Doing the courses on here means more than just the content itself it means the person intent is there unlike so many newbies
Best advice? Run away!!! Just kidding. There’s probably not much point of advising what mistakes to watch out for because there’s so many you can make. Just try and learn from your mistakes.
The best piece of advice I could probably give you is the following…
Don’t jump from system to system too much. Once you’ve settled on a system that makes sense to you, really work at it for at least a few months and give it all you’ve got.
Higher timeframes like the 4 hour and daily give more reliable signals. You’ll probably want to go to the lower timeframes like most do in the beginning because there’s more action there. Go for it if you really want but I personally don’t recommend it. The lower the timeframe, the more you have to sit in front of your computer watching charts. This can get pretty old pretty fast and pretty stressful in my opinion.
Trade on a demo account until you become consistently profitable. No point in wasting your money until you’re consistently winning.
Ultimately do whatever you want though. Don’t get disheartened and keep at it. It’ll probably be years before you become consistently profitable so don’t rush it. Just try and enjoy it.
All the best!!
Use the search engine. There’s so much info buried on this forum. I searched ¨beginner¨ and ¨mistake¨. Tons of info!!
Thank you for all the replies and helpful advice. It means a lot
Read loads, study hard, watch charts +++, move onto demo, then small live account if you manage 6 months on demo not losing money. Then forget everything you’ve taught yourself, experiment alot and try to find an edge that separates you from the crowd. Don’t try to get rich quick. Making any money consistently is better than most who try.
Well, I could have avoided suffering a black swan event (look it up), which blew my trade off the planet in Jan 2019, by being on the right side of the trade. That immediately taught me that while trading FX is simple, it aint that easy. Anything can and will happen. Accept it.
this is a fine answer from all, thanks for the nice post.
Allow me to tell a little story.
Back in the late 80’s I was informed by the security one day while I was working at the bank that someone was outside to see me. When I peeped out I saw that it was the guy I had arranged with to teach me how to drive. I had specifically chosen this guy because the car was tinted dark so if I messed up on the road I would be spared some embarrassment since onlookers wouldnt see it was me. I packed up my stuff and went out to him. “Get in” he said. I was perplexed, and asked him if the plan wasnt for him to take me to some back road and begin my lessons there. Right there in front of 3 other persons who I didnt notice were in the back seat until I got in he gave me a proper dressing down. “I’m not being paid to teach you drive on any back road he said. Put on your seat belt, adjust your mirrors, sink the clutch, put on your indicator, and put the car in first gear and let’s go.”
I have said al that to say this…DO NOT follow the piece of advice people glibly throw around that you should wait until you are consistently profitable BEFORE getting a live account. The MAIN value of a demo account is to learn your way around the trading platform so you can place trades etc. I suggest after 2 months of of demo trading you open a small $100 live account and trade ONLY with 0.01 lots. I recommend the USD/JPY pair as it takes up less of your principal when you enter a position and the spread is not too bad. If you follow those guys you could be demo trading for the next ten years as I suspect many people are, lol. Trading with a demo account and trading with a live account are like night and day. Trust me.
And when people tell you I am talking garbage let them post up their trading results and you compare it with the ones I have been posting on here and make your own determination.
Edit*****On second thought maybe I should just have said consider other options because what works for one may not work for another and it is the end result that is important.
The BP course will certainly help you understand the basic mechanics of trading like pips, leverage, etc but there are some other things that are worth thinking about at this early stage.
There are many ways of trading FX (and commodities , indices, etc) and you will need to define what kind of trader you wish to be and what you want to trade.
This is partly dependent on your character and partly on your circumstances. Some traders sit in front of a screen and trade off what they see on minute-based charts, others only look at the daily charts at the end-of-day and others on anything in between.
You will need to consider how much time you can devote to trading, do you have a 9-5 job, for example, when can you access markets. You will also need to consider how much capital you can afford to put into your account. For example, there are threads here on BP about the difficulties of trading small balance accounts. You will also need to think about whether to trade a range of products or specialise in only one or two.
Another area that you will reach in time is how much you want to mechanise your trading and how much you wish to add your own discretion to decision-making, how much you will rely on technical analysis of price movement and how much on fundamental analysis of the currency’s underlying economy, etc.
You should certainly open a demo account to practice and experiment with different approaches and instruments. But do not treat your demo account as a computer game and just start chucking huge positions around on a play account.
Your demo account is a serious instrument. It is a trading simulator and you should aim to use it to systematically define how you wish to trade. But, as has already been said, trading a live account in the real world is a very different ball-game.
These are just a few pointers to think about! Good luck…
I believe, now it’s time to focus on your demo trading & try to mark your common trading mistakes! Demo trading is so much important!
learn how to trade with forex course and start practising on a demo account
Well, observe the market movements on your trading chart; don’t try to rely on others trading signal; build your own trading skill by practice & learning!
Hi! Welcome to the forum. I would recommend you to keep your focus on learning. Go through the course. After that, start with demo trading. Good luck!
I would mainly suggest just focusing on learning for now, take all the time you need until you feel confident. Trade on demo when you get ready for a while. Learning to trade is more of a long-term thing, so if you don’t rush it, you’ll be more prepared once the time comes to open a live account.
There will be a lot of recommendations to use a demo account. personally I would go straight into a live account with a small balance. Trading with real money is so different to a demo where nothing really matters. You need skin in the game to manage your emotions and see how you respond to winning and losing trades.
Good luck and let us know how you get on
Prioritise learning over making money first. Take a demo account and practise your strategies. To start, you can watch free lessons on youtube. There are many free strategies as well. You can start by implementing them. Good luck!
Day trading refers to buying and dealing securities in short ages of time, rather than holding onto them for times at a time. You buy an asset when the price goes down, also vend it off when the price goes back over.
Day trading takes skill if you want to make rather than lose plutocrat. There is a lot to learn when you are a day trading freshman. Not only will you need to decide what to trade and how important capital you will need, but you will have to get the proper outfit and software, determine when to trade, and of course, how to manage your threat.
Hello and welcome! I know that you would be thinking quite a lot about your career and becoming successful. Just don’t rush your trades because it will take time for you to develop an understanding of the market and get on track with your career.
Open a new demo account and try to learn from your demo trading; you need to build a profitable trading strategy!
Set up a demo account, trade until you are consistent for a number of months.