as i’m new here , i would like to know the way how to start my forex trading without any loss and have some profit. you can tell me about the process, necessary software , rules, profit, loss etc. thanks for reading the post.
There are no guarantees in trading forex. If there was an easy golden egg then none of us would be in this chat room. To start I would open a demo account. Learn from others and find a trading method that suits what you can do. See how you go with a demo first and when you have a confident track record with a trading method take the plunge. There is nothing easy in this game, take your time and hopefully you can find a successful model.
Try having a look at the courses on this website as a start to learn the basics.
Hi Imraj, and welcome to the forum.
I’d start here: [B]School of Pipsology | Learn Forex Trading[/B]
That part’s easy: start with demo accounts.
That takes longer. (I used demo accounts for 4 years, before risking any money).
I am also an amateur in Forex trading. I currently have multiple trading strategies and would like to know which is the most profitable one for me to use. Is there anything (apps or softwares or websites) that you would recommend me to use that could help me track these strategies most easily.
Also, do you guys also face this problem with having too many strategies and having a hard time tracking it?
Having more than one strategy is not recommended. There are no apps, softwares or website that will help you to track or tell you what strategy is good or bad. It is on you to test the one strategy you think suits you the best and the time will show you if it’s good or bad.
This can be a problem if there is no rationality behind which strategies you are using. There is nothing wrong with using more than one strategy (I say it like that rather than “multiple” which suggests so many!) provided they are not competing with one another. For example, one may have a longer term strategy based on hourly or daily charts but another for trading intraday on 15m/5m charts.
It gets messy if you use more than one strategy for the same type of trading style because you will not be able to decide which one to follow. They all demand a lot of concentration and discipline so you will end up half-focusing on all of them instead of fully on one of them at a time.
The danger is that you will lose your confidence to trust in any one strategy and end up jumping in and out and missing the bulk of your anticipated moves. You should trust and thoroughly test your chosen strategies (either live or demo) and perhaps tweak here and there. If it works, great. If it doesn’t look for something else.
Applying the same strategy to multiple markets is a rather different matter.
With apologies for the contrarian tone, it’s [I]strongly[/I] recommended by me, and by the people who taught me, and by the textbooks that were helpful to me. :5:
Be careful when working with them because there are some people who work there that aren’t very good. They will try and trick you. Some of the less trustworthy Forex brokers may try to pitch you risky Forex products and frankly suspicious offers while you are testing their demo trading platform. It may take you anywhere from a week to a month to go through some of the more common demo testing techniques, as you learn the science of online trading. Use this time wisely to conduct an objective assessment of your broker. Since I didn’t want to have to worry about that while working with someone I made sure that I haven’t worked much with them. I have worked with concord bay and I have to say that they are the best. concordbay.com/en
is their link. And honestly they are great because they make it so easy. They have a lot to offer, and I would suggest checking them out if you’re looking for a good broker.
There’s no way to trade without any loss. You have to learn what exactly you need to master almost anything, including your emotions. You might get yourself frustrated when you lost 20 bucks cause of lack of your emotion control…
You must start trading with ‘Forex School’ from the forums’ tab where you’ll find all the basic and advanced knowledge of forex trading
Its not possible to trade without loss. Loss is a part of forex trading and you have to accept this reality. Only try to limit your losses so that you can make some extra cash trading in forex.
I agree with you, many will say that stop loss in not a necessary thing but I must say that its very important to have a physical stop loss to cope with any bad situation what so ever that may happen while/during trading.
u can learn from forums and people and then open a demo account
True bro, by learning through the forum, it can determine trading. Furthermore, can practice in a demo trading.
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As many guys said there start with demo account trading, first you will learn how MT4 works and what’s most important you won’t lose a penny what is very important for those who is still not able to control his risk management. I spent around a year at Hotforex demo, then switch to small 100$ live account where I was around 6 months trading with micro lots and only then I opened large 3K account. Slowly but steadily without blowouts or serious drawdowns I’ve earned around 400% from this deposit and continue to gradually increase it.
First of all, try demo trading. When you feel strong and skilled enough to try a more serious option, go for a real account. Keep in mind that there can be a difference in trading conditions and overall trading experience, so be ready to face it. Nobody can guarantee that you won’t lose any money, but if you take your time and spend enough trading with a demo account, you may be more ready to trade wisely.
first step is completing the school of baby pips while trading demo,FREE DEMO, with any good broker, you can have more than 1 demo for the sake of comparison. then try to maintain a good winning streak for months, not days not weeks but months. then move to live. forex is no joke, many many traders break in the world of forex, so study it well.
Yes all trader agree if demo account also included as step to learning forex business before any trader investing real money in real account, forex trading is risky and required experience also knowledge, and demo account has same market condition with real market although use virtual money.