Hi Pip-Apprentice. If you passed baby pips school with good marks then you you got sufficient knowledge to make good trades on demo account. Maybe you are apt to start trading right on the live account but I don’t recommend you to do that because most of use don’t underestimate our psychological weaknesses.
Good entry and exit points are not enough, its essential to be confident in them but a streak of bad trades can easily make you doubtful about your trading approach. If you feel that candle analysis works for you then try to know ins and outs about it before you give up.
Regarding the platform for your start I would suggest using some well known names like Tickmill, Hotforex, IB they offer wide choice of trading accounts and boast with very good reputation and safety standards.
Find a broker, set up a demo account, learn how to use the platform, and experiment… start applying what you learn here in from the BP School and other sources you were using to expand your knowledge.
WE should start it when we are ready actually for all that things. Also what do you mean where they are ? Your good and solid forex broker should provide you with the such and that’s really it. Nothing less here. So how does it all ? Makes sense.
The first step is to find a good forex broker to start trading with. There are a lot of scammers out there. You should only trade with the best forex brokers. How to find the best forex brokers? Well, you should look at the standards for the best brokers here:
Trusted regulations
Multiple account types
Low spread and commission
Extremely helpful support team
Fastest payment methods
Deposit/withdraw on weekends
Less slippages and gap
Good quotes
Fastest execution speed
its all good facilitates which is very supportive to lead a comfortable trading life with certainly, but the problem is all facilities not found in one broker.
I would suggest using a demo account as soon as possible. Obviously use all of the knowledge that you have gained on this website. Take plenty of time using the demo account and don’t rush into opening a real account until you feel confident with what you are doing.
In your beginning stage; don’t take more time to open your demo! You’ll have real time trading experience by using your demo account; happy practicing.
Of course it works but to the extent of similarity between demo and live accounts. You can expect to use same charting tools, platform functions, use similar approaches to analysing price movements but definitely can’t test on demo strategies which are spread and slippage sensitive. These are “costs” that market imposes to prevent you making easy money and this fact is not quite obvious on demo account. You will also find it difficult to avoid emotional mistakes because demo trading can’t initiate such emotions and when there is no issue it means there is nothing to solve.
There were some other issues I experienced move my trading to live account in Hotforex but time solved everything. Just don’t give up and you will see how your results will improve
Regarding the initial question, one can start as early as possible, so as to practice every bit of new theory they learn.
As for an appropriate demo account for beginners, look around in the broker section of the forum, I am sure you’ll find plenty of good information there.
Appreciating fact that you are going through the basic education process here. But when it is the matter of demo trading facilities it is a good fact that almost every broker is allowing demo trading account for the beginners. You can check broker discussion section of this forum to get reviews of good brokers and can try demo account of such broker to complete your learning.
then you you got sufficient knowledge to make good trades on demo account. Maybe you are apt to start trading right on the live account but I don’t recommend you to do that because most of use don’t underestimate our psychological weaknesses.