When you start to think things are clicking I would say as this will highlight the areas you need to improve on
At the initial stage, when you have gained all the information and knowledge regarding trading. Now when you are ready to trade, instead of investing real money, open a demo account and practise your strategies and knowledge first. When you are confident, switch to a live account with real money.
Very informative post. Thank you for the help.
You can start demo trading now. In fact, a trader can start demo trading from the first day. All he has to make sure that trade only on demo account at least for 6 months. Learning becomes easier with demo trading too. I am wishing you all the very best.
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Yes, you can start demo trading. You can watch a couple of youtube videos on technical analysis and implement those strategies. This will help you in the future to create yours.
There is never best time to start demo trading. You can start right away or after when you have developed some knowledge about trading. Demo trading allows you to improve your ability in forex trading by margin.
You need to start demo immediately to put into practice all you are reading. That is why itâs call demo. Use it to understand the market as you learn how to trade
A very sound advice! You not likely to get this from a course or system marketer who is looking for your money promising you to become a wealthy millionaire in short time - selling a dream. Sooner you start to become a disciplined, confident and self-sufficient, it will be good for you. And donât forget to seek help or help others - as it will help you to embedding your learning to become a professional trader. Good luck my friend - with all the best you need.
This is also a good advice on demo trading. However, there is no point to do demo on a platform A and then open an account with a provider who only offers trading on a different platform B. So select wisely what type of trading you want to do and markets you are interested in your domicile country including some checks about the regulatory matters, Donât jump from one system or other without doing your testing at least 21 days - three markets, no more than two trades and at a fixed time slot. Donât get glued to the screen watching your trade. Instead spend time back testing the chart and journaling. DO YOU HAVE A PLAN FOR YOUR DEMO - treat it like a real account as much as you can!
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Important to focus on a limited areas - markets, methods, strategies and indicators or specific tools. You need to develop understanding and build confidence on it - with various input parameters and expected outcomes. Its like a toddler crawling, getting up to stand and climb the sofa or walk in the living room before running in the park. I think that helps to protect your dignity.
It is also important to account for your progress on the demo with someone if you can do it.
Thank you @apezzero. Your support means a lot to me. I donât normally rise to the bait with most wannabee paid mentors, but when I see such offering absolutely nothing to forum members except âcontact me privatelyâ or âsee my telegraph accountâ, it is like a red rag to a bull. Some may be forgiven for thinking that I am a corporate plant to weed out dissenters and nutters. I am not. I just think it worthwhile to read and contribute a lot on this forum because I know there are so many people who hear good things about Forex trading and think they will try it.
And I think that everyone in their lives should participate in something like Forex trading. But what infuriates me is to see any person marketing any topic showing the tell tale $250K cars, $5M villas and a heavily suntanned young man or woman just lapping up the good life from being a âsuccessful investor for just an hour a dayâ.
About the closest I have seen anyone get to that is reading Tim Ferrisâ âThe Four Hour Work Weekâ, a thoroughly enjoyable âautobiographyâ of someone who knew what he wanted and made it his business to go out and get it.
After getting all the required knowledge about forex trading, you can start demo trading. This allows you to test your newly learned skills. Demo trading helps you to practice without any risk involved. Once you are successful with your demo trades, you can start trading on a live account as well.
Start demo trading early, while youâre still learning. Donât wait to read and read and read. Get your feet wet, donât worry if you exit the trade in a loss. Donât worry if your account gets blown up to zero. itâs all party of the journey. Fail early!
The moment you understand how to read charts. You should take learning and trading side by side.
There is no best time to trade using a demo account because a demo account does not require real capital and no risks involved in it.
It is a tool used to practice before entering live trading, and many traders use it to develop new skills and strategies.
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1H, 4H with wide stop losses near key reversal points are the safest. You will have enough time to consider entry and exit levels in your positions.
Any time that you feel that you have decent knowledge to start practising is good enough. The sooner you start, the earlier you can apply what you learn. There is no capital investment needed for demo at all since all broker allow customers to open demo account for free.
I started demo trading once I got the clarity of forex concepts and could read charts. Initially, itâs helpful to take help from other traders in implementing trading strategies. You can start with simple concepts like support and resistance.
New traders can begin with demo trading once they have an understanding of forex concepts and understand how to read charts. Initially, it will be difficult to create strategies. So, you can take help from other traders and understand how they work.
@PeterNguyen I totally agree with your point. I feel demo accounts are the best way of learning and understanding trading without any real money. I would suggest one can start trading on a demo account and side by side keep learning about trading. And even while trading via demo account you need to be updated about the market news or any announcement made by central banks.