Where to begin Forex. I have only Basic Idea about currency trading

Discussion in 'General Forex Discussion' started by rayan2004, Dec 1, 2012.

  1. rayan2004

    rayan2004 Trader

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    Hi,

    Last few days i watched lots of youtube video about Forex. So now i wanna try Forex and see my luck. I hope there should be many experienced forex traders in this forum.
    Pls give me some advices what should i do first? Where should i create demo account? Any website to create account for that?
    What are Do's and Don'ts as a beginner?

    Thank you in advance.

    Cheers!
    Rayan
     
  2. krecex

    krecex Trader

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    If you have read the basic idea, especially how to trade. The next step is about practicing with demo account. Keep doing this to minimize the lost, controlling your greed with that. If you have success in doing that, you are able to open the real account.

    Just don't treat the Forex like casino. Where you are gambling you money like by guessing if the chart is up or down. Don't invest large sum of money like $100. Just a small amount of $5 - $10 is enough for you to trade. I hope this helps.
     
  3. Maria08

    Maria08 Banned

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    It is very important to know the basics of Forex trading before getting into serious trading. Internet provides vast sources to get some theoretical knowledge on Forex market and it is better to browse through all such sites to gain some knowledge on Forex trading. But while getting into actual trading, it will be better to trade with small amount in the starting as it will be your first practical knowledge in trading and theory is totally different from practicals for sure and one should be ready to face loss in order to study the market in depth

    Many people who enter the field of forex do not realize how important the forex trading training, and ONLY use filling to trading forex. If you do not know the basics of forex , you will not be successful in forex trading.
     
  4. noobtoforex

    noobtoforex Trader

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    So what will be the best way to start with forex? Do we need to have a huge amount of money on hand?
     
  5. Fxpipper

    Fxpipper Master Trader

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    For starters, you need to review the brokers and sort the list on your own. Sure, you may get a few tips from other traders on how their broker is god's gift to the trading world and so on. But until you take the time to review all the brokers, decide what sort of trading account you need - you are not going to make much headway as far as trading goes.
    Since you have a basic idea on how the market works, move on to more advanced topics and sort through the brokers, check out independent brokers for more info. And once you have done that, open a demo account and start trading with it..for a few months..
    Good luck!
     
  6. Fxpipper

    Fxpipper Master Trader

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    Hi there!

    No, not really..as a beginner if you start with a live account right away and with a huge $$$, chances are you might total your account especially if you are new to trading. So take the time to learn the basics, do the demo and when it comes to setting up live account, start small.
     
  7. Easy Trader

    Easy Trader Master Trader

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    Get a demo account from any of the first brokers that pop up on your search engine, don't sweat the brokerage details til later on. Download a good 'spread' indicator. Start trading with support/resistance,round numbers, basic chart patterns and maybe basic price action. Use indicators to indicate what the patterns and S/R are already telling you. Use 2-5% of total account per trade only as money managment. Demo until you can
    have 4 profitable months in a row, then open a micro account and trade with 2% money managment. If you have a loosing month go back to demo and repeat.
     
  8. Alan58

    Alan58 Trader

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    The most thing i heard as advice for beginners is to start to learn with a demo account.
     
  9. acarrollfan

    acarrollfan Trader

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    Hey man, I am not trying to discourage you but if you are just starting out, you probably still have a very long way to go. Most traders go through the stages of losing money before they actually make money.

    You can start with a demo account but based on my experiences, winning in demo account does not mean you will also win in live account. There is a huge difference in terms of psychology.

    All the best, man.
     
  10. Maria08

    Maria08 Banned

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    Demo account is one of the basic steps in Forex trading every beginners should take for a long and continuous period of time. For in the demo account, in there, newbies learn to use and read strategies and market trends in which they can apply to real trading account.
     
  11. Fxpipper

    Fxpipper Master Trader

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    Demo accounts are a must for all newbies, since it allows them to learn more about trading and granted, a few brokers' demo platforms vary widely and the quotes may even come with a time lag, the point is that the newbie becomes familiar with the market, on how to enter and exit the trade and work out a trading strategy..
    Just my 2 cents!
     
  12. excelsior61

    excelsior61 Trader

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    Diary of a Currency Trader - Samuel J Rae
     
  13. ziegler

    ziegler Trader

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    As you see, all traders advise to open a demo acc first and practice, practice, practice... I wish you good luck in this hard and risky business :)
     
  14. Maria08

    Maria08 Banned

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    you should learn what is forex and lot and margin and pips then you must know and learn how to mange your capital then learn classical analysis then learn some strategies then make demo account and start trading for one month at least try to make your strategy which be according to your character then open real account or try to trade with bonus like insta bonus never stop learning if you make profits
     
  15. Fxpipper

    Fxpipper Master Trader

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    To answer your query, no, not really. You may want to check out babypips school for basic and advanced info on Fx trading, good luck!
     
  16. Babypips school is a great place to start. Even once you are trading its a good place to pop back to for a refresher. There are that many things to consider, sometimes you forget what is in your toolbox lol
     
  17. Fxpipper

    Fxpipper Master Trader

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    Yeah..

    Definitely, I have lost track of how often I had to revist the school for some advanced topics .. of all the free resources, BP is one of the best..
     
  18. analysist

    analysist Trader

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    basically I am a stock trader and I find out forex market in stock broker website. I am using stock trading analysis technique in forex market. It is very useful to take profit in forex market.
     
  19. abir_r2r

    abir_r2r Banned

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    Firstly, it is advisable to examine this stockbrokers in addition to variety this number alone. Guaranteed, you can receive some points by different professionals how the brokerage is usually the lord's treat towards dealing earth and many others. Although soon you take time to examine each of the stockbrokers, come to a decision what types of dealing bank account you would like : people will never produce considerably headway where dealing is going.
    Due to the fact you then have a essential strategy how this market is effective, get over it to help tough one issues in addition to determine this stockbrokers, look into separate stockbrokers take a look at. In addition to upon having performed of which, start some sort of tryout bank account you need to dealing about it.. only a few many weeks..
    Enjoy!
     
  20. Master Forex IB

    Master Forex IB Active Trader

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    You can open demo account with any broker , you can see list on inernet of the famous forex brokers. Select one or two and apply ffor demo . It is all free of cost. Do demo trading with your basic knowledge of forex. You will slowly learn all about forex trading.
     

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