I would first trade with Demo account then step into Live forex market.
No, I trade the Daily with a small Account. Even though the average daily range for a currency pair will be much higher than the average hourly or four-hour range, the only thing that a trader needs to do in this case is to reduce the position size to adjust for the potentially larger stop loss. And thus, by doing so you will in effect, reduce your effective leverage which will, in turn, reduce your overall risk exposure in the market.
Again keep in mind that the primary job of a trader is risk management above all else. And one way that we can reduce risk is by reducing our leverage. What I am trying to say according to my own experience, when I was starting out I overtraded most of the time I could not separate bad set ups from good ones until I was advised to trade the daily chart for a while it more reliable, You’re more relaxed and make better trading decisions, You can focus on the process and become a consistently profitable trader, fast.
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Yes, you are right. Scalping requires a short time frame. But I usually prefer a long time frame. It is possible to trade with patience in a long time frame.
I think after gaining experience in demo trading then one should join live trading. I joined Live Trading after practicing the demo for a long time.
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I’d start journaling my trades right away instead of wishy washily trading.
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monthly down to five or ten minutes ,
Just say no to scalping. Too much stress!
You can learn everything gradually with experience, what more important when you are a beginner is how consistent you are with your learning.
I would still study first before trading.
I learned it’s a rigged game, and there is no point in playing unless you go work at HSBC, or JP Morgan, or some other big bank where you can cheat with impunity.
Everyone is here to make money. But before we can do that, we need to clear our basics. Our basic knowledge paves the way to our success. So, you first learn and then decide what different you want to do.
Yes, demos can surely be great for beginners; they can practice and learn as per their convenience and comfort level before putting their own money on the line.
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Demos are okay to begin with but it the platform you are trading on also matters. Since every broker offers a different interface and set-up, it is better to trade on reputed platforms only and it’s best to start with Mt4 cause it’s the simplest. Also, you wanna make sure there’s not too much difference between the demo and live accounts of a given platform. All this is coming from a personal bad experience.
Hope you found a better broker now eventually!
I’m juggling between a few platforms right now actually. I prefer trading on multiple platforms and I actually like MT5 as well. These days, I’m trading with Fxtm and Turnkeyforex. In both case, it’s only been a few weeks since I’ve gone live and so far so good.
To take things slowly and always do a top-down analysis
There’s so many things that I would do different.
First, I would practice for longer on demo account. Second, I would trade with a much lower amount. Third, I wouldn’t trade with a no-commission broker.
I think that every novice has to thoroughly study various trading learning courses/books/podcasts and gain lots of knowledge before start trading live. Nevertheless, the biggest part of traders are sure that experience is the key to success, so you’d rather lose lots of money than learn trading stuff and spen lots of hours on it. As you can see there are two main points of view. I believe that whether you balance your time on watching learning content and trading on demo, or you just spend more time on watching trading content. Remember that never being hurry, this activity doesn’t mean rushing, it means patience and calmness.
I think I would go back and lower the expectations I had in the beginning! To be more aware of how common it is to lose and that everyone does form time to time. Also, to have more ways to cope with those loses instead of letting it get me down.
I wish you luck in your trading endeavors! Also - definitely suggest practicing on a demo (just remember that the psychological aspect of live trading is absent when trading on a demo so don’t let that trip you up).
Unfortunately, without experience in trading, without mistakes, without losing money, it is impossible to understand a lot. Why enter exactly this way, why stop exactly there should be placed.