Let’s Talk Forex with Alison and Chris

12. Avoiding Beginner Mistakes - Part 2

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.

11. Avoiding Beginner Mistakes - Part 1

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.

10. Why are some brokers better than others?

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.

9. How to tell a scam from a serious Forex broker - Part 2

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.

8. How to tell a scam from a serious Forex broker – Part 1

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 
Financial scams double in 2021 - ASIC
FCA 2021 Forex scams report
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.

7. Head to head: Exness vs XM

We get into the meat of it and compare Exness and XM. Which is the better broker, who has the most favorable trading conditions, best educational material, and customer service? We have chosen to compare these brokers because they are among some of the most popular brokers in the world and their reviews are two of the most read on fxscouts.com. Enjoy!
Read our full reviews below:
Exness
XM
 
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.

6. Read the fine print - Non-trading fees

Non-trading fees such as deposit and withdrawal fees, inactivity fees, and currency conversion fees are easily overlooked and can significantly affect the profitability of trading. 
Transparency around fees is a main component when we test and rank brokers. You can read more about our review process 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.

5. The cost of trading

One of the most important factors to consider when signing up with a broker is the cost of trading. There are three different types of costs associated with Forex trading. These include the minimum deposit, trading costs and any non-trading fees charged by your broker. In this episode we cover the minimum deposits and trading costs.
For more info on trading costs, check out our section on understanding your trading costs.
If you want to get in touch with us and have suggested topics for future episodes, reach out via DM on Instagram or send us an email at podcast@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.

4. How to pick your trading platform

Beginner traders are faced with the daunting decision of choosing a platform when they first sign up with a broker. Knowledge about the various platforms on offer at brokers is often very limited. What is a trading platform? What does it do? Which one should I choose? and how do I use it? 
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.

3. How to minimize risk when trading forex

Forex trading is risky. Around 60-90% of traders will lose money, depending on their Forex broker. Most traders lose money because they haven’t created a good risk-management strategy that keeps losses to a minimum. In this episode Alison and Chris talk about how to develop a risk management strategy.
Best Forex trading demo accounts in the UK: https://fxscouts.com/forex-brokers/demo-accounts
Best Forex trading demo accounts in Sweden: https://fxscouts.com/sv/bast-valutamaklare-sverige/demo-konto
Best Forex trading demo accounts in LATAM: https://fxscouts.com/es/los-mejores-brokers-de-forex/las-mejores-cuentas-demo-de-forex-trading
Best Forex trading demo accounts in Indonesia: https://fxscouts.com/id/daftar-broker-forex-indonesia/akun-demo-trading-forex-terbaik
Best Forex trading demo accounts in South Africa: https://tradeforexsa.co.za/forex-brokers-south-africa/demo-accounts
Best Forex trading demo accounts in Australia: https://fx-australia.com/forex-demo-accounts
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.