as forex trading guide

 as forex trading guide

Forex is a potentially unlimited way to make money in a $6.6 trillion a day, liquid, market. Forex is simple, but I wouldn’t say it is easy. It is 10% technical skills and 90% psychology. If you want to learn Forex so that you can profit from it, here are my Top Ten tips to learn how to make money out of Forex.

Treat it as a part-time job. Give it 20 hours a week, made up of 5 hours trading, 5 hours education, 5 hours back-testing and 1 hour of analysis on the charts when you come on to trade.

You should join 

THE FX-AGENCY ADVISOR 3 THE WORLDS LEADING MULTI-FUNCTIONAL HIGH END FOREX SYSTEM and be successful in FOREX trading

Follow a schedule and plan in your time. You’d be amazed how much time you waste watching Netflix or something. Devote it to learning Forex instead.

Follow a checklist - confirmation of the rules for the strategy you are using for each trade you take. For example:

Take 100 demo trades before you go onto trade on a Live account. Start small with $50 or $100 and link your account to myfxbook or your broker account so you can track your progress, looking at the wins, losses, pairs you favoured and if you favoured Longs or Short positions. You can always drip feed in more money as you go, and as your brain (psychology) grows to cope with larger lot sizes.

Don’t look at the money amount in the corner, this will cause your emotions to kick in. Look at the pip count or the chart on Trading View where you should be doing your analysis.

Don’t stare at the charts. Set alerts. Move between levels. Use up to 4 indicators, don’t mix strategies, you shouldn’t use many indicators or you will get “analysis paralysis”. Staring at the charts is a sure way to drive yourself crazy although you will have to put the grind in at first and this is when you learn to get a feeling for the charts and when price is moving and going to “pop”.

Learn your currency speeds and times of day and what session you want to trade. Watch the Red Flag News and avoid trading that currency 1 hour or at least 30 mins either side of Red Flag News.

Don’t take signals, or trade with your pals. Learn to trade on your own using naked charts if you want to learn this skill for life and earn money consistently through trading.

Don’t over-trade. You’ll end up making money in London session and then giving it back in the NY session, for example.

For example, work to 25 pips a day, 9% growth a week, 33% a month, 100% a quarter, 400% compound growth over the year. Some days you’ll smash it, other days if you lose 6% walk away from the computer (that is based on my system of 10 pip stop loss to 20 pip gain, 2:1 risk to reward - risking 2% to win min. 4%). Only enter up to 3 trades at a time, don’t trade correlating pairs; if one trade moves 10 pips move stop loss to stop profit of 1 pip to cover broker’s spread and commission and then you can enter a new trade.

Forex is the “transfer of money from the impatient to the patient”.

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