Oh my goodness! The School of Pipsology link is absolutely ideal. I’ve only just begun.
Thank you so much, I checked it out and it’s really fantastic!
Nice! Good luck with the School! Don’t forget to take the quizzes after each lessons.
You should measure your trading capability on demo account first and then start on live trading. You can join social media groups to observe how people are trading here.
Starting out in forex trading can be overwhelming, but there are a few steps you can take to get started. First, learn the basics of forex trading, including terminology, market hours, trading platforms, and the different currency pairs. Educational resources can be found on Sorex’s website or other trading platforms or courses. Then, create a demo account on Sorex or another forex broker that allows you to practice trading in a risk-free environment using virtual funds. This is an excellent way to get a feel for the market and try out different trading strategies without risking any real money. Develop a trading plan that outlines your goals, risk tolerance, trading strategy, and money management rules. This will help you stay focused and disciplined while trading. When you’re ready to start trading with real money, start small and gradually increase your position size as you gain more experience and confidence. Monitor your trades closely and adjust your position as necessary, keeping an eye on market news and events that may impact your trades. Remember, forex trading involves risk, and you should never invest more than you can afford to lose. It’s essential to remain patient and disciplined while trading and to always keep learning and adapting your strategy based on your experiences in the market.
You can follow expert traders’ trading and use demo account to enlarge traders’ trading knowledge.
When you say “follow expert traders’ trading,” are you talking about copy trading?
I have no other option except for starting forex without trading on demo account.
Reading and studying economics, charts, patterns etc, get a good grip of the market you’re trading in. Trade small, very small for example if you have $1,000.00 account, trade 0.10 of a lot, be patient and manage it. Eventually years down the line trade 5.10.15 lots at a time, if you’re trading for a firm (if you make it that far) they allow thousands of lots to be traded, but that doesn’t happen overnight I can tell you that. There is no “Holy Grail,” so beware of scams and EAs that are just trying to take your money, individuals as well. Don’t trade the news, don’t trade on gut feeling, don’t trade when drinking, and never trade based on someone else’s idea. Good Luck
You will find several trading tutorials available on Youtube that you can watch and thus trade on demo account.
From what I’m seeing in the other comments and answers, it looks like there’s no other option.
Thank you so much for those amazing tips on trading! I’m still in the learning phase, so I really appreciate your advice. As recommended, I’m planning to start with demo accounts and will definitely be trading with a mini lot size.
To succeed in trading, I have one advice for you, which is you should stick to demo trading and strategy innovation.
You have any suggestions which broker is more suitable for Americans? I am also new and looking to open a Demo account.
Start with demo then test your feet with small capital with trusted broker under the guidance of mentor. Also, you have to be abreast with position sizing and risk to reward ratio of the financial instruments you are trading… Then keep a trading journal to know how far you have gone in the scope of forex trading…
Definitely, you should open a demo account first to practice trading. If you find your trading effective, only then you should invest in a reputed broker.
That would depend on what you’re looking for. Google “top regulated Forex brokers in the USA” and visit their websites. Check a few different things like if they require minimum position sizes, do they advertise low spreads, deposit/withdrawal options, minimum deposit, etc…
I’m in Canada and use OANDA and am very happy with them. I can trade 1 single unit if I choose, I can deposit/withdraw using PayPal (my preferred method), spreads are low (partly because I trade a lot), I can use the TradingView platform (preferred over MT4/5), their mobile app is decent and you have easy access to a user friendly demo account. My only complaint with them is their desktop platform, which I don’t use anyways. Customer service is excellent as well, they often call me just as a courtesy.
“very strongly preferred,” i’d say
i fully agree with (and share) all your other reasons for being happy with Oanda, too
I’m like totally learning the basics at “The School of Pipsology” right now and it’s super helpful. Everyone’s been saying that I should start with a demo account in a legit broker, and I’m definitely gonna do that. Thanks for the advice
I don’t have any suggestions at the moment since I haven’t registered with any brokers yet. But once I learn more, I’ll definitely be on the lookout for a legit one.