bigxy

Like every other business, forex trading also take some time to excel in my opinion but the people hassle to become rich right over the night and lose money eventually.

The trader should first figure out his personality and then decide which type of trading suits them, either they can do scalping or long term ttrading it depends on the traders personality.

Same did I and i would advise other newbies to first trade on a demo because it does not involves any deposits. It comes with virtual money which means if you lose you will not lose money but you can gain experience in my opinion.

First learn and learn, once you learn you will be able to make more money than you have planned for. However this is the point which new traders usually ommit and losses money in the market and losses more while chasing their lost money. Learning is the key in my opinion.

EURUSD is a good pair to learn and trade, i guess all the major pairs worth to be shortlisted to get the right suitable pair for trading.

Forex is not as easy as it sounds to be, every individual had to learn the skills needed to make money from the forex market. Yet, the demo account can be helpful in learning the forex processes more easily than any other learning method.

There are very few online brokers accepting the US traders.

Check for the virtual to real demo contest, it is also running for sometime and it can be fun too i tried it last year.

Agreed cent to cent percent with you.

Opening a demo account with any reputed broker and trading it can be the best way to test any broker without depositing any money with the broker.

Practice makes the trader perfect, this is what i believe and obviously the forex market is very different where many selling at the same time and others buying simultaneously and still most of them earn profits.

The new trader should focus on learning how the markets work and they should stick to a demo account in start for a minimum of six months before jumping to live trading account.

Forex economic calendar can be used to stay ahead of any forex news or event in the market.

Both the technical and fundamental analysis are required to be considered before taking any trade.

Actually this hope of earning millions right over the night make people fail in forex trading and the stats shows 90% failure ratio in forex trading.

I am using hotforex MT5 for quite some time and it is good so far, although they have introduced MT5 too but i am comfortable with the MT4.

There are a lot of brokers these days and it is really hard to find out the right broker to start trading with, so the traders or the newbies should do some proper research of shortlisting reputed brokers and finalizing the right one to choose for trading. Demo accounts can be helpful to check the broker's processes without spending any dime with them. Once the broker is selected, always start with small to find out if the broker processes withdrawal or not.

Conclusions are obvious, either you earn money or lose money and gain experience. Those who first prioritize learning to gain experience lose less money and gain more experience in my opinion.

Trading a demo account is always the best way to learn trading as well as broker's processes without spending any money.

Risk management comes up with trading and experience however the traders should take that amount of risk in trading which they can afford to lose.

Building the right strategy takes time and yes you are right we should not trade untill we get confirmation from the market. These confirmation signals might be hidden divergence, shift in market structure etc.

Agreed to you because there are a lot many bad examples in the past where even regulated brokers turned in scam over the night and stop paying the traders. Not sure if those traders got any money back.

There are a lot of brokers in the market so it is really hard to find out which one is legit so at least the newbie should be very careful to choose the right broker.

Ideally i can say it like new traders should avoid scalping which is entering the market for short time and exiting taking small portions of profits, because new traders usually aren't aware of the market conditions so they should trade for at least longer time frames in order to avoid misunderstanding the markets.

Having more than one broker can be helpful in diversification i guess but too many brokers at the same time might distract you so one or two is preferable and ideal in my opinion.