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USD/JYP is another very good pair for beginners as it is only 2nd in terms of liquidity and trading volume on the daily forex market.

very good tips, stop loss is pretty much a must have to stop you from overcommitting on your losing trade.

a negative attitude just leads to bigger mistakes when you lose a trade cause you won't be able to learn from it, as worst you will continue to revenge trade and cause an even bigger loss so having a good trading mentality when trading is always important.

in order to choose a good broker, you need to know what aspects to look for. There are a few like regulations (ASIC, FCA or Cysec ?). What are their spreads on major pairs and commission fees? How fast is their deposit/withdrawal process?. You should be careful so you don't fall for a scam broker.

Great reply, you are absolutely correct about demo account and micro/cent account. Standard accounts should only be open once you are an experienced trader on the market. Beginners wanting to move over to a real trading account should always stick to a cent account.

yeah, but as the other said, he probably means using their demo account to check out their trading condition like spread, any trading gap, or slippage that can happen in the long run. However, the demo might be not as accurate for that purpose so maybe opening a micro/cent account and just...

if you are completely new to trading then i would suggest checking out free educational website like Aximdaily and start learning about all of the basics of trading.

sometimes trading gap can happen and jump over your stop loss so you still have to monitor your trade from time to time and can't completely rely on SL.

risk management would involve like risk/reward ratio and calculating how many risks you are willing to take per trade while money management would involve what leverage and lot size should you choose given your current budget. They are both necessary in order to maintain a good performance in...

yeah, exotic pairs are definitely not something new traders can handle due to higher volatility and lower liquidity. New traders should just stick to major pairs like EUR/USD or USD/JPY as they are easier to learn and trade.

you should always choose the right leverage for you. However, for newbie i suggest sticking to a lower leverage level like 1:200 max so you don't overcommit on your trades.

i think one of the tip for successful trader is trading without emotions. It's one of the hard thing to do but it's vital as having bad emotion like fear or greed can easily affect your trades in a negative way.

the demo account is the first account people should open because it let them practice risk-free. A new trader that doesn't know much about basics is bound to run into losses so trading with fake money means they don't have to stress too much about it.

Welcome, you are a new trader then you should check out the beginner guide to forex trading. Learn all the basics of trading, and find a broker to open a demo account with so you can practice.

I'm using aximtrade, they are regulated by ASIC and has segregated account for clients so your money doesn't get mix in with the business. You can check out their aximtrade review for more details

hard agree, scalping requires very strict trading discipline otherwise you can easily loose all the profit that you make in a single trade.

agree, learning should come along with practice. That is why newbies should open a demo account so they can practice and get some experience than just pure learning knowledge.

i think the biggest difference between stock and forex is trading hours as you can trade forex 24/7 over multiple markets but you can only trade stock through 1 market so the time limit is a huge factor.

finding a reliable broker is quite challenging now as there are as many scam brokers as legit ones. I would suggest always checking their licenses and the withdrawal/deposit process. Also if the broker guarantees you a big profit if you invest then you are probably scamming you.

the moment you start trading with real money, your mind will change a lot as you are more hesitant to take bigger risks since you aren't trading with fake money anymore. There is also trading anxiety that can happen as well. Therefore, i do recommend for a micro/cent account with small amount of...