Newbies, Be well equiped for a live account

[vicknic]

I am beginning to see the reason why a greater number of new traders fail on their first trial. The simple reasons is LACK OF KNOWLEDGE. Imagine a trader who does not even know how Volume and Leverage Affects his trade, how do you think he will fare? Imagine a new trader going for a 3lot trade size on his first day in order to make huge profit, will he succeed?

New traders must learn the basics and all factors that can lead to profit or loss. This is very important. Right now, successful traders are so few compared to unsuccessful traders, but you can change this by doing your best to succeed as a new trader. Be well equipped for a live account.

 

[Azforex]

Agreed, knowledge + Demo experience must needed to enter live trading.

 

[alexflemj]

knowledge + Demo experience

+demo practice for 6 months lets say and simultaneously trading on a demo to test strategies

 

[Rambo35]

I agree that knowledge is the key, but disagree on the demo part. Every trader needs to decide on demo for themselves; the majority favors this while the minority believes it is a bad idea.

I think many do not spend enough time on education and have the wrong mindset. Forex will take years to learn, trade, fail and learn from real mistakes. Those with the right mindset have a chance to succeed.

 

[Fxpipper]

Knowledge is the key and on the demo party, sorry - but a demo varies widely from a live account. You can use the demo for learning how it all works but for anything trading related only a live acc, even a small one makes sense..

 

[foxcon]

Thank you Vic! I trade with your brokerage firm and I am really enjoying your services. I can now withdraw my Profits back to my Credit Card, its great!

 

[fxapex]

Knowledge is the key and on the demo party, sorry - but a demo varies widely from a live account. You can use the demo for learning how it all works but for anything trading related only a live acc, even a small one makes sense..

There might be some some variation but its an excellent tool to understand the practical applicability of the knowledge you have earned, when you get a bit of confidence then you can go for the real account.

 

[hyperscalper]

Demo mode considered hazardous to your learning

I agree that knowledge is the key, but disagree on the demo part. Every trader needs to decide on demo for themselves; the majority favors this while the minority believes it is a bad idea.

I think many do not spend enough time on education and have the wrong mindset. Forex will take years to learn, trade, fail and learn from real mistakes. Those with the right mindset have a chance to succeed.

Always learn with real money, after a short "reasonable" period of time mastering the platform, of course.

In Forex, most brokerages will permit you to use 0.001m lot sizes, or 1k and that is "real" money on a live account. It very much focuses the mind to deal with "real" money, but you really DO NOT learn from DEMO trading, since psychology is too much of a factor.

Move to real money as quickly as you can, but keep your exposure very small and use multiple entries to build up your small positions. Small exposures won't break the bank, but they are "real" and that makes a big difference.

There's no substitute for "the real thing" 🙂

Good Trading !
HyperScalper

 

[Fxpipper]

There might be some some variation but its an excellent tool to understand the practical applicability of the knowledge you have earned, when you get a bit of confidence then you can go for the real account.

For new traders, they can use the demo to learn the ropes but for actual trading experience, they need to go live, pref with a small account..for real accounts vary widely with the demo..but overall agree with your comment.

 

[triplet]

In order to succeed trading a live account great deal of knowledge including the pros and cons needed in forex so as to be able to beat the challenges that the real forex market throws at you. Good preparation is indeed vital.

 

[fxapex]

In order to succeed trading a live account great deal of knowledge including the pros and cons needed in forex so as to be able to beat the challenges that the real forex market throws at you. Good preparation is indeed vital.

You should be very knowledgeable about the market before entering live account, you should be fully confident and there should not be any doubt in your ability.

 

[Hedgehog 15]

Hi people. Im Henry. Im quite new at Forex. Now im chosing a broker. Who can recommend a safe one. Thanks for help.

 

[Enivid]

Hi people. Im Henry. Im quite new at Forex. Now im chosing a broker. Who can recommend a safe one. Thanks for help.

Safe one? Like the one that is well-regulated and well-capitalized? Your best bets would be with something like Interactive Brokers, Dukascopy, Oanda, Saxo Bank.

 

[duxingxia]

Well practice with demo account plus keep learning. It should take at least 3-6 months. Newbies need enough patience before go to live account.