Steps to take as a Newbie

vicknic

Confirmed ProfiForex Representative
Jan 21, 2014
207
7
39
Netherlands
www.profiforex.com
There are steps to take as a newbie. First step is to get the information needed. You can do this by asking questions on forums like this, read ebooks/online articles and attend forex schools. Second Step would be to get a Demo account to learn about the various aspects of a trading platform. Third Step would be registering a micro account to see what it means to go live. You can start trading with as little as $1. Fourth step would be depositing more money to get the best out of trading. Fifth step is to developing a working strategy. You can become an expert trader in less than 2 years.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
I would suggest a change in order, with the fifth step going before fourth..it makes more sense that way..
 

vicknic

Confirmed ProfiForex Representative
Jan 21, 2014
207
7
39
Netherlands
www.profiforex.com
I would suggest a change in order, with the fifth step going before fourth..it makes more sense that way..

That is true. However, in order to develop a working strategy, one must have and use a live account. You cannot develop a working strategy with a demo account and expect it to work 90% with a live account.
 

alexis

Trader
May 8, 2014
7
2
12
Thanks Vic, for this useful post. I think these are the right steps for any newbie. I am actually using Profiforex with a standard account, finally I found a broker free of problems here and there. The execution is great as well. I appreciate your work on this forum. Thanks again.
 
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Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
That is true. However, in order to develop a working strategy, one must have and use a live account. You cannot develop a working strategy with a demo account and expect it to work 90% with a live account.

While developing a strategy with a live account is way more preferable to one with the demo for obvious reasons, most newbies would balk at doing so. A strategy developed on a demo is not necessarily not going to work, rather it may not work as efficiently as one may have hoped,,the reason being that demo accounts often vary widely from live accs..

And on the ninety percent, lol, wish all our current strategies worked that effectively, all the time..nice talking to you vicki
 

chief

Confirmed Tickmill Representative
Oct 27, 2014
217
7
37
While developing a strategy with a live account is way more preferable to one with the demo for obvious reasons, most newbies would balk at doing so. A strategy developed on a demo is not necessarily not going to work, rather it may not work as efficiently as one may have hoped,,the reason being that demo accounts often vary widely from live accs..

And on the ninety percent, lol, wish all our current strategies worked that effectively, all the time..nice talking to you vicki

you can just leave the demo account once you have a real one. any strategies are backtested, forward tested, both at demo and real condition. even expert traders put their system tested on demo account first, to minimize the risk and for the strategy enchanment, i'm still doing this routine with my armada markets account, while the only different is the demo doesnt charge commision,as other trading condition are identical.
rather it may not work as efficiently as one may have hoped
a real trader never hope! they observe, analyze, anticipate, closer look of confirmation before execute their trade, and the most powerfull routine is "evaluation".
I would despise any trader who threat fx market half hearted, joking as gambling, the most annoying is when people put additional variable of 'luck' while trading and resulted develop unusual strategy, code name P.U.S.H (pray until something happen)
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
4
49
you can just leave the demo account once you have a real one. any strategies are backtested, forward tested, both at demo and real condition. even expert traders put their system tested on demo account first, to minimize the risk and for the strategy enchanment, i'm still doing this routine with my armada markets account, while the only different is the demo doesnt charge commision,as other trading condition are identical.
rather it may not work as efficiently as one may have hoped
a real trader never hope! they observe, analyze, anticipate, closer look of confirmation before execute their trade, and the most powerfull routine is "evaluation".
I would despise any trader who threat fx market half hearted, joking as gambling, the most annoying is when people put additional variable of 'luck' while trading and resulted develop unusual strategy, code name P.U.S.H (pray until something happen)

And more often than not, these traders often move from P.U.S.H to "on a wing and a prayer" lol

I suppose that's to be expected from newbies and yes, there are a few traders doing the rounds, claiming that Fx trading is gambling..smh
 

Pionex

Trader
May 5, 2014
19
0
12
You won't blame traders who come to forex hoping to make something out of luck. Not everyone is an economist to predict the market more accurately, but everyone wants to make money. So a few of us just come here to try and see how fortunate we can be.. lol. I try my best to understand all the market variables and use my trader instinct to get the best out of forex.
 

Jungletrader

Banned
Sep 5, 2019
78
7
19
43
I'm like a record on repeat talking about the importance of demo but I feel quite strongly about it .
If more novices stayed on demo for longer there would be more successful traders