Before entering the forex market it is very important to understand how it actually works. So I would say that first, refer some good trading related books, watch some youtube channels or whatever it takes. After that, you should make a demo account and explore it so that when you plan to go live, you will know how's it gonna feel to trade in a real market.
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How I can start Forex Trading?
- Thread starter hardeepkaur
- Start date
bookish knowledge is important but it can be useless without having a regular level of practice.
as a practice i love mostly trade in a micro account instead of demo. thanks
I would recommend that you start with learning more about how forex trading works, that way you will grasp a better concept of that. Once you get hang of that, you can try demo trading with a good broker. That way, you can come up with a good strategy that allows you to make consistency for your profit.
the demo account is really important for all kinds of trader , but we the traders cant focus on this , because there is no real money.
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.
That is funny but true! If a person is just hanging onto forex trading in a hope to see the tables turning in his/her favor one day, then that’s a very bad strategy. You said 5 years, but I think if traders are incurring losses for 5 months straight, then they must ask themselves if trading is really their cup of tea.
the beginners level always fail to choose a right broker , because beginners have very low trading experience.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.