Not much to say right now.
My name is Andrew. I’m very new to trading of any kind.
Just trying to get my head around the basics for the moment.
We’ll see what happens over time.
Practice on a demo account first. Aim to develop a profitable method and to always follow the process for every trade. That’s your first obstacle.
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i support micro account instead of demo, this is very supportive to acquire a live trading knowledge and experience.
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you can learn from own trading mistake , this is a best trading solution from all.
do you believe the importance of demo ? i think it just a time passing we take this trading place .
hi and welcome Kal, hope for the best. have a knowledgeable journey from there.
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I’d say don’t even bother with a demo yet. Use Trading View and just practice reading price without worrying about demo or live
Yes, providing the learner is capable of ironing out the mistakes that occur, and has learnt how to develop a profitable method and stick with it. That took me 8 months to realise that was the way to go. My daily journal - now over 40K words - provides all the steps I took along the way.
IMO, trading a micro account first is a total waste of time, because most newbies will become bored making and losing peanuts when marketing hype tells them they could be making thousands.
Whatever, the real challenge is how the new trader reacts when FEAR and PAIN enters their mindset. You won’t find that on a demo account or a micro account.
Bite the bullet and trade at least $200 on a live prop firm account with the new profitable strategy and process that is followed for every trade. Which is what I didn’t and lost the lot. All because my emotions got the better of me. It took me a long long time to resolve and become consistently profitable.
Hope that clarifies my approach.
Reading price movement is the result of order flow movement made by both winning and losing traders. It’s better to think in terms of where it’s is most likely that losing traders would close their positions or get stopped out - as approaching supply and demand zones, or when a pair is making a new high/low. Winning traders have the luxury of a wait and see approach. Adding to positions by pros are not unusual.
I completely agree but my point was more that I think heading to demo too soon can in some ways preface a premature move to a live account. Learning to study the markets on TV removes that temptation in my experience anyway.
Yes, when you talk about trading, a demo account plays a very important role. If you are trading for the first time and use the live trading account directly rather than the demo account. You can lose a heavy amount as inexperienced trading. So knowledge and demo accounts play a very important role.
Hi Andrew and welcome! Hope to see you stick around if trading feels like something you want to pursue once you get to know more about it.
Welcome to the market. I hope you enjoy learning forex, because it is definitely interesting! Don’t rush, go at your own pace. And do not forget to practise demo trading for a few months.
Thanks for all your input people.
Hi, welcome to the community. Babypips is just the right place to start if you want to learn. On the other hand, you should constantly research the market. Your trading skills will improve, and your market knowledge will grow.
Hi, welcome to the forum! A tip that could help you ; focus on learning throughout, be patient and scan the market while keeping its sentiment in mind. Don’t make blind moves. Read books available online and gain a strong foundation. Good luck!