Tips for Forex Beginners

Hey, we've all got to start somewhere and if you're new to forex trading it can be daunting. So take the following few tips to give your trading a good kick start the beginners way.

Our first bit of advice is to trade just one currency pair. Even the professionals only trade 2 currency pairs usually so don't go and try to trade 4 different pairs when you are starting out. It'll only confuse you and probably make you a worse trader. I recommend starting out with EUR/USD pair and stick with it until you are familiar and begin to see consistent profit.

I also recommend you establish a good set of rules for your risk and stop loss. Don't use too much leverage as doing this can wipe out your whole account in one hit if you make a dud trade. Keep the losses low at a few percent when you start out as this keeps a decent amount of funds in your account and enables you to stay prepared for future trades to make up any potential losses.

Don't try to follow the easy money like so many beginner forex traders. If you stick to the intraday charts early on end up killing themselves with stress. The vast majority of profitable trades happen over larger time frames, these can be several hours or even several days. New people generally try to follow the fast money and ed up losing it in the process.

So, there are 3 of my useful tips for beginner traders. Remember if you are feeling unsure about your trading you can always try out one of the great courses online. Our top recommendation is Peter Bains Forex Mentor and you can check out a little bit more about it by following the link below.