Hi everyone,
My name is Abbie and I’m looking to learn how to trade forex. I’m completely new to this and would love if anybody has some tips for beginners or would be able to give me some basic info to get started.
What’s the best platform to trade on?
Which broker should I choose?
Do I have to deposit lots of money to get started?
What’s a pip!!!?
Look forward to hearing from some of you, and getting to meet some new people in the community.
Thanks
Hi Abbiefx and welcome.
First, for basic information, head to the Learn How to Trade the Markets
school of pipsology and start in the pre-school. A lot of your questions will be answered there.
In answer to your first two questions, these should become apparent to you as part of your trading plan once you have understood what your trading strategy is meant to be.
A strategy is simply what? (Forex trading) and why? (only you can answer that question - this is where you compare the What with any other options you have considered giving your undivided attention to and whether those other options may get you to your goals faster or at less risk than Forex trading.
The plan will lay out the who, when, where, how of your Strategy.
Do you have to deposit lots of money? No - you can and should start with a demonstration account simply by registering with the correct type of broker (that will be in your plan when you have read some more on here about Forex). That will cost exactly nothing.
What is a pip? It is a “percentage in points” and is the equivalent of one ten-thousandth of a contract. For example, if the price of the GBPUSD changes from 1.3500 to 1.4000, that is a 500 PIP move (it is 1.4000 - 1.3500 times 10,000)
1.For newbies, MT4 is ideal.
2. Choose a regulated broker who offers a demo account to practice on. IG and IC Markets are good.
By definition, a Pip is the basic unit of measurement of price differences, while a Point is the minimum amount of price change.
For example,
The difference between 1.23234 and 1.23244 is 1 Pip.
The difference between 1.23234 and 1.23237 is 3 Points.
You need no money trading a demo account. Going live is a whole new ballgame. You will lose money on some trades as does every trader on the planet. However, it’s a great learning experience and an essential path to success…
It is my view that a $500 account is the minimum for any new trader to be able to succeed, with a daily max risk limit of $25. You will need the monetary cushion to protect your capital when you have consecutive losing trades as does every trader on the planet…
IMO, trading on smaller accounts is the fast track to blowing your account, because your returns will not be life changing. Therefore you’ll trade more, risk more, and gamble. Not recommended. .
If you are a complete newbie, do not worry about the best broker right now. At first, learn the basic of trading. You get some excellent learning lessons here in this forum. Watch videos, which helps you learn faster. Start with demo trading and find out which trading platform suits you. Demo trading is the most crucial thing. This is how you improve your trading without paying anything. Pip is unit of market movement. This is what represents how far the market moves.
most welcome in this community , its a perfect forum for all kinds of trader , have a very good journey.
Post made in error and removed.