I’m new to FX and am working my way through school. I have just completed elementary school and would like to practice what I have learnt to help me retain the information and see how well I can apply it. What websites, soft-wear etc is good for a newbie to start practising please? I am particularly looking to practice with trendlines, candlesticks, Fibonacci and moving averages but also open to learning suggestions.
It’s probably worth mentioning that I don’t use computers much for my day job so user friendly is what I’m looking for.
You can opt for FXCM and sign up for a demo account, you can practice all that you have picked up. But remember, a demo is only to help you find the ropes and learn about the market. once you are confident that you have learnt or picked up all that there is to learn, move on to live account, pref small. And good luck…
From one low tech trader to another. I found Meta Trader 4 easy to understand and apply. That’s the secret to being successful, learn practice and practice. One of the tips I got when I first started was to always practice with a demo no matter how long you’ve been trading. Use a demo to learn your trading platform and practice applying what you are learning in your case would be BP school. You can also search utube to see how other traders apply trend lines, Fibonacci etc. You got a lot of opinions on what works and what doesn’t. The best thing you can have to make that decision, is a strong foundation of the basics. Just keep adding and practicing what you are learning. Good Luck
Gp
[QUOTE=“The Dark Knight;632182”]Go back in time and paper trade first, then demo trade, once profitable in demo go live.[/QUOTE]
Go back to 1985? Just kidding : ) this is what I did and still doing. You can get very creative and use the indicators differently than describe. Good luck.
You’re welcome, believe me it took me a lot of attempts, research and some seed money to sort through most of the brokers before settling down on tradersway, fxcm and alpari. I would advise you to do the research and remember to check out the various accounts that fxcm and others offer. And you’re welcome and do post updates on how it all pans out. As for the small live acc, go micro
LOL, and that’s the way for everyone to start out. I still cannot believe the thread posted in another forum along the lines of “I have deposited money, now how do I trade?”…everyone’s eager to start trading big bucks, but it pays to start with small steps.
demo account is a good place to start practicing trading. with a demo account we can train our trading skills. and with a demo account, then we can get the maximum trading. For that, we must use a demo account with either
Bro, I wasted a year practicing in a demo account. Learnt nothing. Do yourself a favor, open up a small $100-$200 micro account and just trade 0.01 lots while you learn to trade. You’ll never learn about the range of emotions you’ll encounter on a demo. Dealing with those emotions is something no one can prepare you for.
If you randomly opened and closed positions then you had quite respective outcome ;). Demo is intended to test your strategy, what can set you back a bit if you will try it on real. Leaving aside demo is the similar trying splits without warming up…
Bro, you don’t get better at playing golf by spending all your time on WGT. You have to go on course and practice there. Same with FOREX. There are two emotions (greed and fear) each and every trader must overcome to become consistent at this game. You just can’t replicate that on a demo account. Now by all means trade a demo first so you familiarize yourself with the plateform (Ninja, MT4 or 5, C Trader doesn’t matter) but don’t get lock into it. You will only learn about yourself and discover your “style” live. Again if you haven’t $200 to start practicing with your probably wasting your time!
demo account is a good place to practice trading. with a demo account we can improve trading skills. after a demo account so we can learn trading in a real account to practice trading psychology. so that we can properly train psychology of trading