{quote} I couldn't have put it better. Don't start trading on a live account just because you profited a few times on a demo one. You need to see consistent good results first.
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Agreed, the results come from being disciplined in sticking with your plan; and also knowing that losses are a part of it.
{quote} I couldn't have put it better. Don't start trading on a live account just because you profited a few times on a demo one. You need to see consistent good results first.
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Yes mate; always more than 500 trades then, new traders should judge their trading skill.
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Joined Dec 2015
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I don't know how many trades each individual trader needs, but I do know that they should be consistently profitable on a demo account before moving onto a live one.
Trading is really only hard because people over leverage and want to be rich the next day 95% of people do not have the discipline on how to trade properly meaning risking 1-2% of your account capital per trade
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Yes, using high trading leverage is one of the most common issues by the newbie’s! But, the key point is; lack of trading knowledge. Maximum traders go for live trading without enough preparations.
Well, I agree with you to some extent. If a person wants to achieve something he or she will work on that the hardest. There is no result without movement.
However, I suppose there is always a little possibility of luck and chance that can redirect all your plans to the opposite direction.
I agree with a lot of this. I don't believe one needs to demo until you double your account several times though. Demo to make sure you're consistent, and profitable. There is certainly something to be said for using real money vs demo money, even if it is the smallest lot size at a time. Prove you can be profitable on demo for at least 2-3 months. Then, if you're profitable (5% to 500%, doesn't matter), move to a small amount of live money; an amount that you can afford to lose. Then use a lot size of 0.01 on a standard account for another 2-3 months and can show you can be profitable with real money. Then increase accordingly to no more than 1-2% per trade.
And I can't stress enough - KEEP A TRADE JOURNAL. Keep track of all you do and why you do it. And keep learning.
Guys, could anyone please give me a piece of advice on reading a book on trading? Just please, let it be a simple one for a rookie first. Thanks in advance!
Guys, could anyone please give me a piece of advice on reading a book on trading? Just please, let it be a simple one for a rookie first. Thanks in advance!
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What do what to learn actually? Then surely, you’ll suggest you few trading eBooks.
Guys, could anyone please give me a piece of advice on reading a book on trading? Just please, let it be a simple one for a rookie first. Thanks in advance!
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My advice is to google best forex books for newbies and pick from the titles that come up first. If you have any questions I am sure people here will be happy to help you.
{quote} My advice is to google best forex books for newbies and pick from the titles that come up first. If you have any questions I am sure people here will be happy to help you.
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agree , but so many information on there , for newcomers its really difficult to make sure which is more appropriate , pips school can be the best solution for the traders who are particularly newcomers. thanks
Guys, could anyone please give me a piece of advice on reading a book on trading? Just please, let it be a simple one for a rookie first. Thanks in advance!
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I would like to know the same, it's so hard to find decent content between all the garbage that is out there...
{quote} agree , but so many information on there , for newcomers its really difficult to make sure which is more appropriate , pips school can be the best solution for the traders who are particularly newcomers. thanks
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True. This is something I struggled with as a newbie too - there was so much available information and I had no idea which was useful and which wasn't.
