iDragonFly posted: As a beginner, I think it would be fair if you trade with small amounts in cent accounts (after trading demo of course). with small amounts you taste the market in real conditions, you feel like how the revenge trading get started, letting losers run, entering trade without any plan (sl & tp etc...).
I have a newbie friend that he thinks he can't trade with small amounts like 100$ and I have told him it's a mindset and mental limit that you have put on your mind, it's not true because you don't see the amounts that you're trading with, it's the percentage that you're trading with, no matter 1$ or 1 billion dollar. if you're successful in trading with low amounts, you're also successful with large amounts and if you're not, no matter the size of your account, you can't be successful in the long term. so it doesn't matter with how much you start trading because only the net profit (in percentage of course) will give you the confidence to put larger amount into your account.
Money management is the most important key to long term successful trading. after that trading psychology and after that comes the knowledge of how to analyse the market!
But so many people put the last one first and think the most important thing in trading is how to analyse the market but the truth is you can't always be right and if you can't control your emotions and if you don't apply strict money management rules, you will end up destroying your accounts one after the other!
1Daniel posted: Steveday1976 Small amounts like $10 ?
Trade on demo with the broker you plan on trading live with. The reason being that you want your Demo and Live conditions to be as close to each other as possible. For small trading amounts such as $10.00, this is possible if your broker supports Cent accounts or other accounts which allow smaller than 0.01 (1000 units) in lot sizes.
only randomly trading not means casino , to bring profit from casino is also a great skill but we don't support this skill , because its not legal , trading and casino there is no different if we greedy and emotional. so, we have to controlled our bad trading habits by discipline.
Imamul posted: only randomly trading not means casino , to bring profit from casino is also a great skill but we don't support this skill , because its not legal , trading and casino there is no different if we greedy and emotional. so, we have to controlled our bad trading habits by discipline.
Randomly picking BUY or SELL is a coin flip entry technique. Random trading DOES mean casino style trading.
Casino style trading is NOT illegal.
Emotions have no place in trading.
Through automated systems it is trivial to manage the trades once they have been created.
Use a reasonable and realistic stoploss and a reasonable and realistic takeprofit targets,
expkhaled posted: It you want right mind set the just trade with Demo as long as you can. Bcz you can find traders primary level from demo. And gather knowledge step by step and use it in demo. Hopefully within 2 yrs you will find a way to trade. When you are learner about forex plz away from real trade.
I think most trader accept that it takes a couple of years to master.
Get a good trading education Dont even think about trading with scared money Paper trading only until you are consustently profitable for a minimum of six months Journal everything Analyse your trades daily or at least weekly, understand why Understand that you cannot even find a trade until you understand how to find value Understand how to read the tape Understand that all markets are connected Understand *why* price moves Learn to create your own scenarios based upon all the metrics you can derive from price action, volume and intermarket analyses. Then watch your scenarios evapourate or come true. Understand why they did, and you’re ready to begin learning to trade.
once you have a proper understanding of how the market works, you’ll need to decide on the kind of trade want to do. The next decision you’ll need to make is choosing the right broker or brokerage firm through which you’ll access the markets. The broker you choose will have a direct influence on the kind of securities you’ll be able to trade, the kind of trading tools you’ll have at your disposal, how much money you’ll pay in fees, and the kind of final returns you can expect on your trades.
every time is best in Forex trading if you know how to manage money but for the beginners level it is more appropriate to avoid news trading , its too much complicated to predict the real faction of this market with certainly.
In Fx trading, learning is not easy despite of having too many sources including pips school, learning sometimes boning and usually new traders get tempts to start trading without enough knowledge and become fascinated with the way of trading live which may cause laziness and trapped by wishful thinking get rich quickly scheme
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