We carry out a direct iterative Foldy-Wouthuysen transformation of a general Dirac Hamiltonian coupled to an electromagnetic field, including the anomalous magnetic moment. The transformation is carried out through an iterative disentangling of the particle and antiparticle Hamiltonians in the expansion for higher orders of the momenta. The time-derivative term from the unitary transformation is found to be crucial in supplementing the transverse component of the electric field in higher orders. Final expressions are obtained for general combined electric and magnetic fields, including strong magnetic fields. The time derivative of the electric field is shown to enter only in the seventh order of the fine-structure constant if the transformation is carried out in the standard fashion. We put special emphasis on the case of strong fields, which are important for a number of applications, such as electrons bound in Penning traps.