Miki_Bao posted: I've read some information in Babypips for months, and also some trading instruction/guide in some brokers' website. I just don't know when to start? How do I know I am ready?
In forex trading, learning continues for ever for lifetime as the market evolves and so there is no 100% guarantee that you are ready to start trading at any specific point in time.
If you have a basic understanding about MT4 usage and forex market and already have a working and proven trading strategy. Then, start trading in a demo account and if you consistently make profit for 6 months, then there are some chances that you are somewhat ready, but it is not a guarantee that you will make profit in real account.
But without demo performance, if you moving to live account, then there is a 99% chance that you will overall loose money over time in forex trading.
But if you don't have a strategy, then try to study support and resistance or trend lines etc to develop your own strategy and then, start trading in demo account.
if you think you are ready to start trading then, i advice you to start demo trading and don't stick to for a long time, just learn the basics and move on to a micro account. minimum deposit is mostly $5 with most brokers and chose someone who offers negative balance protection, so you don't lose more than you deposited. this way you will get experience on the live market without having to lose more than $5 or so.
don't stay on demo for too long, theres no ral learning in that in my opinion, because no emotions are involved, but get tour feet wet with a demo account and move to a real account. shoot if you can skip demo all together and start off with a $20 real account i promise you'll learn a lot quicker that way.
This is a tricky question because there are so many different types of traders. Technical traders can learn technical aspects very quickly which is why it appeals to many traders but is also a path to be sold by snake oil salesmen.
Fundamental analysis helps to tell you the REASON why the market is moving in a particular direction. However, this craft is also tricky because it takes a lot of reading and learning but in the end you will be better off knowing both fundamentals and technical.
Then the question becomes: What times do you have to trade ? Are you going to work and trying to trade part time ? Are you a day trader ? This makes the question about when to start trading even harder to figure out for many traders.
The main thing is to have a clear and strong conviction for each trade. Don't guess or take trades that do not make sense. You'll want to get in the game and trade, but it's a risk.
Treat it as if every single trade was the only trade you can make and pretend that each trade is your entire lot. This way you will build a physiology that you can't make a mistake or take trades that are too risky or not a high probability / conviction for the trade.
Higher win rate will increase your success so make each trade count is important depending on how your planning to trade.
Yes, start with a demo account and trade for as long as you want. I still use a demo account sometimes to test my strategies. Its a great place to learn. Once you can trade consistently there then you can shift to a real account.
Start practicing right away using a demo account that you can use for a long time. Be prepared that it is going to take you a long time to learn how to be good at trading. Patience will be your power. As long as you don't give up, you will eventually succeed. Financial prosperity will be your reward.
When you started profiting from demo, that's the time to start doing it with small money. For a system to be considered a reasonable battle tested system, my lowest acceptable criteria is at least 100 trades (unique positions). If you discovered your own system and profited from it after 100 trades (unique positions), then there is a good chance that it can withstand the test of reality.
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