Chris Lee

Author Archives: Chris Lee

7 Forex trading tips for beginners who want to earn extra income

If you’re a beginner trader, you probably got started with Forex on the premise that you might earn some side income.

And that’s actually the best place to get started, since it would take at least a few months to train up your trading skills. Meanwhile, having a regular job ensures that you can pay for your daily expenses.

The first thing you need to know about Forex trading is that the challenge lies not in making money, but in preventing yourself from losing a lot of money.

After all, making $2,000 in a week of trading is pointless if you lose $3,000 the next week.

  • So the first tip, if you’re looking to earn extra income with trading, is to focus on keeping your losses small.

Forex Trading Price Action: Support and Resistance

Most Forex traders quickly come to realise that trading price action is most profitable at major support and resistance areas.

After all, the outcome of price action in these areas is likely to determine the next market trend, so it makes sense to start taking positions near them.

However, most people don’t do this correctly. They simply try to enter on a bounce or a breakout, which is an ineffective way to trade off support and resistance.

In fact, there’s a much better to trade Forex price action at support and resistance areas, and in this article I’ll show you how.