Hello everyone! Ive been reading forex on and off for the past couple of months. Im still at fibonacci lesson here in babypips. At what lesson should i start trading already? Thank you
You can open a demo account with any regulated broker. This account can be funded with virtual money to trade with. This allows you to practice what you learn without risking any real funds. You should open a demo account as soon as you can.
I completely agree with you @QuadPip . In this moment demo accounts can be a lot helpful to you. You can practice everything you’ve learned so far in a demo trading account. And the BEST thing? You can make a lot of mistakes but you won’t be losing any of your real money. That’s how you’ll be able to learn from the mistakes that you’re gonna make and try to solve them.
@QuadPip is right - start demo trading asap. It is not level of knowledge of TA or the forex markets that will bring success, it is the skill at using a consistently profitable strategy.
What platform is best?
There’s nothing to stop you opening several demo accounts. Maybe the majority of brokers use MT4, and that’s the one that is most praised by trades. You could get an MT4 demo account and one or two more of different platform types and see which you prefer. Its a good test also of a broker’s customer support, educational resources and connectability before you deposit real funds with them.
The “real” lessons begin when you start trading with your own money (and emotions) at risk.
Try OANDA if you have that option where you’re located.
I believe that for starters you need to have at least a minimum of knowledge, and it is very desirable to have experience with a demo mode.
for minimum knowledge i think its more appropriate to make sure demo account and psychology of school which is the foremost way of learning basic all information.
I am also interested in this question, thank you for your answers!
if dale opens several accounts, it will not affect you and if they will enter to favor you
The first thing I will recommend to you is First of all, it is essential to have a basic understanding of currency markets and the macroeconomic variables that drive market fluctuation. People become successful traders by learning how to stay successful over a long period of time.
well said tbh. everyone take different time to learn.
There are thousands of gauges and each of them has unique mechanics. However, not all of them are profitable and in many cases, only lead to problems.
Many of the indicators you can find today were developed from the stock market, when the information was updated every 24 hours.
Without further ado, we will now discuss some of the best indicators you can find in the forex market. We hope you study them thoroughly and apply them to your trading.
@Penelopip, Mods, I think this user (carolinam) might be a robot.
Personally I would advise you to finish the course first. Then open a demo when you go through it the second time.
totally agree with you
Thank you for bringing this to our attention! The said account has been suspended due to repeat forum violations, and we have also reached out to the user as we are investigating the matter.
Nonetheless, thanks again for your help in keeping the community free of spam and suspicious behavior. We appreciate it!
See you around,
having knowldge about Forex is very important and if you have no knowldge then it will be difficult for you to do good progress in Forex trading. To learn and do practice you should open a demo account and start trading with it and it will help you to get more experience about Forex.