Everyday we get new traders jump into the market and make hasty decisions without proper knowledge and practice, I just want to kindly remind every new trader with these words;
Start from learning the basics of forex, try putting your new found knowledge into practice with a demo account. You can test forex strategies and tips, and start to create a trading plan to follow. Once you’re comfortable with a strategy using the demo account, including managing your risk, and are familiar with the trading platform, you can open a live account to trade on forex for real.
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good point. I want to add abit more on live account. Trader should start with a micro/cent account so they don’t have to investment alot. At the beginning, new traders shouldnt expect to see huge profit gain, all your trades are for learning and managing your psychology as trading with real money feel completely different.
Peter, only if the ‘real money’ is material profit or loss which causes pain or joy. Otherwise, a few cents here and there, or even a dollar, would be unlikely to trigger an emotional reaction.
I cannot emphasise this strongly enough. And it’s my firm belief that any trading account less than $500 would not be successful, as 85% of traders will blow it mainly because they’re not making fast money quickly that social media marketing hype promotes on YouTube and other platforms.
There is no short cut to success, and without caoital you cannot trade.
It’s highlighted so many times on here but good advice