Open a small account - $50 to $100; Keep it alive. Demo account is not going to help you; you will never get to a point where you will feel confident and comfortable enough start risking real money. The working environment is far too dynamic. If you are going try and make money trading short term price fluctuations, put some skin in the game. See what it feels like to lose money; see what it feels like to live with losing money. If you are going to make it in this business, neither the thought nor the occurrence of losing money can take too big a toll on you emotionally or psychologically. Much of a normal trading day is a grind. If you can't get past the issue of losing money, it's going to be difficult to last for very long in this business. So start working with real money.
Demos are only good to understand the functionality of a trading platform (IG, CMC market trading 212 etc) and test your system. I'd really recommend trying to get skin in the game fast...and if you can find a trusted trading mentor (preferably one you don't have to pay for and who has a proven track record - it's invaluable). There are a few decent ones on here.
2 biggest things to note in trading imo:
1) Risk Management - cut losers fast and let winners run...you'll hear people say this all the time, but it's so true
2) Learn how to read price / chart patterns. This unfortunately cannot be taught and imo takes years of literally staring at the screen.
Be it Forex, or any other kind of business, the first step always has to be exploring that field, researching and gathering max info. If you spend some quality time on this part, believe me, future journey would be much better.
Start with education. Treat trading like a career and a highly skilled one like medicine or law. You aren't going to be doing it properly for a long while and that is fine. Learn to love the process as money is something that comes way down the line if it does at all.
Study as much as you can. The primary step is to build your forex foundations. This could take some time. But it's important to become successful in the long run. You can check out Adam Khoo's youtube channel. You will find plenty of information there.
Hey, guys! Thanks for this topic! I, too, just recently began to get involved in trading and am also looking for advice. I'm just one of those people who always worries too much. I once read an article on bestforblogger.com and it talked about trading in general. I still want to try trading forex, but I haven't heard anything about it for a long time. Is this trading platform still relevant? Is someone using forex now, or is cryptocurrency trading much more profitable? I'm just too tired to live a normal life, I'm already mentally ready to find a job on the Internet and I want to invest all my savings in a new business.
Just like any other business, you have to understand the pros and cons of trading forex. You will also have to know what it is, how it is done, and what profits you can make from it. You will have to prepare yourself both mentally and financially to ensure that nothing goes beyond your appetite.
Start with the basics. When you begin with new things, you want your basics to be strong. Forex trading is no expectation. You need to be familiar with topics such as forex analysis, risk & money management, basic terminologies, and trading platforms. You become conceptually strong with practice. So, sign up with a demo account, and practise before trading with a live account.
You are right! Do not experiment trading on a live account with practising on a demo account or else you might blow your whole account.
Also I'd suggest you opening the demo simultaneously while learning about the various strategies and technical techniques and practice them.
Hi, I am also a beginner. I advise you to really read the literature and choose which platform is right for you. I want to share with you an article that helped me choose the right trading platform https://marketbusinessnews.com/what-is-forex/231605/ . Even basic lessons are enough to get started.
I am not sure how many traders will agree with me but the more you explore the market and experiment with your trading strategies, the more deeply you learn. You grasp more clearly when you have your own experience to learn from.