Top 10 Trading Tips for Beginners

Forex for beginners isn't as hard as you might think - especially if you follow these top 10 tips for new forex traders.

Don’t make too many trades to start with
Experienced Forex traders will tell you to start carefully, and trade more when you get the confidence. Make little smart trades to test the waters, and then take it easy and learn.

Know your charts
A chart, in essence, tells you everything you need to know about the current market condition. Follow that knowledge.

Don’t over-protect with stop losses
Stop losses are a magnificent tool for Forex Traders to protect themselves, but try not to over-do it. Many beginners place the stop losses too close to the entry price you get stopped for a loss before the market has any chance to swing in your favor. There are many great resources to help you get this right.

It’s easy - but not without knowledge
Yes, anyone can become successful forex traders, but don’t just leap in blindly with no training. There are some great free and paid resources available to help you learn to trade forex- use them. It’s your money at stake.
Now that you know all the tips and tricks of Forex trading, this is your chance to get started! Start trading today!

Don’t Panic!
The first time a trade goes wrong is when Forex starts to feel hard. Do what the experienced Forex traders do - nothing. Don’t panic, don’t freak out…it happens.

Take your emotions out of the equation. You can use logical stop loses to help mitigate negative effects, but don’t lose sleep over it happening.
It’s how the markets go.

Price Action is your friend
Although older than our fancy modern software, price action strategies are a simple way to Forex success. Candlestick charts are all you really need to succeed. The rest is just very nice help.

Have realistic expectations
Forex for beginners is often plagued by unrealistic expectations. You won’t be quitting your job the first day you start trading. As we said above, it’s slow and steady that wins the race. Take time to learn and grow and you won’t be sorry.

Learn the simple stuff first
Though it’s quite tempting to jump in with the big Forex traders and start hitting hard…remember there’s absolutely nothing wrong with being a beginner! Forex for beginners is pretty simple if you take your time to learn what’s needed and then slowly and gradually build your skills. There are lots of great free training materials available online too.

Don’t jump around
It can get quite tempting to start switching strategies the first time you take a hit. Don’t! Learn one trade strategy in-depth and stick with it. Master it, and only when you are fully confident with it try another. Remember, there’s no holy grail and slow and steady wins the race.

Take a deep breath
It’s easy to get worried when your trades don't go as expected. Take a breath and relax. All the best forex traders had to start as beginners too. Don’t get overwhelmed. If it suits your learning style, consider a mentor to learn from.