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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.
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How to open a demo account in MetaTrader 4

Demo accounts are a great way to get started with Forex trading, especially if you’re looking to test trading strategies without risking any capital.

Thankfully, the MetaTrader 4 platform makes it very easy to open a new demo account, and you can typically open as many as you want.

To get open a demo account, follow these step-by-step instructions:

1. If you already have the MetaTrader 4 platform, open it. If not, download it from any reputable Forex broker, or from the MetaQuotes website.

2. At the top menu bar, click on ‘File’, then ‘Open an Account’. Your MT4 platform will then pull up a list of servers provided by your broker.

3. Select the demo server you wish to open a demo account in, and click ‘Next’.

4. In the next window, select ‘New demo account’ and click ‘Next’.

5. You will then be prompted to fill in a few details, including the Account Type, Deposit currency, Leverage, and (demo) Deposit amount. Finally, select the ‘I agree to subscribe to your newsletters’ radio button and click ‘Next’.

6. Wait a few seconds and your demo account should be immediately set up. Note down your account login number, as well as the account password and investor password.

7. Click ‘Finish’.

Congratulations, you have opened a demo account in MeaTrader 4!

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How to trade the news in Forex trading

All Forex traders have tried to trade the news at some point, because that’s when the big price moves happen.

And the big price moves are where the big money's made… right?

Wrong.

What amateur news traders fail to realise is that the more obvious an opportunity is, the more dangerous it is.

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The Awesome Oscillator: Awesome or Awful?

The Awesome Oscillator measures the difference between a 5 simple moving average and a 34 simple moving average, which basically allows one to visualise the strength of a market trend.

It is represented by a two-color histogram (usually red and green), and performs a similar function to the MACD.

However, there are two crucial differences between this indicator and the MACD, which is something I'll explain in this article.

So read on.

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Is Forex trading legal in South Africa?

With a growing number of successful Forex traders in South Africa, more and more people are considering to get into the business of trading for a living.

However, unlike the running of a traditional business where the proper licenses and certifications are generally well known, many people are still unsure of the legality of retail Forex trading.

When it comes to conducting financial transactions in South Africa - especially when it involves the regular exchange of foreign currencies​ - the wise and prudent thing to do is to first find out the government's stance on the matter.

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What is the best Forex trading platform?

Choosing a Forex trading platform is one of the most personal and important decisions a trader can make.

After all, once you get used to a trading platform, it gets increasingly difficult to switch to a different one later on. With learning to trade being as challenging as it is, you don't want to be spending more time and energy getting used to a whole new platform.

So before you decide on one, it pays to take some time now to consider the features that are most important for you.

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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.

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