Hello everyone. I’m pretty new to this and have been practicing on the demo with a view to going live in a couple weeks. I see on the forums that people are saying to read as much as possible which i have been doing on things like Trading Economics and here on BP. Any other pointers on helpful material?
thanks…
Hi, do you already know what strategy you will use?. Regards Greg
welcome to baby pips forum , hope you know all ins and out in this forum , just be active in there with focus and solve all problem that you have.
i think the " golden rule" is practice on demo for at least 3-6 months until you find a profitable strategy
practicing demo 3-6 months is a big deal and need a long time patience, so its not easy for beginners level. because they trade in demo at random most of the time.
i think issue with demo s ,well you can test strategies .which is good. though our responses to situations are obviously different, some can stick by their guns on demo and transfer strict money management to a real account others maybe not
trading demo is a best part of trading above all when newcomers , but new forex traders trade here at random with no analysis. as a result they got nothing from here.
i always use demo account to see the leverage performance , this approach most of the time helps me to avoid unfortunate risk and losses when trading in a real account.
its a common approach but effective , i mostly use my demo to see my strategies performance before live account.
baby pips school+ demo account or a micro = the best result when trading in a real account with good knowledge and experience.
HI MattH68, and welcome to the forum,
I have been trading for ages, with very long periods of non-trading in between. I have read the other advice from forum members before, and for a majority frame of reference, it is good advice. However, I think of it like this. The first time I venture into anything new (and that is quite often), I do not value my own time at all. It is purely a potential hobby. I hasten to add that I am a contract project manager by profession, and sometimes I treat that like a hobby too, ignoring 90% of opportunities, and only choosing to apply for roles that sound like an interesting subject matter to me. So I am “not normal”. As soon as I have decided that a pursuit is worthy, I change my mindset about time and funds investment. I ask “how much does a nice meal out cost”? £100? How much for a family day outing? £200? And how do I value my (hobby) time and work time. I value that time at half of my equivalent hourly consulting fee, and for the time frame required in the plan, I set the expected ideal monetary outcome resulting from choosing to use my time pursuing this “hobby with potential to become an income stream”. In this respect, there is a limit to my patience and I choose to start “doing” instead of “planning” at the earliest opportunity. Let’s assume you wish to start theoretically with a $1,000 trading account but you do not have $1,000 in ready cash. But you have $250, so you open a trading account with $250 instead of waiting to save $1,000. If you have documented your plan properly, that plan may dictate that you spend no more than 2% of your account on any one trade (or bet). Even though you only have a $250 account, your account “value” is $1,000, so your 2% of $1,000 is $20. Start with $20 positions (i.e., $20 is your stop loss position size, and your take profit target may be 2:1, or $40. Start trading to your plan, and start counting your winners and losers. Believe me - when you lose $20 of real money, it feels a lot different than losing $20 in a dummy account. The initial objective is to learn NOT to lose money. This is far easier said than done, but no amount of reading or dummy account backtesting or trading will substitute for real money (psychology effect). So with respect to other advice, my own action at this stage would be JFDI.