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How to start trading?

Discussion in 'Beginners Bootcamp' started by Ross Bourque, Jul 21, 2018.

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  1. Ross Bourque

    Ross Bourque Banned multi and spammer for ForexChief

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    Many new babies have dilemma while start real trading in the forex market. And for the naïve traders some guidelines can be added if it can help the beginners. Firstly a foreign currency exchange trader needs to understand the basic difference between the other financial market and forex market. it is worthy enough to mention that forex is the largest over the counter market where currency exchange traders can enjoy the full freedom to trade from anywhere around the world.

    But along with the infrastructural advantages some loop holes have to be considered. Like as there is no specific monitoring authority a trader needs to work with reliable, regulated and obviously some experienced broker that can ensure complete capital preservation.
     
  2. bigdolly

    bigdolly Sergeant Major

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    I think long training on the demo account is bad advice for traders, since rookies lose the feeling of real money pressure when they make demo bets with fairly unlimited deposit. They have to get used to losing trades and learn lessons from them. I had too many burned deposits with my broker before I understood what is the risk and how to manage it correctly on live account.
     
  3. Pipperidge-Farm

    Pipperidge-Farm Works and spams for JFD Brokers

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    I agree that trading on a demo with 100,000 and 500:1 leverage is bad.
    However, if done correctly - it's could be the best solution to learn.
    Let me explain.
    When opening a demo account - open one with the sum you're planning to trade and at the leverage you'll be using.
    Makes no sense to open a demo with $10,000 and x100 leverage if you'll be trading with $1000 and x20 leverage on a live account.
    The demo account is meant for you to be able to test your trading strategy and get approximate results as to what your live trading would perform like.
     
  4. CryptoatForex

    CryptoatForex Recruit

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    demo trading for at least a year is essential imo
     
  5. mrnoob

    mrnoob Private

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    I actually using this demo account by beneforex mt4. I tried using $100,000 and 500:1 leverage previously for GBP/USD. I managed to earn $241k from the trade. It was kind of a very proud moment honestly, but sadly it was just a demo account. Not sure would i really use that much for the real game tho.
     
  6. CryptoatForex

    CryptoatForex Recruit

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    When you trade live you need to make sure you take emotion out of it.
     
  7. bigdolly

    bigdolly Sergeant Major

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    Yeah, and have you noticed any differences between demo account of different brokers. Some of them have really different conditions, like expiry time, spreads scheme and execution, but Imo REMOVED demo suits me best.
     
  8. CryptoatForex

    CryptoatForex Recruit

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    I haven't actually. I like REMOVED at the moment. I haven't noticed any difference between demo and LIVE spreads, but I will look into that it is interesting.
     
  9. bigdolly

    bigdolly Sergeant Major

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    Thanks, let us know about your experience. I think it'll work good for you as well. New knowledge is always good.
     
  10. CryptoatForex

    CryptoatForex Recruit

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    Will do my friend
     
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