I am very new to forex and I really want to try the demo’s. I believe forex let’s you use their demo for only 21 days. Is 21 days enough for a demo before you go live? Also, babypips is very informative for newbie’s like me. But I feel that if I try the demo while I am trying to graduate is better. Learn by doing. Sometimes there is so much information and different tech’s of looking at things that it is quite overwhelming. Did any of you have the same confusion? Any advice of what to really study would be helpful?
Many demo accounts don’t expire. I think Oanda’s demo accounts never expire (don’t know, haven’t used them), and InterbankFX (IBFX) demo accounts only expire if you don’t use them for either 30 or 90 days, I forget which.
Before you start trading with a demo account I would at least read the sections of the Babypips school on:
Forex Basics
Japanese Candlesticks
-Support & Resistance
-Common Chart Indicators
That should be enough to get you started. You can read the rest as you go. To be honest, I still think there are some of the “college” lessons I haven’t read yet.
And yes it can be a bit overwhelming having all of the information come at you at once, but within 1-2 weeks all of the terminology and information will be second-nature to go.
Oandas dosnt expire. You can also use northfinance.com which uses metatrader4, dosnt expire. Between the 2 I like oanda, but I dont need alot of fancy gizmogadget indicators. They just make me feel closed in a croweded chart.
As far as learning it depends on how you learn, you dont want to just ‘pass the test’ with this information its more or less a getting started guide so you can go off on your own and try diffren things learn things that cant be tought etc. So how do you learn best?
Me to keep the information long term (Ive no short term memory and forget things easly) This is what I did: First i read alot outside of babypis, then I found babypips and started reading, all of it. finished it in a few days. I kept thinking and questioning everything I had read, and kept trying to put the pieces togeather. I had again more questions the answers (which is good) I reread babypips. (A few times I did this cycle) This entire time I was demo trading ‘testing’ my knoweldge so to speak with Oanda. Just recently Its been starting to click. Now I want to tear appart systems to find out how they work, not for some secrete nugget that they dont have in the first place, but to try and figure out what kind of system is ment for me.
I cant trade every system out there that works. Even if it works for sombody else it may not work for me (Infact I bought a good system, I cant use it – dosnt suit me!) Just things to keep in mind.
When you do know everything you think you need to know reset your demo, and trade like it was your life savings. After you do good for quite awihle and prove to yourself that your going to keep a positive balance and can do moneymanagment then start a small demo account. small meaning not a very large one., even if you just inhearted 20million dollars, start small! Then move up as you see fit, by that time though you will have an alterd perspective! One we all hope is for the better
Good luck and take your time! question what you read, and answer those questions it helps keep your mind active, and gives you a better understanding.
