Forex Trading Strategies for Beginners: A Comprehensive Guide

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Forex Trading Strategies for Beginners: A Comprehensive Guide

If your Are A Beginner In The Forex Markets And Are Looking For A Strategy, In This Article We Will Show You Just That.

There is no doubt that the Forex market has grown in popularity over the years. This article will teach you some basic strategies for trading currencies and help you to get started with your own investment portfolio.

You’ve decided to start investing, but don’t know where to begin? You might be wondering what the best way is to go about it. There are many different methods of investing out there, but one of the most popular is forex trading or foreign exchange trading. If this sounds like something you want to pursue, read on for more information on how it works!

What Is The Forex Markets?

The Forex market is a worldwide foreign exchange market that involves the trading of one country’s currency for another. The Forex markets are open 24 hours per day, five days per week and involve more than $300 billion in transactions each and every day!

In short: the forex markets are a global network where currencies from all over the world Can Trade on the value of a currency going up or down. The FX Markets Are Larger Than The Stock Market, The World Gold Market, And The Oil Markets Combined.

The Foreign Exchange market is the largest financial markets in the world with a daily trading volume of over $700 billion and more than 27 trillion dollars traded since 1998.

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How Can You Learn To Trade These Markets?

In this blog I Have Talked about New Traders Learning How To Trade The Forex Markets. Here are the three main ways to learn about Forex Trading. There is some time that you will need to learn to day trade the fx markets.

Trade the Forex Markets Online with a demo account

Learn from blogs like this one

Screen time

The last one was the most important to be honest. Nothing will replace actual screen time on charts.

I do not recommend a course what so ever, as each trader is different and there style has yet to come out. Meaning on are you a scalper? or a swing trader? Do you use a Moving average system? Or Renko Blocks?

What Strategy Should A New Trader Use?

So you are a new trader and want to know what system you should use? With that being said, I have outlined so many different style trading systems on this blog. I will use the Renko Blocks in this example as it is one of my favorite strategies and can be used by any trader.

Renko blocks are a type of strategy that uses fixed periods which work for many traders, however each person trades differently so you should learn about other systems before deciding on your own style

A new trader would need to practice trading with real money first – then start small – trade what you are comfortable with and only increase when more confident

Practice makes perfect. Learn from blogs like mine, read books or articles on different styles, watch YouTube videos etc. The most important thing is to get some screen time!

I also have come up with another system that I like and use everyday. ( See Pic ) I call it the 72 wave system, and it tends to keep you on the right side of the trade. Half the battle in any market is being on the right side of the trade. The 72 wave system is really nothing more than the 72 EMA, Just mine is a little more fancy then yours.

If none of these strike your fancy, there are plenty more HERE

Also I have outlined many in this blog.

 New Day Traders

If you are brand new and have never traded anything, I have said it many times in this blog. You should start on the weekly charts, Then down to daily. The reason I say this, is because smaller time frames like the 5 minute, tend to chew up traders.

And you really can get down on yourself when the markets do this to you. Once you are profitable on the larger time frames, Just move down one. Now the guy who trained me still to this day will not trade under the daily.

# Tip : Most banks do not trade under the daily neither…. Hint Hint

Banks tend to trade larger time frames, and yes i know you will freak out when you are 5 bucks down. But the reality is you need to separate yourself from that and realize you will take losses.

Conclusion:

No matter what style trader you become, the truth is at the end of the day this like anything else in life needs to be a passion.

If you are in it for the fast buck, you will be disappointed very quickly. I have seen many traders come and go with the tail between there legs. And yes I do realize some folks are gifted in this industry.

But your heart really needs to be into this, or you will fail.

 

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U.S. Government Required Disclaimer – Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.