I am currently in the elementary level of School of Pipsology
should I register for demo accounts and start demo trading? if yes which brokers?
what other resources are recommended after I graduate from school of Pipsology?
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Hi,
I’m new too. Trying to teach myself and learn what I can. I’m basically at the research phase. I don’t have any background in Forex Trading but I am looking to learn and start slow and see how I got.
Thanks,
Trhandii
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Hello! I would recommend you to find a trading strategy that suits your trading style, whether it is long term, medium or short term, just pick one that you like, stick with it, learn how to improve it for yourself and be consistent above all. Still finish baby pips, it’s a great course
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You can use any broker that offers a demo account. As long as it does not involve real money, there is no harm. I have used about three brokers in the past. My current broker is Forexchief. There are a few resources on the educational page of their website. There is a demo account and also a 100% bonus if you want to practice with a live account. Whatever you put in, you get it double. Don’t rely on bonuses, I only recommend it for practicing. Learn more about the use of indicators, technical and fundamental. When you understand what moves the market, you’ll be able see buy/sell signals.
Demo accounts are free. Why not use 3 or so different? They can be used for different strategies / different time-frames. You will get an idea how good the brokers are, how different platforms suit you, how stable their platforms are, etc.
Keep clear rules for what you plan to do and follow them until they need changing to work better. Methodical is the keyword, not speed.
Hi,
My advice would be to finish the babypips course first. You can also check here. It includes some more threads and books you can have a look at.
With regards to opening a demo. You can open as many as you want with as many brokers as your want. They’re free. However please do your research into brokers. Make sure they are regulated. A demo is used to practice your strategies but also to get used to the broker platform.
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Yes. I opened a demo account with Oanda. You may want to try them and see if it will work for you.