Tips for a newbie

I’m new at FOREX, and I’ve been practicing on my demo account at M Trading. Still currently at the Kindergarten level at school of pips, but already gaining times 7 of the original amount I started with at my demo account. Any tips on when I should start investing real money? or Any tips in general? :slight_smile:

Yeah, wait til you bankrupt your first demo account :18: just kidding. I stumbled across some advice on here that seems to agree with me. Wish I could remember who it was so they get credit. But anyways he/she said to trade only short for roughly a month no matter what, then switch to only long for about a month, then play both for about a month. He said once you hit the point where you are playing both sides of the coin it’s going to feel like you have tons of opportunities. And I can already see that manifesting as I’m still playing the short side for now. I see so many opportunities for going long but only because I can’t/won’t trade on them. It’s super aggravating sometimes but I’m 100% behind this training method thus far.

Do not be carried away because you are winning in demo. If you feel you are ready then you can go live by opening a micro account with a broker with a capital you will be comfortable losing to have a real feel of forex trading, then see how it goes. It will in a way increase your trading experience.

Work right thru the school practice on demo, you’ll change your mind a dozen times about how you’ll want to trade.
Read the threads here and ask questions.
Open a small account with money you can easily afford to lose and trade micro lots.
Keep a journal.
Keep your trading as simple as possible, dont overcomplicate it with rsi, macd, sma, or all the other dozens of indicators until you really understand the basics.
Lose money, its the best way to learn.
Dont keep changing systems.
Good luck

Try finding a dealer that will allow you to trade extremely small sizes. Start with trades that risk just $1 or $5 or something like that. Heck, fifty cents, whatever size you can easily handle.

Here is an idea: Calculate your daily after-tax income through your main line of work and start with just two days worth and take small enough risks to trade that amount for a year of straight losses. (Suppose you make $50,000 a year at a job. After taxes you take home around $40,000. You work roughly 250 days a year so you take home roughly $160.00 a day. Start with twice that: $320.00. Risk small enough amounts on trades so that you will not need to add to that for at least a year to keep trading no matter how bad things go.)


with newbier we need forex bonus for trade. because we can get higher fund. when we lose we will lose small real our fund.

What i suggest is to try your skills on a real account. Demo accounts have the same effect on you as what alcohol does. They make you feel like you are untouchable. You should try trading with a small amount on a live account first. You need to perfect your money management skills first. Open and close positions with real money and then you will be able to tune your psychology in the right path. When I started trading with ironfx I thought that I mastered trading within one day with the demo account because I was making so much profit but my account manager spoke to me about the importance of psychology in trading. Then I realised it’s a totally different story.

True. The problem here is the trader’s psychology. If you are a new trader you become enthusiastic once you trade with a demo account and you start making profit, then you go live and if you are not careful you may “slip on the banana skin”. You have to start a live account with small amount trade your skills and then put more money. But it takes time to learn how to be a good trader. Every new trader should give time to himself and practice and then invest small amount. And for myself is so important to have a personal account manager who can explain you and help you and the most imporant is for the trader to trust his account manager.

Hi there! I am a new to Forex. My friend recommended me to go for some Forex contests on forexstars What can you tell me about it? I am really interested

hi jcasey to be honest i am not familiar with this broker but whatever broker you use since you are new to forex to start trading with demo accounts before you go with a live one just for the contest.Certain brokers offers demo competitions so i suggest to find one broker that offers demo competitions.

Getting too confident too early is a bad combination. Try to remain humble and practise a lot (remember practise makes you better) My advise will be read a lot, make research, practise and when you feel that you have the required knowledge go live with a small amount that you can afford to lose. I will also recommend to practise with different brokers in order to find the one which suits you most.

Those competitions are really fascinating for the traders but now i guess what a trader wants is a new product more improved and a product with minimal downside risk.

Winning in demo feels good . But you will be more experienced when you go into live trading. When I started trading I did demo for few months and then open a micro account with low capital guess that really help me in boosting my trading experience even when my losing trades were high I sure did learn.