bigxy

So far i am also using the MT4 and my broker also offered MT5 but since the MT4 is in service i will stick with it till the company decides to wind up this software and then we can have the option to choose the MT5.

Never go with a live account if you are starter and instead demo trading is a better idea to be traded for at least a minimum of six months before moving to live trading account.

Besides all this we also need to have some patience to observe which aspects needed to be focused first in order to become a successful trader.

They should then start with a demo account to learn how the forex trading processes work and if they lose while trading demo account they will lose nothing but gain experience because demo accounts comes up with virtual funds.

There are a lot many brokers in the market and it is really becoming hard to recommend any broker however it should be in our must haves to make some thorough research before finalizing any rightful broker.

Regulations plus reputations also matters because we never know when even a regulated broker turned into scam like some past examples of the past.

Because forex is much similar to any other business where we make money using our own money so we should exit the market upon getting reasonable profits but when we become greedy we might not be able to lock the confirm profits and wait for more but what if the market odds turned against us, we will eventually unable to realise those profits but can lose our own money involved in trading.

I guess these signals might be correct but they are hard nuts to be cracked by new traders so they should also take help by visiting news sites and blogs to read whats actually going on in the real market and what are their impacts on the underlying assets.

First, start with shortlisting a few reputed brokers and then test them by trading their demo accounts (demo accounts are always free) and once the right broker is shortlisted then always go with small amounts to further test those processes like withdrawal which cannot be tested on a demo account. Although it seems bit hectic but it yields better results in future.

To get a true reliable broker every single trader have to undergo through some thorough research which they have to do at their own because recomending a broker is really getting hard these days as every day a new broker coming in while many winding up their business as well.

Plan includes strategy along with the targets highlighted with the realistic goals in my opinion. This plan should be refined by reviewing it periodically.

There is a long list of regulated brokers however there are quite few brokers which are reputed as well like hotforex, octa, oanda, xm, exness, lmfx etc. However, we and every new trader should make a thorough research before short listing the right broker for their trading.

Are you referring the New york or London session as correct timings or else let us know bit more about it. Cheers!

Success does not come right over the night, it requires a lot of efforts with patience. So every new trader should first focus on learning and acquiring skills needed to earn money from this forex trading business.

Leverage is a double edge sword and at the same time it is the most powerful thing in the financial market. New traders being unaware of the market conditions should keep the leverage low as it can bring damages to them.

What kind of offers are there currently in the trading.. just curious to know!

Spending time in learning the processes involved in the forex trading will always pay off the efforts of any forex traders.

The basics to remain successful and consistent on long term basis is to manage the risks, emotions etc. It is better to use the stop loss facility every time because you never knows when the odds turn against you so beware of that.

Regulations does count however i better rephrase the statement by saying like regulations plus reputation which also counts in my opinion.

Knowledge require time and the traders should not rush making money, they should first learn that the patience is the key for acquiring knowledge.

Better learning on a demo account so even in the event of loss we still gain experience without losing any real money.

Exactly, i agree with you and thanks for elaborating my statement. Much appreciated!

I noticed there are some repeating patterns occurs in the trading market so we can use our previous knowledge and strategy to take the trade and make money out of it.

Platform might be helpful in winning but i guess knowledge counts more than a broker itself. What if i does not know how to trade and choose a very good reputed broker of the market?

We can also learn from other mistakes, here comes the task of a mentor so better to learn from the mistakes of others but finding the right mentor is also a daunting task.