Of course, first, you need to choose a good broker. Then you have to practice demo trading under that broker. And in addition to demo trading, you need to gather a lot of research and information online.
AliaDare posted: Of course, first, you need to choose a good broker. Then you have to practice demo trading under that broker. And in addition to demo trading, you need to gather a lot of research and information online.
For newbie there is no such thing as how much % I should make profit per month. For newbie it's about survival. Whatever % you make, make it consistently. Even 1% is very big for newbie. Don't fell prey into the greediness of making double or as much as possible. Learn to survive the market. Remember one this most people take exit from the market within one or two years.
We always advised by the senior traders and experts just for learning. but I think we the newcomers have to practice trading besides learning process. Demo account is more appropriate for them and as a learning Process newcomers can depend on Pips School.
The first step is to gain all possible knowledge, scroll through the research material relevant to your trading needs. Gaining here is almost impossible if a newbie has no theoretical knowledge or practical skill about platforms or markets, so gaining that is very important.
Start using some free websites to gain basic knowledge like Babypips.com and YouTube take notes and read as much as you can. A good book to start is 'Naked Forex' its sold on Amazon. If you find you need more help you may want to look into getting a course and/or reputable mentor.
Reinvent Your wheel ~ Its not about the cards you've been dealt, its how you play them!
Do not go for robot trading as a newbie. You wouldn't know what is going on. Learn the basics and start demo trading. Gradually you will start understanding the markets and then you can go for a live one.
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.