HI Whats your best piece of advice to get trading

[VasilTodorov]

I wanted to offer some guidance to help you get started with forex trading. Below are some recommended steps to follow:

Step 1: Learn the basics - It's important to start by educating yourself on forex trading. You can find many resources online, such as trading courses, books, and blogs.

Step 2: Choose a broker - Do your research and compare forex brokers to find one that meets your needs. Make sure the broker is regulated, offers competitive spreads, and has a user-friendly trading platform.

Step 3: Practice on a demo account - Open a demo account to practice trading and test your strategies without risking your capital.

Step 4: Create a trading plan - Develop a trading plan that outlines your trading goals, risk management strategies, and trading strategy. This will help you stay focused and disciplined in your trading.

Step 5: Start with a small account - Once you're ready to start trading with real money, start with a small account and trade with amounts that you can afford to lose. This will allow you to gain experience and build your confidence in trading.

Always practice responsible trading and never risk more than you can afford to lose.

I hope you find this information helpful. Best of luck with your trading journey!

 

[Juanstevenson19]

Risk management is key. Always make sure that you have a risk management strategy in place. Also, don’t rush into trading with real money. Educate yourself as much as possible about the strategy and practice in a demo account. Most forex brokers, such as PrimeCodex and CMC Markets, have a demo account feature that you can use.

 

[bigdolly]

Calculate expected value of every trader you make.To calculate the expected value, you can multiply the probability of success (based on analysis or trading strategy) by the potential payout and subtract the probability of failure multiplied by the potential loss. This can help you determine whether the trade is likely to be profitable over the long term.

 

[kabir anand]

My best piece of advice for getting started in trading is to find a mentor or community of traders who can offer guidance and support. Trading can be a lonely and isolating experience, and it's important to have people in your corner who can help you navigate the challenges and share their knowledge and experience. You can find mentors and communities online, through trading forums, social media, and other channels. By building relationships with other traders and learning from their experiences, you'll be better prepared to succeed in the markets.

 

[ishan agarwal]

Trading can be complex and risky, so it's crucial to dedicate time and effort to learning about the markets, trading strategies, risk management, and other essential aspects. Few steps you can take to enhance your trading education:
Study and research Learn from experienced traders
Utilize demo accounts
Attend courses or webinars
Join trading communities
Start small and manage risk
Continuously evaluate and adapt

 

[Doomsinger]

This process normally takes years. And if you are doing it all on your own, you can take some paths that are just not right and would hinder your development. This does not have to be the case but anything can happen.

I'd say, that if you want to expedite and speed up your process, try looking for a paid mentorship to boost the velocity of the process.

Most importantly, be patient. Rome wasn't build in a few days. Just keep at it and learn to show up, you're gonna need a lot of practice and screen time.