At ForexAdvice.co.uk, we provide a comprehensive information and guidance for traders who are looking to improve their trading skills, find platforms and get the latest updates on the Forex market.
Are you a beginner? We have downloadable guides for you to brush up on and become a confident trader. If you have been trading, our resources can give you new insight on how to take your trading to the next level.
Below are our guides.
A Beginner’s Guide to Forex Trading
Welcome to the exciting world of Forex trading. In this guide, we have all the basic techniques that will introduce you to the currency market. Including the common terms used by traders and brokers, and ISO codes for each traded currency. Our guide will also cover a brief history of the Forex market.
Learn the meaning of the Gold standard currency, the floating currency, and what the difference is between the two. Trading has evolved since the pre-digital age; find out how charting began. In our fundamental analysis, we will take your through charting basics; bars vs candlesticks, how to read them separately and the information they provide.
Learn how the Forex market is regulated, and which brokers are accepted in your regions. We also discuss the various trading platforms, including dealing desk and non-dealing desk platforms. By the end of this course, you should be able to open a demo account and start practicing. Click on the link below to begin.
Setting Up Successful Trades
Part-time Forex trading can be a good way to supplement your income. In this guide, you will learn to move from demo accounts and funds to a live trading platform. Setting up a successful trade begins with identifying the right currency pairs to specialise in. Our guide will show you how to use strategies that require you to constantly monitor your portfolio.
This is usually achieved by using an automated platform. This platform is ideal, especially for new traders or those with limited experience. Understand how to choose the right pairs to trade. It is normally recommended that new traders use US currency against different foreign currencies.
There are proven strategies on how to achieve successful trades. They include goal setting, selecting an ideal time for frame entry and exit, selecting a broker with a reliable trading platform, building risk tolerance and more. It takes you from beginner to intermediate level. Simply follow the link below.
25 Tips to Improve your Trade Profitability
Profiting from trade is not about luck but strategic applications. In this guide, we list 25 ways you can increase your chances of being in the money. While this is not a sure-fire formula for instant success, you should be able to observe some improvement in your trading results. This guide will bring your attention to some more nuanced parts of successful trading.
One of the tips discusses the importance of focusing on the trade instead of the money. Beware of making the mistake of trading just so you can leave your day job; it is not that automatic. Another advice is learning how to read trade charts. When to use bar charts or candlesticks. You grasp of trading charts is essential to success.
In this guide, you will also learn that NOT trading is also a strategy. Sometimes, sitting it out is more profitable than being in position. Having the right demeanour is also important. Find out how taking a long-term view approach can enhance you winning position when you follow the link below.
A Guide to the Most Important Factors in Trading
This is a comprehensive guide on the major aspects of Forex trading. Astute money management is key to ensuring profitability. This text contains tips on things you should look out for when trading; from choosing currency pairs to applying various strategies. Understanding your risk threshold is also an important factor.
Position-sizing is listed as a practice every trader must perfect to stay in a good trade. It allows you to change the trade size after a loss/win so that the strategy becomes more flexible. Another factor is timing your withdrawal routine. This is being able to withdraw money when you make a certain amount, instead of putting it back into trading.
Trade spreading is one way to minimise your risk. The guide advises traders to go for several squirrel-like gains and take infrequent large stops. Small profits that will outweigh a few large losses make a better trading strategy by clicking on the link below.
Understanding all the psychological aspects of trading
Like all markets, trading is largely a psychological affair. This guide looks at trading from the perspective of the traders’ mental investment; the mind of the trader, as well as the psychology of the market. Humans have an innate desire to be in control of un controllable market. There is bound to be some cognitive dissonance involved.
It is important for traders to accept that every trade has a random outcome. Every cast trade is totally independent and unconnected to the last trade. Traders who don’t understand this can get frustrated with the outcome of their trade.
The guide discusses how people often struggle with their profit targets and trade exits, including profit and losses. Expectations are responsible for the discomfort most traders feel. The guide explains why the foundation of successful trading should be hinged on understanding the randomness of every outcome. The psychology of profitable trade can explain why many traders find it hard to withdraw when they should.
These guides are key to developing your understanding of Forex whether you are a novice or an experienced trader. While it does not guarantee automatic profits, it is a good way to begin your orientation about the Forex market.
From the basic knowledge to winning strategies of more successful traders, you can learn a great deal about managing a successful trading account. However, it is important to know that becoming a full-time trader requires a considerable amount of learning and time. So, don’t be in a hurry to leave you day job.
Start by learning. Download the guides. Practice with demo accounts. Migrate to live platforms. Take it one day at a time. As you become more experienced, you will find Forex trading a lot easier to understand. Follow the link below to learn more.