8 Tips on How to Succeed in Forex Trading for Beginners

These days, so many Filipinos have jumped into the chance to learn more about foreign exchange trading, or forex trading, for many reasons: it’s something you can do in just under an hour at your own time and at the safety of your own home, it offers the most liquidity, only requires capital of as little as PHP 5,000 to 10,000, and guarantees several opportunities to make profits.

Forex trading has definitely become popular for being a new and effective way to earn more money during these times of uncertainty. If you’re ready to jumpstart your journey in this venture, here are just some tips you should keep in mind in order to succeed!

forex trading tips

Educate yourself

First of all, you need to understand what forex trading is, how it’s different from other investment types, how to select a currency pair, and what exactly makes their prices go up and down.

Attending a free webinar on forex trading will definitely push you towards the right direction. Born2Win Philippines holds these free online seminars several times in a month for anyone and everyone to join.

Start small

Don’t make the mistake of jumping straight into trading and investing more than you’re actually prepared to lose. When you’re just starting out, it’s always best to test the waters and invest small amounts until you’re able to build that confidence to start trading more.

Keep it slow and steady

Trading requires a lot of patience and discipline to ensure your profitability. There is no benefit to having a “get rich quick” mentality! Concentrate on one trade at a time until you find an effective trading strategy that works for you.

Consistency is also key to winning, so have a good trading plan in place and stay committed to it.

Know your limits and when to stop

Forex trader, motivational speaker, and instructor Coach Ferdie Pabalan always tells his students in his free webinars with Born2Win Philippines that one must not only work hard, but also work smart.

Know exactly how much you’re willing to risk on each trade. You may be tempted to go big to earn big, but you should never put all your eggs in one basket—after all, how can you keep trading if you’ve run out of money to do so?

You should also know when to let go of losing positions, especially when it doesn’t seem like the market will improve anytime soon, in order to save yourself from severe losses.

Preserve your capital

Paul Tudor Jones, creator of successful hedge fund, the Tudor Corporation, once said that “The most important rule of trading is to play great defense.”

What he means is that traders should know how to preserve their capital by not over trading or taking on too much risk. Experienced traders recommend determining a set percentage of one’s capital that you are willing to risk at maximum and never altering that percentage in each trade. That way, you can minimize the impact of your losses.

Stay updated with current events

Beginner traders tend to overlook the impact of global events to the currencies they are trading. It’s vital to stay up-to-date with what’s happening around the world and the corresponding effects on the market so that you can make better-informed trading decisions and adjust your strategy accordingly.

Know your own statistics

It’s important for you to constantly check how well you’re doing and if you’re earning back your investment. Keep track of your trades and your profits and losses so that you can see if there’s a need to alter your strategy in order to better maximize your profits. It’s okay to experience failure sometimes; you just need to work hard towards continuous improvement as a trader.

Seek guidance from a mentor

It would help as a beginner to seek guidance from an experienced mentor who will show you the ropes of forex trading in an easy-to-understand and uncomplicated way. Coach Ferdie of Born2Win Philippines is just one of the very active trading coaches in the country who conducts 3-hour online seminars for FREE every week to teach basic tips and tricks, how to invest without the risk of losing too much, and where to get started on your journey towards becoming a profitable trader.

Anyone you’d ask about Coach Ferdie’s seminars would attest to the fact that they really do inspire confidence in you to start forex trading. So if there’s any place that should serve as your launchpad to forex trading, it should be with Born2Win Philippines!

Below are the webinar dates for this month:

May 3, 2022, Tuesday, 6 PM – 9 PM
Webinar ID: 344-212-299

May 6, 2022, Friday, 6 PM – 9 PM
Webinar ID: 999-022-707

May 8, 2022, Sunday, 12 NN – 3 PM
Webinar ID: 847-086-259

May 10, 2022, Tuesday 6 PM – 9 PM
Webinar ID: 184-429-339

May 13, 2022, Friday, 6 PM – 9 PM
Webinar ID: 358-504-155

May 15, 2022, Sunday, 12 NN – 3 PM
Webinar ID: 281-567-387

May 18, 2022, Tuesday, 6 PM – 9 PM
Webinar ID: 170-967-163

May 20, 2022, Friday, 6 PM – 9 PM
Webinar ID: 538-227-163

May 22, 2022, Sunday, 6 PM – 9 PM
Webinar ID: 805-790-843

May 24, 2022, Tuesday, 6 PM – 9 PM
Webinar ID: 846-309-147

May 27, 2022, Friday, 6 PM – 9 PM
Webinar ID: 989-577-483

Got more tips you’d like to share with beginner traders? Sound off in the comments!

Do you have a story for the WhenInManila.com Team? Email us at story.wheninmanila@gmail.com or send us a direct message at WhenInManila.com Facebook Page. Interact with the team and join the WhenInManila.com Community at WIM Squad! We also share our stories on Viber, join us!