What we want to stress here is that this is at 100% totally free of cost trading channel, where you can learn the best trading tips, rules and strategies around all for free of cost.

What Will You Learn?

The really neat thing about this particular YouTube trading channel is the fact that it is very diverse in terms of what you can learn on it. Yes, one of the major focuses of this YouTube trading channel is Forex trading. On this channel, you will find tons of the best and easiest Forex trading tips, rules and strategies that are designed for both newbies and seasoned trading veterans alike.

With that being said, Andrew’s Trading Channel also teaches about cryptocurrency trading, stock market trading and much more. Andrew also reviews various brokers, trading platforms and other such services. Simply put, if you were looking for the best Forex trading advice and tips around and you don’t want to pay any money for it, then this is the place to be.

 

Who is Andrew?

Since we are talking about Andrew’s Trading Channel, something that you probably want to know is who Andrew actually is. Well, Andrews, a longtime trader, has been in the business for well over a decade at this point. He may only spend a few hours a day trading, but he makes way more than a full time income doing so way more than any sort of minimum wage job would ever provide him with.

When it comes down to Andrew is one of the most skilled and knowledgeable Forex cryptocurrency and stock market traders in the world. You’ve seen great success over the last decade, and when he is aimed to do it over the last couple of years is to teach everybody else how to be successful as well.

The cool part about Andrew is that not only is he a fantastic trader who knows how to make tons of money, but he’s also a great teacher who knows how to teach these concepts to newbies in ways that are easy to understand. Andrew is one of the few teachers who can make learning fun, fast, and easy, which is no small feat.

Andrew’s Live Trading Streams

Something else that we want to mention about this particular trading channel is the fact that Andrew often does live trading streams. You should definitely subscribe to his channel and turn on the notification so that you will be notified when Andrew starts a new live stream. The cool part about these live streams is that Andrew trades live on camera and he explains everything in great detail.

This means that even if you don’t know how to trade, you can still follow along with his trades and you can copy his trades so you can make the same amount of money as he does while he does it. When it comes down to it, we think that these live trading videos are the best part of Andrew’s Trading Channel.

Recent Forex Trading Guides

Before we move on, what we quickly want to do is to take a look at two or three of the most popular and most recent trading guides that Andrew has uploaded on his trading channel.

VISIT ANDREW’S TRADING CHANNEL

EMA 200 + MACD + Parabolic SAR

In this particular Forex trading guide, Andrew teaches you one of the best and easiest trading strategies around. In this particular video, Andrew teaches you how to combine the exponential moving average 200 line with the MACD and Parabolic SAR indicators to make huge profits. If you follow all of the tips and rules that Andrew provides you with here, there is no reason why you should not be able to trade Forex profitably. Andrew was able to make nearly €30,000 in a single week of using this particular strategy.

Finding the Best Forex Trades

In this guide, Andrew teaches newbies exactly how to find the best Forex trades. There’s a very special trick that Andrew uses here in order to find the best possible foreign currency. Pairings to trade with on any given day. If you follow all of the tips that Andrew provides you with here, you should have no problems finding the best trades on any given day. Using nothing more than the tips that Andrew provided here, he was able to make over €70,000 in just 30 days of trading.

Best EMA Scalping Strategy

For all of the newbies who want to make really quick profits without risking too much money, this is a video that you should check out. If you want to start trading Forex profitably and you don’t want to spend too much time or money doing so in this particular EMA Forex scalping strategy is one that you definitely need to add to your arsenal.

Trading Forex Profitably with Income Mentor Box

OK, so while Andrew’s trading channel is a great place to find some of the best Forex trading tips, guides and rules around with simple reality is that it does not qualify as a comprehensive trading education that starts with a solid foundation. If you want a full-scale and comprehensive Forex trading education, what you need to check out is the Income Mentor Box Day Trading Academy. This is a 100% online Forex trading school that will teach you the ins and outs of Forex trading.

What is important to note here is that the teacher who leads the income mentor box Day Trading Academy is none other than our own Andrew A. We already provided you with a lot of information about Andrew, so we’re not going to spend much time on this here. However, the simple fact is that Andrew teaches each and every single lesson in person, and he makes learning both fun and easy.

Something that you do probably want to know is what you will actually learn in this Forex trading course. Well, we aren’t about to provide you with a list of the full curriculum because there are well over 50 different lessons. Each of those 50 lessons comes in the form of a full-length video tutorial where Andrew explains everything verbally and then backs it up with live video examples. By the end of the 50 plus lesson course, you should know literally everything there is to know about Forex trading to be profitable and self-reliant.

The Cost + A Free Forex Signals Service

In terms of the cost, keep in mind that this particular Forex trading Academy is going to cost you $299 to join. Folks, this is almost nothing at all, because if you think about it, you can make back that much money in just a few hours of Forex trading. Moreover, once you become a member of this Forex trading Academy, you will have full, unlimited and lifetime access to all course content. This also includes the totally free Forex signal service that is included with your membership.

This Forex signal service will provide you with up to a dozen highly accurate forex signals per day. These signals come complete with entry and exit points, so you literally just have to copy and paste them into your broker or trading platform. When it comes to trading Forex profitably, this is how you can do so while you are still learning all the necessary skills to do so without any outside assistance.

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

Trading Forex Profitably – Final Thoughts

In terms of trading Forex profitably, if you follow all of the rules and tips we have provide you with here today, and if you go seek a real trading education, then you should have no problems making consistent profits.