Novice

Beginner Questions
1

Hi everyone.

This week I started to learn about Forex. (really want to know how to trade)
I already get familiar with MetaTrader 4 create demo account.

It would be great if you give me some advices which would be useful.

Thank you

2

hello. i will suggest you finish the school of pipsology. there are some really great stuff there. if you say you’re familiar with the mt4 platform now is the time to trade a real account. yes…REAL account BUT with a tiny amount of money and trading tiny lots. this way, you’ll get to learn how to control one important aspect of trading: emotions. start with say $100, double it, triple it whatever. and learn the hard way. you can’t learn much from a demo account. besides demo and real accounts are treated differently by most brokers. all the best.

3

I second what tomiko says.
You can’t spend too much time studying, reading the forum, etc.
Demo is useful for becoming familiar with mt4 and seeing how trades play out, but trading even micro lots will bring emotions into play.
Good luck

4

Demo is a good way to start practicing how to trade .If you want to experience real trading then you have to open a micro account using little as $50 with a good broker like dukascopy and profiforex where you can trade and get experience.

5

Hello and welcome to our forex community! We’ve got a short lesson on MT4 trading in our School so I suggest you read through it and try to open a demo account: How to Use MetaTrader 4 Archives

6

Thanks everyone, advices are really useful.
As I understand I need to start practice in real account. 50-100$ will be enough for first time, to learn how to control emotions.

About babypips - it’s a great and useful website, and I already start learning here.

7

Hi John,

I don’t want to discourage you, I just want to give you some heads up.

  1. Trading is not an easy task ( most of the people fail, more than 95%)
  2. Trading requires lot of hard work, dedication, time, energy and of course capital.
  3. Trading education and live trading for a long long period of time are the main tools for learning.
  4. Do not expect to learn for less than two years.
  5. Think about profits after your fifth year of education trading with loses and learning from the mistakes.

Good luck

8

The process of analyzing the market, watching price behavior, exercising prudent money management and risk management and forecasting the likely next move of the market with the successful outcome being determined by the choice you make on the basis of the training and experience that you have gained makes this the most exciting and profitable competitive endeavor in the world of finance.