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.
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.
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.
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..