New to Forex

I’ve never been involved in trading/Forex so just have recently started doing some reading. There is a tonne of information out there which is impossible to remember so I was thinking the best way to get started is to jump on a demo account. What would you guys recommend for someone as new as me?? Any help would be appreciated

Forex | 👁 1003 | Posted 2018-02-28 | Share on Facebook | Twitter | Google+

| Modified: 2018-02-28 | Author:


Higsboson9 2 years ago

Great advice!

Umarm1 2 years ago

Im currently using babypips as we speak but theres so much information on there to take in all in one go. Would it be a better idea to run a demo account alongside studying on babypips?

E-MiniTrader 2 years ago

This. Im not trying to dissuade you but just know that being able to pull consistent profits out of the market is an enormous undertaking. Easily many 1000"s of hours and even then nothing is guaranteed. Start on the demo and then find something that appeals to you and stick to. Take notes, review every trade honestly, and have a specific plan that tells you exactly what your trading and where.

Eat-Your-Tail 2 years ago

Hit up babypips and run their free course a few times. I mean it. It will be boring, but it will teach you all you need to know. Then do it one more time. Trade with a demo account until youre confident in your trade plan. Then stick to it. Avoid people who say you cant live off trading, or you cant win, that its "rigged". Its just not the case. I trade currency full time, which is about 4 hours a week. And I make more than the American median income.

Radeh 2 years ago

Take your time and develop/test a strategy with clearly defined entries/exits and solid money management. Trading isn't a "get rich quick" scheme, it's a crazy amount of work to become profitable...and the sooner you accept that, the better. Start with the sidebar. ;)

Umarm1 2 years ago

Slow progress is better than no progress. Im not looking for a quick buck in this. Im willing to learn and understand the ins and outs. Why do you trade? Are you in profit? Are you getting better at it?

Trivial-Savoir-Faire 2 years ago

you have an at least 95% chance of not becoming a profitable trader. That said, if you have other tools/skills that you can bring into your forex pursuit, you may have a better chance. It's super hard from my experience, you may work tireless to experiment a new strategy, for it to only be marginally profitable over time. If you follow most online defined strategies without attempting to make alterations to them yourself, you may find that after a year you are at break even or just profiting a small amount

Umarm1 2 years ago

Which broker would you recommend to use for a demo account so I can practice trading and ideally something I can use on my iPhone

MansaShango 2 years ago

Well I'm new to FX trading myself, so welcome first and foremost. When I picked the broker I was going to use I prioritized looking for one that had no minimum balance requirement. I didn't have a ton of money to play around in a new market lol

RedWinston 2 years ago

When I Buy / Long I lose when I Sell / Short I win. I trade Jpy pairs which could have someting to do with it and I'm too tight with my lose margin if I'm being honest.

Umarm1 2 years ago

How can I lose money on a demo account

bluesclera 2 years ago

DONT DO IT, you will lose everything & all your money.

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