Hello all, I’m new to Forex and I’m learning through the babypips school on here. So far I’m only up to the pivot points section (8th Grade) but I’ve learned a lot in a short amount of time. I’ll probably get into it next year, for now I just really want to learn as much as possible and I’ll probably open up a demo account to start.
Welcome Crimson, just take your time the markets
will still be here.
Have fun.
I cannot recommend enough the benefit of a demo account. No matter how much you read and think you understand, until you’ve clicked “Place Trade” you’re missing a very important part of this. I would suggest a non-expiring account (ODL, IBFX for sure and I believe there are several others). I use IBFX and it’s great because instead of getting a $10000 practice account (what’s with all the hype in the ads for these anyway…like I have $10000) you can test a realistic account like you would actually be trading. I can practice with $250 (which is what I opened my mini account with) and use 1:200, 1:400, 1:50 or any other leverage I’d like, trading .01-10 or more lots at a time. When you first get a practice account, just start placing trades and don’t worry about winning or losing. After a week or two, you’ll feel much more ready to begin testing specific strategies. At that point, just open a new account with the settings you’d like and test away.
Yes you should begin to practice I agree with that, and it�s important that you try to practice under the conditions you expect to trade in, that way you will know how it works under real conditions.
I agree with you Alisha. Practice is a good way to learn. I�m using Metatrader 4 from Tradeview web�s site. It�s a good one. This way you can know the market in deep. Read is important, but no matter how much you read, if you don�t practice, you can lose your abilities for trade.
Yes reading is good but if you don�t practice then your reading is not going to result to nothing, you can have a lot of knowledge but if you don�t apply it than it�s not good.