For Beginners
Trader should have a strong trading plan. The following points may be included in it.
1. Selection of currency pair to trade.
2. Trading time
3. Trading platform
4. Broker
5. Risk management
Besides it, some other points can be added.
I'd say Paul hit it pretty good with the tips. I suppose the next one would be to practice and get your feet wet with a demo account.
Trader should have a strong trading plan. The following points may be included in it. 1. Selection of currency pair to trade. 2. Trading time 3. Trading platform 4. Broker 5. Risk management Besides it, some other points can be added.
Right Paul75! Nice to add this.... Software selection is also the big part on the forex trade i think!
To the starters, I would like to suggest that start your trading with full knowledge and practice because to take appropriate decisions, it is very much essential to have strong knowledge of trading.
For Forex trading beginners it is very important to learn Forex trading and getting the right education is extremely important.The very best way to learn Forex trading is from a Forex mentor who is a trusted friend or family member. With a reliable mentor you will be able to follow their footsteps for successful trading.
Above said is very good. In my opinion, before getting into the forex, you should trade forex on demo account for several weeks. Even you can participate in some demo account contests to test your trading skill, and get more trading experience. Usually, this kind of contest is free, no need to deposit any funds. If you have no idea about these contests, you can search them through internet. Here is a demo account contest called King of the Hill held by Profiforex. I took part in it before. Winners can receive the bonus after the end of contest. And if you make some profit using this bonus, you can withdraw the profit out at any time you want.
Oh, yeah, I hadn't even thought of suggesting contests. Even on demo accounts I hear they get quite competitive!
Yes having Demo contests is really nice as they give us the opportunity for learning's and compare the trading strategies with other traders to see the results.
Trader should have a strong trading plan. The following points may be included in it. 1. Selection of currency pair to trade. 2. Trading time3. Trading platform 4. Broker5. Risk managementBesides it, some other points can be added.
Nice list again from you here again. Added to this is being balanced in our expectations from the market.
Yes having Demo contests is really nice as they give us the opportunity for learning's and compare the trading strategies with other traders to see the results.
True, I also often participate in demo contest from my broker. There are several demo contest in InstaForex. Although never win, but the experience I got from this contest is really helped me.
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What are all the plans that the trader need to have before getting into the forex? Make sharing your valuable points in this to guide the beginners to become well participate in the trade!