A lot of great free and paid forex trading advice is available online.
Unfortunately, the forex pros do not always share all of their best tips. You may or may not be familiar with these tips as the best tips may or may not have been shared by the Forex pros. It is better to hear them a second, third, or even fourth time if necessary than never hear them at all, or worse, hear them but not listen.
Here are the five tips in no particular order;
1. A small PIP spread difference can have a gigantic impact on your forex trading profit or loss.
The PIP spread is the difference between the buy and sell price of a currency pair. This can also be known as the profit that your broker makes on a trade. PIP spreads can vary from broker to broker. PIP spread is not the only important consideration, but it is one of the most important considerations. For example, on a typical currency pair, one PIP may equal $10 on a $10,000 trade. If you made 100 $10,000 trades in a year (which is considered very small), your profit would be $1000 higher for every PIP difference you save by going with a different broker. For a beginning trader this can be the difference between profit and loss.
2. Shop around for a forex broker and do not jump at the first offer you see.
It is easy to get caught up in the excitement and jump into the first offer you see, or sign up based on a promotion, please don't. Sign up for demo accounts with multiple brokers and test their tools and execution speeds, and note their PIP spreads.
3. Do not trade with your rent money.
OK, I am probably exaggerating, but my point is valid. Forex trading is a risky venture with outsized risks and potential rewards. Do not use money you can not afford to lose. Repeat, do not use money you can not afford to lose. See #4 below.
4. There is a high probability you will lose all the money in your account at least once, and maybe multiple times as part of the learning process.
Please re-read #3 above. In addition, be wary that most forex beginners make many beginner mistakes. For example, to much leverage, no trading plan, gambling and not deliberate trading are just a few of many pitfalls for beginners. For every story you read about some beginner turning their $500 micro-account into $10,000, there are a hundred or more stories of beginners losing all the $500 micro account. Start with a demo account until you learn the essential basics.
5. It take hard work and time to become a good forex trader.
Brain surgeons do not start their careers by walking into a hospital with a saw and scalpel and just starting. Why do new traders expect it is any different for forex trading? It takes a lot of time and hard work to learn to trade profitably.
Good luck trading.