to build a strong money management is really a tough issue , need a very long time first of all. otherwise no way to survive
honestly speaking when i make a money management for myself , it not works for a long time , so it really a frustrated issue for me.
Hey! I think the first thing you need to educate yourself as much as possible from various sources such as Youtube videos, articles, or books. You can also practice with TradingView, as they allow you to view and analyze charts for a wide range of financial markets. So you can practice and experiment with different indicators.
I'm at the beginning as well and TradingView is a real rabbit hole. There is a lot you can try and I as well found some extremely helpful third party indicators which make technical analysis a lot easyer. I'm as well connecting with other traders on social media and communitys at for example discord. A lot alpha outthere for free.
First, you need to study the methods of market analysis and create your own trading strategy based on them. And it is better to first test and optimize it on a demo account, and only then open a real account with a reliable broker.
In my opinion, brokers like hfm, octa, xm, exness, lmfx etc offers mt4 and mt5 however it can be good if we use their demo account first to check their processes for free before going with live funds.
Yes, you can test any strategy or indicators on a demo account. It is no secret that many indicators lag and repaint, showing good results only on the chart history. Therefore, it is better to test them personally on a demo account and only then choose more efficient ones for yourself.
For beginners, platforms like Binance, Coinbase, or Kraken are popular and user-friendly. They offer educational resources, a variety of coins, and secure trading environments. Make sure to choose one that aligns with your goals and provides good customer support.