Dave Here, brand new to Forex and wanting to learn about it, after hearing so much about it
I have experience sports trading, but this is a new experience altogether, so happy to learn
In some ways FX trading is as simple as sports trading. Focus on the probability of whether a trade is likely to be a winner. However there are only two outcomes, you win or you lose.
Your aim is to be on the right side and then manage your emotions while the trade is running. So discipline and patience are key elements.
I suggest you play around on a demo account to see if it suits you and your lifestyle while learning the basics.
Best of luck.
Stve is that a demo FX account?
Yes, every regulated broker has at least one FX platform - you might try TD365 and/or Pepperstone who offer different choices, but who are very competitive in keeping trading costs low. Both have a base in the Uk where you could transfer £ with no exchange costs if you want to trade in GB pounds.
Both offer FX demo accounts at no cost, although sending you marketing material inviting you to trade on a live account. IMO, if and when you open a demo account request a £1,000 account size which should reflect your initial live account size. Otherwise, the transition exposure is unreal.
The rationale is that newbies believe they can make thousands trading a small account size and 85% blow it within weeks, because they overtrade, revenge trade and gamble with no attention to risk and money management. Without capital you cannot trade.
Hope that helps.
Welcome to the community, Dave.Have you started with the education section here yet?
Steve, yes that is very helpful. Thank You.I appreciate it.
If you’re talking about the babypips school thing then yes I have started in there and taken one test, which was eye opening in terms of how I thought I didn’t know, then being shown I did.Its all very helpful though.
Hi Daves, I hope you are doing well! Welcome here. I like your enthusiastic approach towards forex trading. All the best in learning!
Thanks for the reply, its acetainly an eye opener but a good one as well and at some point once learning is completed I’ll be ready to trade. How are you doing?