Hello everyone, forex noob here, have some questions :
how is profit made in forex, even though changes are merely in decimal values 0.xx… ?
realistically, how much capital is needed to start trading ?
is there a way other than metatrader, it’s very hard for me to learn as just starting out, need something like web based platform with an intuitive design or something like that.
Through leverage.
You’ll need to read the lessons here, and maybe a book or two as well, to understand how this works.
It’s possible to start with as little as about $50, but if you trade with a small account, don’t look at it as a way to make money.
Very, very few new traders manage to make profits, and almost none make more than 5% per month. Eventually, after years of practice.
So for every $1,000 in your account, you might be able to make $50 per month from it. Maybe even a little more. If you end up in the small minority who become profitable.
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is there a way other than metatrader, it’s very hard for me to learn as just starting out, need something like web based platform with an intuitive design or something like that.
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I’d look at Oanda’s platform. They have two - Metatrader and a much easier one which is good, and as intuitive as any. That’s also a good place for a very small account. But you’re a long way from live trading for money at the moment. I hope.
yep a long way indeed, many thanks for the reply and the help, much appreciated.
I would recommend to go through the Babypips school so you can understand the basics. Even better to check it a few times while practicing on demo. As for the books, here you can find some good suggestions for the matter: Pipcrawler's Favorite Trading Books List of Best Forex Trading Books
By the way, I think that most brokers offer web version of Meta Trader, so you if you like this kind of platform you can check it. Otherwise, there are many brokers with different kinds of platforms, MT5 is not bad as well but it all depends on what you are looking for. You can try different demo accounts with different platforms until you understand which suits you better.
Well, there is no restriction on initial investment! Before investing your real money, you have to ensure your trading skill! I see, you already got the answer of your 1st question.
Its true there is no restrictions on initial investments for the beginners. But it is not appropriate to start a live account with large amount due to lacking the experience how to handle the deposit when market moves at random. They can fall a great trouble because of emotions and over trading. Generally who has a large equity with no enough experience always try to take revenge after having loss and ultimately lost his whole balance. This is really no one can deny
Practically New Forex trader trade over and over , when they have a large amount of trading devoid of real skill in forex. so it would be better to kick off live account with minor amount.
No one can achieve profit, with their each and every trades, you need to have more profit than the loss you face during a certain period of time.
Yes I think so! New traders need to start their live trading with a small amount of money, because this is the 1st time when they are going to make dealing with emotions and greed in the live market! In addition, the success ratio of 1st live trading account is very low.
Yes, you are right! But if new traders are able to ensure their trading skill in the demo! Then no problem with a healthy trading capital!
I always recommend micro accounts where their loss will less and learning will valuable with real trading.
Nice advice and it should be. But for ensuring more profit than loss we have to be well trained by passing a long time. because it’s a part of professionalism.
Yes, with proper practice, we can improve our trades and we can achieve success in the respective trades. Practice makes men perfect and here it improvise our trading with the passage of time.
Go through a school on this forum, watch some webinars and sit on a demo. It’s the fastest way to understand the essence of forex.
Maximum time we advice for the beginners just pips school and demo trading , but of course besides these webinars is most important for beginners to make certain live trading experience.
So many trading platform now making live webinars for general Forex traders, I really appreciate that than demo trading. Because, traders are learning more about from here instead of demo.