Hi My name is Ally- I really excited to start trading on the Forex markets I already download some Demo accounts from some website who gave it for free and i feel like i am ready to use my own real money The main problem i dont know who to trade with Do you suggest me to go with a broker? or to look for the lowest Pip? Please advise me Happy day
Go with a broker that allows you to trade with small amounts, like Oanda (seems to have one of the best reps of fx brokers). Why? Because trading demo is different than trading your own money. "Own money" decisions are influenced largely by emotions (at least for the newbies, which you just said you were) and it is better to risk small amounts of your own money than large amounts trading standard sizes until you REALLY know what you are doing.
So you say that the 5000 dollar that i made in the Demo in less then a week are only good for the Demo ???the company that i trade told me its the same
+1 and manage risk with size, do not put in all your money at once and trade higher time frames. avoid short term intraday trading.
Hello Ally, i give you an advice, that is worth millions of money. There is only one safe way, how to learn to trade the currencies correct. 1. Trade with your demo account and start with 1k on it !!! 2. Then build it up to 1million. 3. Do this 3 times, without blowing up your 1k account !!! (You must make it within 1 year maximum) !!!! If you blow up your 1k account, then you start all again from the beginning, until you have finally made this 3 times from 1k ->1million !!! THEN YOU ARE READY FOR RISKING YOUR REAL MONEY, BCUZ THEN YOU KNOW HOW TO MAKE MONEY AND CONTROL THE RISK. --------- But i know, you will not follow my advice anyway, because you want to make real money now, and not wait so long !!! I know !!! You will loose, and people like me take your money. Greetings
The reason why a lot of people can make big money in demo accounts is because they have no fear of loosing with this. You will understand, what this means, when you trade with your own real money. The difference between play money and real money, is your mind. its psychological. You may have good strategies for your demo trading, but ONLY in real trading, they will show your their real face and the markets will force YOU to show yourself your real character. You can only learn how to trade disciplined with real money on the line, and you must loose in your learning proceess, there is no other way....you can ask every pro trader about that....you must have felt the pain of lacking your discipline and not following your rules, the pain of lossing money, although you would know how to do it right...then maybe someday it will make "click" in your head and you beginn to develope some kind of discipline....from there everything will change and you will make money constant.... Once again: Trading on a demo account and Trading with real money, are 2 totally different things !!!
Best advice out there for newbies . I do hope you will follow HATEtheRisk's advice. By the way HATEtheRisk, is the PM working? You sound extremely familiar.
I would love to know how many profitable traders have done this?? P.S., You're either delusional or an idiot.