When I first started, I used a demo account, and it was very helpful. Also, spend more time reading up on how forex trading actually works.
As an experienced trader, I believe Although consistency is crucial, donât be afraid to reassess your trading strategy if things arenât going as planned. Your needs may change as you gain more experience; your plan should always reflect your goals.
Yes you are right, trying a demo account often helps us with a deeper understanding of forex until we actually step in and start trading.
Consistency is important because it demands time to understand the forex market, which is always changing and is influenced by many factors. As a trader, you need to trade in different market conditions to fully comprehend the market.
I believe that every trader must be bold enough to accept the wrong trades he has made. Itâs a lot about the trading attitude that determines your altitude. So, keep learning whenever you get a chance to.
Learning along with demo practice is a good way to learn forex.
practising is the key for sure, demo account is a good way to develop your trading strategy as well
Everything becomes easy to understand while practicing on a demo account. It helps us to learn about trading basics ,how to analyze charts, and also gives insights about the trading conditions of that particular broker.
Make a good trading plan and stick to It.
Youâre right, it is important for traders, especially newbies, to acknowledge and accept their mistakes to avoid making them in the future trades.
A beginner should leave the aim of getting rich quickly if he really wants to have a long trading career. Focus on obtaining trading knowledge from every possible source before you expect to fill your pockets.
Well said, there is nothing like shortcut way in Forex! It takes time to Forex trading, so new traders need to have a deep preparation!
Beginners, in my opinion, should focus on the learning part, there are n no. of sources available like Youtube channels, blogs, Pipsology course by Babypips itself, etc and then demo account is very helpful and also donât follow the herd mentality.
Iâd suggest you first focus on learning and once you have gained a good amount of knowledge and developed appropriate skills, youâll start earning.
I think these tips apply to trading more than learning. Learning period starts with demo trading in my opinion. That is the first step towards gaining practical knowledge as you get to experience trading without risking any real money in the process. Theoretical knowledge is also important for setting up a strategy and trading plan before switching to a real account.
You definitely need a trading plan and strategy before switching to real account otherwise you are just trading blindly and loosing your actual money once you on live account.
Lastly, you shouldnât ever stop expanding your knowledge. Becoming successful at trading is a lifelong pursuit. good pointers!
I switched to live trading after practising on demo for 4 months it really helps in getting familiar with the market & the platform.
All you have to do is be optimistic about your upcoming trades because you should always keep going forward by learning from your mistakes and trying to avoid repeating them.
I always try to learn from my past trading mistakes so that I never repeat them next.