I would learn more about risk and money management. This would save lots of money. If you are new to trading, I advise you to think firstly about how to save your money while trading, instead of thinking of high profits in the very beginning.
Initially, I spent too much time trying different signals, but they didn’t work all the time. If I get to start again, I would focus more on creating my own strategy and doing demo trading.
I would pay more attention to risk and money management. These techniques would save me a lot of money.
I would practice on demo accounts until I get prepared for live trading.
Real trading is very different from demo trading because there emotions and real money is involved. I would have definitely practised more on demo trading and tested my strategies more thoroughly.
Now that I think of it, I would start mastering the charting tool, and forex terminologies, and practice using a demo account.
I will learn about risk and money management all over again in a better way.
I would start learning from school of pipsology and will also do demo trading side by side.
If I had to learn to trade now, I would have spent more time researching and studying forex in detail. Rather, go for real-time training.
I would try to learn more about forex terminologies and start practising on demo account simultaneously during my learning phase.
Being an old school, I would probably read a few books on trading to create a solid foundation and then move onto the online resources.
I would invest some time in backtesting different strategies that may help give me a better understanding of which one works and the right time frame I must decide on to mark an entry or exit. Also, work on patience.
If I start now to learn I will mainly focus on the demo account and trade in accordance with different indicators.I will then research different currency pairs and find the best currency pair to start trading.
With the help of the Demo based accounts the income we can get will also get increased.
I would do a lot of things differently. I wouldn’t be as reckless with my money, and wouldn’t treat forex like a game I could win, because let’s face it, it isn’t. I would also try to be more receptive to new strategies and more kind to myself over losses.
I would change so much if I started all over again. I would pay more attention to my portfolio, actually strategise, keep a plan in mind, do my research and avoid taking short cuts like I did in the beginning.
I would do a lot of things in a different manner, even ones that don’t seem as obvious. For example, I would be more open and receptive to failure, and wouldn’t let my emotions dictate how I trade. I would also start using demo accounts more regularly and be more strategic with them instead of just using them for fun.
I’d like to work on my trading psychology first. It was a great challenge for me to regulate them and have lost trades many times.
For me definitely do not stay on a demo account for too long. A demo is a good way to learn for beginners as it can help you learn how to open trade or develop a strategy. However, opening a real account with a small amount of funds like a micro/cent account will teach you how to handle your trading mentality, slippage, and risk management much better.
Hello, welcome to the community, and happy learning!
Addressing the question, if I would start learning again about forex from the beginning, I would definitely first learn about risk management and money management skills. It is very important to survive in the forex market to know how to calculate risk and manage your trading funds. Most people do not realise this, and then end up spending way too much capital on unnecessary trade, or having no savings, or not being able to calculate risks in a trade and ending up in more loss.