'Easter' Life-Time Membership Special: Save 35% Off Nial Fuller's Trading Course & Daily Trade Setups Newsletter (Ends April 30th) -
Nial Fuller

Professional Trader, Author & Trading Coach

Forex Trading Tips

Every forex trader can use some quality forex trading tips as they trade the market, the problem is that some forex tips are genuine and worth implementing, but many are not. Luckily, you have landed on this webpage which contains some excellent forex trading tips from professional trader and forex mentor Nial Fuller; you can begin implementing these tips right away.

• Trade only with money you don’t need…

This is a very important forex trading tip, it seems very obvious to only trade with money that you don’t need for life necessities, but you would be surprised at how many traders don’t follow this forex tip. Typically, what happens is that many traders begin trading with money that is truly disposable, but they quickly blow out their trading accounts and then proceed to re-fund them with money that they really can’t afford to lose. The problem with using money you can’t afford to lose is that you become emotionally attached to it, and to every trade that you make, this inevitably causes you to lose money because you end up committing emotional trading errors. So, one of the most important forex trading tips is to only trade with money that is TRULY disposable, meaning “fun” money, or money you would normally spend on entertainment, if you don’t have this type of extra money then don’t trade.

• Demo trade before going live…

Never attempt to place a real money trade if you have not demo traded for a period of months first. Ideally, you should have 3 consecutive months of consistent profits on a demo trading account before trading a live account. Taking the time to trade your forex trading strategy on a demo account will give you the potential to “master” your strategy, so that you fully understand it and know how to make use of it, the transfer to a real money account will then be relatively seamless. If you can’t make consistent money on a demo account there is simply no possible way you will make it on a live trading account, that’s the bottom line.

• Learn from a professional…

Learning from a professional trader is probably one of the most useful forex trading tips you can get. Many traders attempt to learn how to trade forex on their own, and they end up getting lost in a sea of confusing and contradictory information, this causes “analysis-paralysis” and results in lost money and lost time. You can learn to trade on your own, but it takes a ton of time and trial and error and money. By paying a small fee to learn from a professional and profitable forex trader, you can skip years of frustration and confusion and blown out trading accounts, your learning curve will be sharply reduced as you absorb years of knowledge from your forex mentor in a matter of weeks. Think about how you learn any other profession, it is almost always learned best from someone who is already skilled in the given trade, forex trading is no different.

• Conquer your emotions…

Forex trading success is mainly reliant on how well you can conquer your own emotional impulses as you interact with the market. Emotional trading is what causes the most amount of lost money in the markets, traders either begin trading emotionally the day they enter the forex market, or they fall off their horse of objective trading and begin making emotional trading mistakes, usually after a big winner or a big loser. The most effective forex trading tips tell traders how to conquer their emotions, not just that they need to.

The best way to avoid emotional trading errors is to pre-plan every aspect of how you will interact with and trade the forex market. Typically, this means you create a comprehensive forex trading plan that pre-defines everything you will do in the market and how you will do it. If you try to trade the market with no plan and no idea of what you will do in varying market conditions, you will inevitably make emotional trading errors as you deal with the unexpected. If you develop a comprehensive forex trading plan, there will be no unexpected events in the market, because you will have pre-defined everything beforehand.

• Learn a simple and effective trading strategy…

It is very common for beginning forex traders to over-complicate their trading strategy; they often make trading much more difficult than it needs to be by using a million different lagging indicators or over-hyped trading software. Learning a simple yet effective trading strategy like price action analysis is one of the best forex trading tips you could ever get. The method of price action analysis involves using a raw or indicator-free price chart to analyze the forex market and make trading decisions. There are specific price action setups that form with periodic regularity in the market that you can learn to spot and profit off of. This method makes trading the forex market very simple yet profitable and enjoyable at the same time. You can even concentrate on only trading the daily or weekly charts so that you can trade around your own schedule by only needing to analyze the market once a day for a few times a week. Simply put, one of the best forex trading tips you can get is to not clutter up your chart with confusing indicators and other bells and whistles.

• Tips on Forex Trading tips…

It is a good idea to consider the source of any forex trading tips before you listen to them or use them in any way. Many people in the forex trading world are simply out to sell ineffective and over-priced forex trading software or lagging indicator systems, these people will tell you anything to get you to buy what they are selling. The truth of the matter is that forex trading success is not that difficult to obtain, but many people make it difficult by over-complicating the technical aspect of trading and not properly controlling their risk and emotions. So, any quality forex trading tips will invariably revolve around the theme of simplicity and emotional management. Any of the forex tips on this website are worth listening to and implementing because they come from the insight I have gained from years as a professional trader. Explore my forex trading education website to learn more.

Leave a Comment

Your email address will not be published. Required fields are marked *