Tue. Jan 18th, 2022

Getting a Forex trading education is the most important choice you make before you decide to trade the Forex markets. If you want to trade successfully find a mentor that will give you the technique, the knowledge and teach you the discipline it takes. Robots do not work and signals can come too late or stop all together. Having a Forex trading education can never be taken away from you by anyone.

To get you started on the Forex trading education here are five quick tips for you.

1. Trade within your means. Think about it this way, have you heard the term ‘risk vs. reward’? Risk is the first word used. Ask yourself what is my risk? How much am I willing to lose? You can never trade well with the mindset that you ‘have to trade’… it never works. Have funds set aside and keep your head about how much you can risk.

A good rule of thumb here is to risk up to 3% of your account per trade. For example if you have $5,000.00 in your account you should only take a loss up to $150.00 on a trade.

2. Know your trading platform and your methodology. How fast you can get into a trade, out of a trade or how well you can see ‘it’s time to trade’ is critical.

Practice, practice and practice, you want a Forex trading education golden nugget? Know it so well you don’t have to think about it. Do you have to think about blinking? No, you just do it… trading should be the same.

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3. Avoid being the emotional trader. Trading is not easy, and emotions can really get in the way. Get a trading plan, follow it, cut your losses when it’s time and take your profits on time too. Not following your trading plan can make you emotional and traders that feel as though they must trade never trade well.

4. Stick with the majors. Traders are looking for fluctuations in the markets. Finding an exotic currency is risky. Another Forex trading education golden nugget… keep the high risk, low reward trades up to the novice trader. Trade in markets where the spread is low (they can add up) and stay on the more steady currencies.

5. Learn your trading personality. You need to be as comfortable as possible. Do you want to stay in a trade for weeks or months or are you looking to get in and out in 30 minutes or less? Are you a pattern trader, trend trader or a counter trend trader?

If you are looking to trade in a short time frame, then you should not be trading on daily charts. If you are a trend trader and I teach you a counter trend trade will you see it as well? As a mentor we need to figure out your trading personality and teach you methods to fit your style.

There is a lot to getting a good Forex trading education. You will need much more than just a few quick tips to be successful. It takes experience, knowledge and the willingness to do it. The rewards are worth it!

By rahul