What did I need to be a forex trader
Hello @majidadi!
If you’re eager to start learning about Forex, we suggest that you make your way over to the School of Pipsology, our very own guide for teaching beginners how to trade the foreign currency exchange market.
Hope this helps!
Penelopip
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for beginners learning is most inevitable part. you can start with baby pips school which contains all basic information. also need a demo account for regular practice.
demo is good but i have seen according to my trading experience , the knowledge we took from demo practically not works in a real account.
Here are some top trading tips for a beginner :
- Educate yourself about Forex risk and trading by the help of many educational
forum or website like as babypips,forexfactory,earnforex,myfxbook,mfxcenter etc. - Use a stop loss
- Use a take profit to secure your profits
- Do not risk more than you can afford to lose
- Limit your use of leverage
- Have realistic profit expectations
- Have a Forex trading plan
- Prepare for the worst
- Control your emotions
- Diversify your Forex portfolio
For now, you should primarily focus on learning. Go to the School of Pipsology. Your next step will become clear once you go through the course.
good suggestion you have done , i think beginners go through the school level minimum for 2-3 times, otherwise it will not works.
Learn how the market work. Practice in demo account for free. Almost all broker provides demo account in the market.
demo is very good but i have seen the experience we take from there it not works when trading in a real account. so i prefer sometimes live account but of course with minor balance.
To become a forex trader, you need a lot of education and patience before you make your investments.
You need to have complete knowledge of the market to begin with. Next you will need to develop a solid trading plan for yourself which will include your strategy and risk management plan.