Austin Silver’s 3 Tips For Forex Success

Forex trading is one of the most difficult, but rewarding careers on the planet. Some people think it’s as simple as setting up an account and starting to trade – but the majority of the time they’ll be sorely mistaken, walking away empty handed. Learning how to trade is a process that can take years, however with the help of an expert coach, the success curve can be greatly shortcutted. 

There are none more qualified to teach on this than Austin Silver, the founder of world-leading forex education company ASFX. Austin and his team have set the gold-standard for forex trading and education, having helped countless students and being named in the Top 10 Forex Coaches in 2020. Austin is results and impact driven, and always tells people how it is – no sugar coated nonsense. Having built one of the best forex education companies in the world, Austin shares his top 3 tips for forex success: 

Check out what real traders are saying about ASFX:

Education from a reputable source 

The first tip is the most simple of them all, education. Most people get into trading without education, just putting money into a trading account and thinking that because they know how to buy and sell, that they know how to trade, which is where so many go wrong. Almost 80% of the 90% that lose money go wrong because they skip the education phase. Only 10% of people come in and say let me find an education first, and even still some of them don’t end up making money because they don’t properly follow the second or third step. 

It can’t just be education, it needs to be from a reputable source – not just going reading everything you can find about forex on the internet. It’s important to take the information, read it and validate the source. You need to ask questions like; is this source credible, are they making money trading, have they successfully taught other people how to make money trading and do they have other info rather than a one off ad, article or video?  It needs to be researched and proven to be the education that we need to research and be following. “I think there’s a lot of good resources out there, on youtube and stuff like that, like mine. But for the most part, I think there’s a lot of crap that gets regurgitated in this industry. So education is step one, but ensuring its education with validation of the source of information.You also need to find a repeatable process and system, rather than just learn what candles and pips”, Austin explained. Ultimately, you need a system of entry, exit, and trade management if you’re going to be consistently profitable over the long term.

Demo Trading & Testing the system

So once you get educated and find a system, then you start demo trading and testing out that system. You can trade with fake money – there’s no need to put real money in off the jump. The goal is to test it, prove to yourself that you can grow a demo account for a few weeks and then when you have the confidence, put the real money in and start trading for real. It doesn’t make sense to put the money in if you don’t know if you can execute it, you need to confirm that the system works and that you can trade profitably with it. If it’s a losing system, you have to go back to step one and test it again. Most people skip this step and go right to trading live money. That is going to lead to burnout, losses, and maybe even forcing you to give up on trading before you even get the chance to do it right. Once you have that testing and solid foundation, that’s when I tell people you can go to step

Live Trading

As you’d have probably guessed, this is where you put live money into the market, and trade it exactly how you traded it in the demo account. You should be doing basically the same process as before, but maybe with a few minor adjustments for position sizing. Where a lot of people go wrong with live trading is putting all their eggs in one basket. Say they have $20k to spend, they end up putting all of it into the market, and they end up losing nearly half of it on stupid, fixable mistakes. “Where people need to be really specific with step 3, is how much money you put in. Take the amount of money you want to invest, and cut it in half, put that in the trading account, if you do well like you did in the demo account then add in the rest of your live capital once you prove you can do it”, Austin explained. You need to have a long term approach, as all of this takes time – sometimes months and sometimes even years but it is well worth it. 

Check out a recent trade that Austin banked +3.5% on: 
Austin’s 3 tips are a long term process that a lot of people don’t want to commit to, but that 3 step process is what works for every forex trader that actually makes money. They get educated, then they demo test, and then they go live as they get more confident. If you want to learn more about Austin, Check him out on Instagram & Youtube, and visit https://www.asfx.biz/education for more info.