Forex trading can be a great weapon in anyone's financial arsenal. The key is experience. You need to learn as much as you can using all the free education online.
Another key piece is longevity. Many would be successful traders end up as failures simply because they loose all their investment capital to early, trading too much money before they understand what is really happening.
To speed up the learning process I always tell people to spend some time with a trading simulator
Simulated trading is a great way to learn without risking your money.
darrengreg posted: As a new trader, all you are looking to do is learn to trade profitably and the bigger prize will follow. .Newbie traders should learn the basics on demo first. As a new trader, all you are looking to do is learn to trade profitably and the bigger prize will follow. After getting familiar with the forex market start with a small account and work on your emotions. Tip is to risk only a smaller portion which you can afford to lose.
Also it is a good idea for a trader to test new stategies on demo account.
yes its indeed helpful. you can backtest your strategy in demo and go live with it only after you are confident about your strategy.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.