So in 2016, the questions for someone starting in forex are: 1. What's the minimum capital you should start with that will not negatively affect your rate of return as a percentage? In some markets, commissions or minimum contract sizes would make small accounts prohibitively difficult to show a profit with. Is there any reason for a beginner to start with more than $500 in forex? Granted, even if you are wildly successful with a $500 account, you would have made more flipping burgers, but that's not the question. Is $500 too small? $50? Where is the line? 2. What broker? I guess the main criteria would be small opening account balance, and good reputation. Balance requirements are easy enough to look up. But what are the most reputable forex brokers today? Googling is problematic due to all of the marketing. 3. What other services should be a goal to use (data feeds, software, etc)? Or are the tools available from your broker sufficient?
You can answer all these questions yourself. Its called a Trade Plan. Do something different and put some work into researching YOUR trade plan. Otherwise just use google and end up like the other 99% who fail.
Yeah...! You are right, that's a good way to trader, but I am afraid that not every trader could do that. Thus they need to depend on the strategy formed by others.
The most important thing is to make sure the “master” is actually a MASTER and that you can actually replicate what he does (good trading like fine art is systematic and a collection of techniques) and after you learn what he does then you must learn WHY he does it. Too many of these guys out there are educators and not traders. You learn to swim by jumping in the water, or being pushed. If you don’t drown you will swim. Really sick of these “educators” that can’t trade. Point is – if I’m following BAD information, MISINFORMATION, and people who don’t know what they’re talking about then it seriously hurts me! Instead of filling my mental reserves of good information I’m learning garbage and to add insult to injury…. Paying for it. That’s the real scam, not the money lost.
Agreed...! We need to learn through the verified sources. If we learn from the unreliable sources, we are surely gonna lose.