Deliberate Practice

Beginner Questions
1

Hi all

I’m looking to do some deliberate practice for trading but I need some help coming up with ideas on how to do it

2

Install a demo platform, look into some strategies depending on what you are interested in - long or short-term trading - follow them, start practicing them on the demo account.

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3

Yeah, opening a demo account on Oanda was very easy. I’m learning a lot more, and more quickly, than when I was just reading books & babypips.

A lot of the trading psychology is being driven home, too. The temptation to overtrade or to change my trading plan on the fly is ever present.

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4

@Nyad55 is there a particular trading strategy or style you want to practice?

5

There are various places you can get backtesting software together with about 10 years of historical forex data. You can do quite a lot of practice with that.

6

It’s open to you! That means, you can practice according to your personal choice! By the way, I seem trading with a small amount of capital is always useful! Besides, you have to study on technical and fundamental with details, make a particular trading plan for live trading.

7

Also, regarding the strategies you pick, it’s a good idea to consider what you prefer more - technical or fundamental analysis and pick your strategy accordingly.

8

Use FX Blue’s trade simulator.
https://www.fxblue.com/appstore/39/mt4-trading-simulator

9

Pick a pair and a time frame.

Use something light weight that isnt see thru that will allow you to cover your monitor and will allow you to focus on 1 candle and cover the rest.

Uncover candle by candle as you move to the right.

Do this long enough and you will develop a familiarity with the price action of that pair and you will eventually start to notice patterns you didnt see before.

Use this foundation to develop a strategy wth risk management as the core then start demo trading.

10

Also, props to OP for the One Good Trade reference.

11

If you are thinking to do practice then surely demo trading is the best. Most of the demo accounts in the markets are free to open. I also used demo trading in the beginning of my trading career. It is better then learning from books. Because you can practice real trading from demo account. Practice makes a man perfect. Practicing in demo account will increase your trading skill and also experience.