There is no point in risking a lot of money in the beginning when you are just testing your knowledge. You can either go demo trading or invest small when you go live. This way you won’t only prepare yourself for live trading but will also save your money from losing unnecessarily.
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Is there anything like a best trading strategy?
- Thread starter Nealeliff
- Start date
I completely agree with you. As a beginner, you might find forex trading as an easy way of making money. But when you actually go live in the market, you might realize that it is not what you have read in your books. I made the same mistake when I invested a big amount with Octafx in the beginning of my career. I lost badly and asked traders on babypips about what I should do. That’s when they suggested I do demo trading before I go live. I demo traded with fxview for around 3 months and when I went live, I invested just $30 to start off cause I wanted to play it really safe this time.There is no point in risking a lot of money in the beginning when you are just testing your knowledge. You can either go demo trading or invest small when you go live. This way you won’t only prepare yourself for live trading but will also save your money from losing unnecessarily.
That's right, beginners shouldn't risk so much in the start itself. Even I suggest demo trading for the beginning, that's the best to test strategies and know more about the markets, without risking any funds.There is no point in risking a lot of money in the beginning when you are just testing your knowledge. You can either go demo trading or invest small when you go live. This way you won’t only prepare yourself for live trading but will also save your money from losing unnecessarily.
But isn’t $30 quite a low amount to trade? Do all brokers allow you to trade with such a low amount?Yes, true. Without using a strategy, you won’t ever get to know whether a strategy works for you or not. Try it and find out more about it if you can. Test it out in a demo first maybe... ?!
You are right Neal. All brokers don’t let you trade with such a low amount. You will have to check that with your broker. Before you start trading with any broker, you can check their minimum account requirements before investing your money.
This is the most common mistake newbies do when they come into trading. Look for easy solutions to make money.No, there is no such thing as the best strategy because it is not possible that all the traders would use a similar kind of strategy. If all the traders start to use one kind of strategy then how markets will function.
@luke I have also gone down through the same rabbit hole where I have found out some posts regarding a person selling his ‘system’ on one such forum. It was dubious and I had to part ways with my hard earned money. Then I again started trading with various other brokers such as Forex.com, Fxview because I know trading can bring very good returns and indeed it brought a decent lot of income after some initial setbacks. There can be no one strategy which suits the needs of everyone.
Scalpers, position traders, day traders etc. all of them use different indicators and charts so fundamentally it cannot be possible.