Best Advice For Forex Trading Beginners

Best Advice For Forex Trading Beginners

For those that are watching this post on my trading blog, I am doing a private one-on-one mentorship with one of my students teaching him everything there is about the forex market trading strategies, things that I don’t put out there for everyone say hello. If you don’t mind, would you please, oh good evening, all right uh? So He asked me about some of my uh top tips for those that are either trading forex or wanting to trade forex, and i’m about to go over some top tips for him.
And you know, a lot of people can maybe take those tips away from this. post and maybe help help them as well, but really quick. I was just basically going through some of my strategies here with him and um Us dollar.

What’s funny is that we were just talking about this one, and this little dotted line was my alert that I set, and I basically told him that I would be looking to sell that one right here and long behold she started pulling back, which was pretty funny. Is that we were talking about this and it’s happening live As well as the us-30 that sell area so two areas, so you know, however long we’ve been doing this for just slightly over two hours now two two signals that I basically showed him live in real Example, live real time that he could have.

You know, made money on and just overall you know my thought process behind these Trades and how I look for them and what I like to look at so back to your the the top tips. I would give you and give anyone is, you know, set a stop loss right. It blows my mind: how many people just don’t do that they don’t set a stop loss and if they set a stop loss they don’t adjust their stop-loss.

So what do I mean by that right and what I mean by That is basically we’ll look for we’ll look at exactly here, we’ll just look at the us 30 here, for example, because we were talking about this one right. We were talking about this one from a cell standpoint. Originally right.

Do you recall that we were seeing her come down and I mean so we had. Basically, you know you basically had a blog here. You know we Had a lower high, lower high lower high – and I was talking about this one from a cell standpoint at this.

Let me get rid of this line here. Basically a sell standpoint at this area of 36 259, and I said this would be an area where I would look to sell it and grant it even only i’d sell it right. It’s one of those things where it’d be kind of a little bit of a chase right, so I kind of jump in with a little bit more Of a little bit size.

Look to sell out this area. Look for a crack down a little drop uh because it was once resistance. Then it became support, so we were having lower highs, lower high lower high.

At that point, i’d be looking to sell it. It would flush take the profit yeah. It would be more of a scalp right.

This would be considered more of a scalp, but my point is that when I say stop loss right, a lot of people they’ll, you know they’ll change this to Yellow like this will be. This will be their stop loss, and you know this will be their trade. And, ideally you know you.

You should have some sort of like two to one right, so you’re looking to risk a hundred dollars to make 200. So you jump in the trade right and you can even use this little beautiful feature here on training view where you kind of basically have you know your two to one area right, so I mean it doesn’t get any more cleaner Than that. You have an area where you, you know you’re, risking a hundred dollars, looking to make two three hundred dollars, two fifty so the problem that people here, here’s the mistake that 90, like nine percent of traders, make people make, is that once they get in the trade And it starts going in their direction right, so this was their entry right.

This was their entry. Their entry price Should become now their stop loss right. What I mean by that is that was your entry.

You then, as the trade’s going in your direction, you slowly move your stop-loss, so people will leave their stop-loss originally where it’s at, and what will happen is right will happen. Is the trade will go in their direction and they’ll be like? Oh, okay, i’m up. You know I enter the trade me.

Let me change that to blue um they’ll be like okay, i’m gon na enter the Trade and i’ll be like i’m up. 100 woohoo, i’m up 150 200 like yeah. Let’s go i’m going to get that xbox blah blah, make that money and then it keeps going and then you know they just they don’t take the profit, because people think like well.

If I can make a big move up like this, it can make a big move down, but at the end of the day, like nobody knows where nothing’s ever gon na, like like it’s no End, it’s no finish line like it’s. Just that’s how forex trading works. It’s a never-ending chart, it’s up and it’s down it’s up and it’s down, it might be up and it might be down you know.

So my point is that being successful at trading, you know it’s, it’s not all about being smart right. This. Anyone can do this right, it’s about being disciplined.

The minute you become disciplined, you might stick to your rules is when you ultimately Find success. So in a trade like this, you would adjust. You would basically the minute you get in trade.

The minute the trade goes in your direction, your stop loss is no longer floating up here. You drop that down right. So, no matter what even, if you’re, stubborn as hell, you don’t take profit even knowing it’s smiling at you in the face.

If she goes against, you like she did basically right here, you’re getting Out for break even like that’s it, but what I tell people to do and a lot of people don’t do – is that the more the trade goes in your favor. You just keep adjusting that. Stop-Loss, keep adjusting that stop-loss keep adjusting that stop-loss, so it’s like nearly impossible for you to ever lose.

The only way for you to really lose is is the fact that the minute you get in the trade right, the minute you sell or buy them you get in the trade should just Insulate, goes in the opposite direction like that’s it, and that happens with penny Stocks but with forex, like I said, you’ll get in a trade and she’ll kind of bounce in your direction and it’s either. She has the strength to keep going or she doesn’t. And nonetheless it’s like.

I said if you’re taking losses so not to mention anyone’s names, but someone from my telegram Took a loss today on the us 30, even knowing she went in the direction. It’s like wait a second. How did you take a loss if it went in the direction? Grant it went in the direction a little bit before she did.

Finally, you know get some momentum again and took off right. This was earlier uh on an earlier signal right. She just quite wasn’t ready, yet she squeezed up more before she finally dropped out, but she jumped you know she pushed up liked It from a cell standpoint.

It did pull back, we were in profit and then all of a sudden, she just ripped up again right at that point, i’m still able to make money. Why? Because i’m i’m pulling my stop loss down where no matter what you seem saying like it. I can’t like it’s really like the only way for you to lose is if it hits like it.

Just the moment you get In the trade it instantly goes in the opposite direction. You see, i’m saying so. Does that make sense for you I understand, because I i feel like there’s a little.

You know some people just don’t need something right, move the stop loss, the minute you get in the minute you get in the trade right, so you get in the trade. You have your fixed set, stop loss the minute the trade starts going in your direction to from a profit Standpoint. The minute starts going towards that money, move the stop loss, move it move it not too close, because if you move it too close, then it could.

You know quickly, stop you out, but you have to move the stop loss, move the stop loss. So again, that’s my number one. My number one, you know tip that people should write down tattoo on their arm on their hand or something you know. So Hopefully, that makes sense for a lot of people. It was a pretty good day, though good day, so .

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