Just knowledge will not enough , a trader should do the demo trading for several months. Knowledge helps to understand trading atmosphere.And when he is well managed in trading on demo and is able to manage a limited amount he can go for live trading, Actual thing is that he should be able to make profit or at least minimize loss so that he can confidently face forex market
For new traders with small fund, I think higher leverage doesn’t matter (1:500 or 1000), it’s easy to trader large volume but it’s faster you reach SL. I prefer trading small volume.
Welcoooome Megan! Haha. If you don’t mind, how long have you been trading? I think once you become confident in a strategy you’re using on demo, and you’ve been consistently winning there, you might just be ready then. Haha. But as always! Procee with caution. Good luuuuuck!
I say as soon as you can. For me personally, it’s difficult to learn a concept without actually doing it so it helped me demo trading while also learning. You can always try that route and if you find that doesn’t work for you, you can switch and just focus on studying first!
Mt4 is most common platform and you’ll have a variety of brokers offering that platform. Other platforms have certain limitations and only a few brokers use them.
Firstly, basic concepts and terminologies of forex must be on your tips. You must have a practical experience of trading on a demo account before you start live. Demo trading will help you to understand different strategies to use and things will be much more clear. Hope it helps
well its not a race, everyone learns at different paces so dont rush it man
I agree with @ZacKing, do not rush, learn things step by step. No doubt that forex has got a lot to grasp and know, but then take your time and explore things gradually.
I think making the consistency in term of profit in demo may be an useful indicator.
Thank you so much! I opened up a demo account a month ago. I do one to two trades a day and I still have a lot of questions. haha
In my opinion, to start work, the trader must be fully confident in his knowledge so that there are no losses when working.
yes for sure, they are very useful especially when you find the one that ‘makes sense’ to you
when time to describe about good platform, all credit goes to only MT4, from my first day of trading till now i have been using is platform.
The level of knowledge that makes you confident about your strategy demonstrated by consistent success on a demo account. Also, once you do decide on trading live, start with a small capital and low leverage.
If you know all the basics of forex trading you can trade in the live account.