Forex trading is a high-risk business, and while trades are often profitable, the majority of traders end up losing money because they do not manage their risk properly. There are several tools to help you manage and minimize risk in Forex trading. Using a stop loss order is one of them. Tune in and find out how it’s done.

For more information, head over to FxScouts.com

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

If you don’t know how much the spread effects your trading, then you don’t know how much the market needs to move in order for you to cover you trading fees. Tune in and start understanding the Spread to trade Forex successfully.  

Example of GBP/JPY as mentioned in this episode. 

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FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

In this week’s episode we cover currency pairs and how to choose which ones you should trade. We delve into what drives the price movement of these instruments and provide 5 steps for choosing the right currency pair.

Major currency pairs:

EUR/USD (Euro/United States dollar) - the most liquid pair

USD/JPY (United States dollar/Japanese yen)

GBP/USD (Great British Pound/United States dollar)

AUD/USD (Australian dollar/United States dollar)

USD/CAD (United States dollar/Canadian dollar)

USD/CHF (United States dollar/Swiss franc)

EUR/GBP (Euro/Great British Pound)

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

NDD, ECN, STP or Hybrid brokers.... don't worry, we know it can be confusing. In this episode we sort out what it all means and how these Forex brokers differ.

For a list of our top-rated ECN brokers, click here.

Don't forget to like, share and subscribe.

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

Market Maker brokers, also known as Dealing Desk Forex brokers, get a lot of bad press, but don’t believe everything you read and hear. Find out what their purpose is, how they work, and why they are so important to the functioning of financial markets.

Find a top rated Market Maker Forex broker here.

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

We continue our dive into the top 10 beginner mistakes to avoid if you want to become a successful Forex trader, and cover the importance of setting a strategy, keeping your emotions in check, and why you shouldn’t apply Warren Buffett’s strategy to Forex trading.

Check out our previous episode for Part 1, and click here to find a great broker for beginner Forex traders.

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

Forex trading is risky, and while the majority of trades are profitable, the majority of beginner traders make massive mistakes and end up losing money. So, what are these mistakes? How do you avoid them? And what do you need to know to get your trading career off the ground safely? We have gathered the top 10 mistakes in a two-part series on the topic, and here are the first 5 things not to do if you want to succeed at Forex trading.

More Information for beginner Forex traders is available in our Forex education section.

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

Why are some brokers better than others? We analyze HFM (formerly known as Hotforex) and Tickmill, two of our top brokers, to see what makes a good broker.

Our reviews of HFM (top 3 broker in South Africa) and Tickmill (Top 3 broker in the UK).

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

We share real life stories of people who have been scammed, how it happened, how to avoid it, and what you can do about it.

Have you been scammed? Please fill out our scam report HERE.

Watch our analysis of a scam broker site HERE.

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.

Over 50% of scammers find their victims on social media. Most victims are educated and financially well off. Scammers are extremely skilled and convincing; in this episode we examine how they do it and what you can do to avoid falling victim to scammers.

Additional information on Forex scams:

• South Africa - Forex scams report 2020 

FxScouts DISCLAIMER:

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. Any information discussed here is solely for educational and informational purposes and should not be considered tax, legal or investment advice.