I am new to forex. I practice a lot and on average I make demo money. But because of the frequent electrecity failures in villages in Pakistan I can not figure out wether the profit is due to my understanding or it just happened by chance.
So, I think I should join a live trading room because it will educate me and also spare me time to research the trades myself that I shall be executing through following an expert. Simply, I shall get education from the expert and try to get the expert’s thought confirmed through my own research and thus be able to trade successfully myself.
if you look up for trading education, you’re in the right place
I suggest you start from School of Pipsology on this site: School of Pipsology | Learn Forex Trading
Power outages should not account for your good fortune. The questions you should be asking yourself before entering any trade are 1. Do I have a solid and time tested strategy? 2. Why am I entering this trade at this time? 3. What our the parameters… SL, TP and [B]why[/B]? You might also consider using a server side trading platform, which would take care of the power issues.
Sounds very inconvenient with the constant power outage. I guess what you probably looking for is Forex coach to give you 1-to-1 advice. You can give FXPRIMUS Coach a try. They provide 60-day free service if you open a Live Account with them. The coaches are personally trained by the popular Mario Sant Singh. He was on CNBC, Bloomberg and wrote his own book recently published by Wiley. To me, the best way is to have an expert to guide us rather than trial and error with our hard earned money.
Learn everything from the beginning. No need to hurry for live trading as the market is always there for you. [B]Babypips school[/B] is the best place to learn about everything from the beginning. Don’t try to follow the so called experts. Better if you can develop your own system and try to be a good trader. Good luck.
if You have problem with datafeed (due to electricity fails) try to invest on longer time frames D1 / H4 ----> then You can check charts once / twice a day —> don’t think that trading from shorter time frames makes You more money … most of day traders lose their capital very quickly due to very irrational price movements on lower time frames.
Being on CNBC does not directly impact how good of a trader you are, everyone else was probably just busy and he may have been available that day, just ask Jim Kramer.
Educate yourself and then open a real account and fund it with your own money. Demo trading is not relevant and while you may start to feel comfortable making money there it will be a lot different when you go live. Take your time to develop a trading strategy you feel comfortable with and try it in a real account, only trade 0.01 lots until you can achieve constant weekly profits for several months.
I appreciate all these replies. They certainly relieved most of my mental burden. I think I should strat trding live with the smallest size and without any leaverage. So that if I loose it wiill not make me neverous and threrfore will retain the ability to find out my mistake before making any other tade. THe strategy I shall e using in the beginnig will be one of the monthly winner on Babypips.com website. I wish to be helpful to others like you are helpful to me. Thannks a lot all of you
I think going live and trading only 0.01 lots until you start generating profits is the best way to get started. When it comes to leverage, it is a personal choice just keep in mind that leverage is a great tool if you know how to use it and a devastating one if you are careless. As far as strategy I would recommend that you start to create your own and not just follow a strategy you read in a forum.
Let me tell you one thing that if you keep fishing in the shallow waters you will never cash a fish. The same thing applies to the world of Forex trading where if a trader never trade 10$ PIP then he would never know the Adrenalin rush and the markets as they actually are.
True, it is and that is why I recommend it to new traders until they can accomplish consistent weekly profits. After that it is natural that you increase your volume.
