Forex Trading for Beginners - Millennial Women Inspirations

In past two years of learning and trading forex, I really learned in a hard way that controlling the emotions is really a good training when we are into trading. So these are the possible ways to do trading for those who want to start directly.

ROBOTS or EA

Robots or EAs may be a good start but the problem on this approach is that there are times that these cannot predict the market, especially on High Impact News or there is an NFP. Thus there is a high risk of blowing the account on this.

So most traders using this approach recommended to pause or stop or not to a trade on those days or in a week where the NFP news fall.

There are some robots or EA that offered but not really free. MQL5 was also offering lots of options on the Expert Advisor:

for Mt5, see here
for MT4, it’s here

You will also notice that there are paid ones and some are FREE. I recommend that if you are going to do this approach:

Use the Strategy Tester on MT4 or MT5 and use the right settings for optimal profit. Each pair can have different settings at different timeframes
Use demo account first and probably observe after a month or more and see the results
And if you want to do real trading using your desired EA but don’t want to loss a huge amount of money OR you want to start at $50 or less, you can create a Cent account here. Note that $50 = 5,000 cents, thus allowing you to explore more without so much pain when there is a loss.
Ask the owner if they have an MyFXBook account for this to check the history and its performance.

PRO:

Don’t need to do the analysis, EA will trade for you
Not so much time needed

CON:

You need to buy a VPS on this
High Risk especially on High Impact News or NFP

COPY TRADING SERVICES

If robots or Expert Advisors are purely technical, then we will look something like a there is a human intervention.

Copy Trading Services or some call it Signals where allowing you to automatically copy provider’s deals on your trading account.

It is like someone (or the Master Trader) will do the trade for you but for most cases there is a Commission Fee on this, either a per month fixed payment or percentage of your profit.

So, my recommendation on this if you want this kind of approach:

If you have access on the history of the logs, check on the behavior of the Master Trader’s trades and check if you are comfortable on his/her entries.
Check also there are some numbers related to it like graphs, or summaries because numbers will not lie.
Also considered how many days/months/years does the Master Trader do the trade as it can check the reliability of the performance.
Check also the number of the subscribers or the total amount the subscribers investing

PRO:

You can check the reliability of the signal
You can compare and choose the best among them
You can have a mix of them. You can copy more than one
No need to do manual trading
No need for analysis

CON:

There is a commission fee
Still high risk because you don’t have control on the lotsize

Here are some of the Copy Trading Services that we recommend:

MQL5’s MT5 signals
MQL5’s MT4 signals
- You may also copy this signal with 2-5% target per week, and 700% growth at least in a year if compounding https://www.mql5.com/en/signals/1684654
- How to subscribe?
OctaFX Copy Trade, you may need to create an OctaFX account, click here if you have no account yet.
- You can copy this master account https://www.octafx.com/copy-trade/master/24128138
- How to use OctaFX Copytrading App?
CopyFX.com, you may need to create RoboForex account on this in order to copy. Check here if you need to create.
- Prime Account, 2-5% target per week with 700% accumulated in a year:
  - Trader on CopyFX website
  - Link for Investors
- Pro Account, 2-5% target per week with 700% accumulated in a year:
  - Trader on CopyFX website
  - Link for Investors
- How to use?
LiteFinance.com, click here to create an account.

SIGNALS from Telegram channel or WhatsApp, etc.

While we think that getting signals are really paid ones or costing some dollars to avail, on this approach there are good signals offered here. And some bonus if it also offers FREE education and how to do the trade. Signals were given or notified and most of these gives you the Entry Point, Stop Loss, and Take Profit. Just be aware that there are channels that will scam you like offering you a big profit if you invest on them. Please leave those kind of channels right away.

Out of the things mentioned above, these signals based from telegram or WhatsApp where the most recommended because:

Entry Point, Stop Loss and Take Profit(s) are given.
You can control the lot size. I suggest you ask the owner of the channel regarding the lot sizing rule on how to follow their signals. For most cases on what I experience, it’s 0.01 per $100 account balance.
Some good channels offers FREE Educational. This also helps you on your journey if you want to learn forex trading. For me, this is more effective than the reading materials offered online as you can actually see how the owner applied the techniques on the trades.
I do suggest that you will use demo account first and observe the signals in few weeks. Or start with Cents account or small amount of balance.
For FREE signals, you can join here https://telegram.me/fr33f0r3xs1gn4ls

PRO:

You learn as well if there are free educations
You have control on your money
It’s FREE. They might just ask of your feedbacks. Please refrain from giving bad feedbacks to them as they are also may losing some money on their end. And for some of these really doing good signals, the owner might also taking a lot of effort with all the analysis of the market.
If you’re lucky, following 1 or 2 good signals is enough as long as you profit in a day or in a week.

CON:

If the channel is only for the signals sake, then you might just end up doing a copy paste of the entries and not learning anything.
Some channels were offering services that is a scam. Usually, they will advertise that you can invest and certain amount of dollars to them with the amount of profit expected. Leave right away on that channel if you see those kind of messages.
There might be a delay of the messages or notifications of the signals that might be that entry point is already far (and already a positive floating).
Some offers Layering or Martingale which might burn your account.
More channels followed might have given bad signals. Thus with the mix of good ones, you might end up not profiting in a day or week.

You check this article How to Follow Forex Signals on how to follow signals.

Conclusion

These are the possible ways on the how to start trading Forex right away even without so much knowledge on it. But these are tools that can help you if you really want to pursue learning Forex trading. If you can find a good Telegram Channel that also offers a good education on their techniques, and also with very accurate signals stick to that channel.

Also, you might do some notes if there are some tutorials or guides given freely.

And doing some daily trading reports or summary might be a good way to determine which among this fits on your strategy the most.