The Forex Scalping Beginner Book - The Easy, High Profit Probability Secret Trading System Explained In Simple Terms

By Phil C. Senior

Have you always want to try Forex Trading?

Whether you're a number cruncher or not, a side hustler, or an enthusiast, as long as you're interested in expanding your knowledge and skills on Forex trading, this book is for you.

The Forex Scalping Beginner Book provides the fundamentals of Forex scalping. It will help you deepen your foundation in Forex trading by teaching you the history of the foreign currency exchange business. It also will provide you with inspiring stories about Forex gurus who stayed ahead of the game. Their stories can prove to be a source of inspiration and a well of wisdom. You can learn a lot from their grit and their time-tested trading strategies.

As you delve deeper into Forex trading, you'll learn that it's not an easy venture. Just like any other business, there are risks that you'll be encountering along the way. However, with an effective trading plan, risk management plan, and trading journal, you can make it to the top 90% who succeed in the trade. The Forex Scalping Beginner Book will help you identify the risks in Forex trading and how you can control these through proper risk management. You'll learn how to make a workable trading plan and how you can stick to it. Your journey in the Forex market begins in this book, so grab a copy and start flipping through the pages and getting as much learning as you can.

• Language: English
• Publisher: Bluesource And Friends
• Release date: Jul 26, 2021
• ISBN: 9798201080228

Book preview

Introduction

Receiving your regular paycheck is something that everybody looks forward to. Whether you’re employed or you’re the boss, the anticipation to hold your next paycheck is a delightful experience. You’ll immediately think of budgeting, spending, and saving your money. However, some dread their payday. The reason? These people live paycheck to paycheck. Sadly, there’s no more excitement for them. All their eagerness has been replaced with worries and anxieties of having to stretch what’s left of their paycheck. They constantly battle with paying bills and loans and surviving each day until the next payday.

Figure 1: Green plant in a clear vase. From Unsplash by Henderson, 2020. https://unsplash.com/photos/ZVprbBmT8QA

All hope is not lost, though. This paycheck-to-paycheck cycle can be broken with proper money management. Can I be honest with you? There’s no other way to get out of the cycle but to manage your money well. Yes, you might say it’s easier said than done. However, managing your finances well means you must be responsible, disciplined, and you must also make some little sacrifices. After all, money management leads to financial freedom.

Basic Money Management

Money management refers to the process of carefully handling your finances, from budgeting, spending wisely, tracking your expenses, saving, and investing. The ultimate goal of money management is to avoid debts and ensure that money is appropriately spent and well accounted for. Being armed with the necessary money management skills doesn’t only help you save; it can also hasten your journey to financial freedom. If you have the right skills, you can build your wealth through investments, either by active or passive income-generating ventures.

Budgeting

The whole thing about money management boils down to wise budgeting. Each time you get cash flow, either from your job, business, or side hustles, you must prepare a budget. When you do this, you get to know how much money goes to your savings and how much goes to your expenditures. This habit of budgeting can avoid overspending and impulsive buying.

One way to budget is by using the 50-20-20 budget rule. You simply set aside 50% of your net worth for your essential needs. 30% goes to your wants and 20% goes to your savings and payments of debts.

Another budgeting technique is ‘paying yourself first.’ Upon receiving your paycheck, you’d put some of your money aside for your long-term goals. What’s left from your paycheck goes to your living expenses. This strategy works best for people who struggle to save for big goals.

Spending Wisely

Whatever your financial position, you need to master how to spend your money wisely. Spending recklessly won’t do you any good in the long run, even if you can afford it. Don’t let trends dictate your consumption. I have three guiding principles that I consciously try to abide by. The first is to only spend the money that I have. The second is to only bring the cash I need for the day. Lastly, whenever I have to buy something, I think of timeless items, things of value and good quality. Spending wisely allows you to prioritize needs over wants. You become prudent in your purchases and look after quality products that can last for a long time. Also, when you focus on living a healthier lifestyle, you’ll save more money. If you prepare your food, you’ll eat better and spend less, rather than when you eat out. You see, we spend a lot for our convenience but when we make little sacrifices, we can save some amount that could go a long way.

Tracking Your Expenses

Monitoring your expenses is important for so many reasons. It helps you budget your money. It’s impossible to budget if you don’t know where you spend your money. So, when you keep your eyes on your daily expenditures, you get some insights into your behavior around money. For example, during weekends, you tend to spend more when you eat out with your friends or family. Tracking your expenses provides you useful information on how you prioritize your budget. This skill entails discipline and consistency, but once you get the hang of it, it becomes easy and automatic on your part.

Saving

Often, even if you’re resolute to save money, you’d find yourself falling into the trap of spending $5 here and there. You’ll end up justifying your actions later on, saying, $5 is not that much. Saving can be challenging, but with determination and discipline, it’s not a difficult habit to adopt. Putting some money away means you’re covered in case there’s an emergency. You don’t have to worry about anything, and you get some reserve funds for any discretionary expenses.

Investing

Saving your money is good practice, but investing it is even better. You can use your savings to invest in real estate properties or stocks. This way, you are building more wealth. Investing is an important aspect of money management because it ensures your financial security. Not only does