Got advice for a rookie?

If you're a rookie, don't trade live at all until you start feeling comfortable trading on demo.

newcomers should take the demo
account which is the master place to become a knowledgeable trader.

Avoid overleveraging and overtrading.

Be careful out there:

Forex trading Scams Mentioned in the 'Times' on Saturday.
https://www.thetimes.co.uk/past-six-...scam-tjw0xrldb

AND

https://www.chroniclelive.co.uk/news...users-18756421

over trading really a bad habits that kills all talent , for that reason we the traders have to avoid this approach.

Every rookie has to gather all kinds of knowledge before starting trading forex. So, gather knowledge perfectly and earn money properly.

Avoid the traders on youtube, twitter and instagram.

Nothing but scammers.

Perfect answer
I always believe that it is the best to start trading demo account, only after you learn and understand everything related to forex trading. And once you start making consistency profit, that is when you should be able to take it to next level, that is, live account.

Demo trading for a good time. Atleast 5-6 months before going live.

1) Forex is a business. Period.

Forex is a business. In Forex you are in the business of buying and selling international currencies for profit. Your “product” for lack of a better term is your cash. As with any business you need to make sure you prepare yourself for success.

Have a business plan. Include a trading strategy, methodology, stops, take profits , money management that has been vetted by back testing and forward testing demo and LIVE!!

Many new traders do not take it seriously/ think its a get rich quick / gambling.

2) Learn to control your emotions. Especially Pride!

Its a strange one. Control your emotions in a market ruled by emotions like Fear - Greed – Anger - Pride. It gets easier when your confidence builds. That only happens after years of trading. I mention pride because I see it all over this site. Pride ruins good threads. It also makes you lie to yourself. People who make real money trading do not get into internet squabbles with guys who have 3 digit accounts. Be proud of yourself for trying, but keep your pride in check.

3) Go live…. NOW

I know I know. I am going to get some s*** for this but I don't care. Its the truth if people choose to believe it or not. Back testing is used to demonstrate the viability of the trading system/style/methodology. Forward testing on DEMO is training you how to trade that particular style and to prove it works the same way you tested. Finally you must go live. Go live the smallest amount allowed. Usually 0.10¢ or your deposit currency equivalent.

4) Education

Would you open a business like a restaurant, lawyers office or mechanic without educating yourself 1st. Of course not. This site, babypips and investopedia are good but nothing beats chart time.

5) Under capitalized and over trading.

Get rich slow, build a equity monster, $10K per dollar traded or equivalent. 50 to 1 or less leverage. Compound 2-3% a month average will set you up for life. Do not pull any cash out until you are making an amount you are satisfied with. Keep your job if you have one and set a amount to put in your account each week/month. Quit a bad habit and use that money. Withdraw 50% of after tax profits once a year after reaching your account balance goal to grow your account.

Good Luck

- Ric

Exactly. What is more, it's better to move onto a small live account, like a cent or a micro account, and not invest thousands of dollars or euro right away. Get used to trading with real money first.

First of all try to be skilled. Study, study and study. Don't over trade. Don't use big lots and don't open too many trades at a time. I suggest one trade at a time is good. Learn to control your emotions. Don't open trade if your strategy is not giving 100% approval.

I agree. A lot of people underestimate how much studying proper trading requires. It's almost like getting a new university or college degree, all on your own, often while working another job and supporting a family. It's really hard.

Every new trader should gather proper knowledge first. They should become expert before starting their trading on a live account. Otherwise they can face a huge loss.

That means there are 9,600,000 trading plans out there

https://brokernotes.co/forex-traders-map/

But 95% of the plans are not profitable

And I guess the 480,000 successful traders are NOT sharing there plans

The only advice is to carefully choose a safe broker. The rest no one can help you with

Every new trader should focus on their trading strategy to make money from this risky market.

Hello, Welcome to Forex Trading. I suggest open a demo account with broker to learn forex and while going live, choose a broker with raw spreads and low commission.

demo account is more appropriate for the traders who are newcomers , but generally take this trading place as casino , they trade at random in there and got nothing from there.