New to forex trading, Should I start with real money?
February 11, 2012 by Forex Revue
Filed under Forex Trading
I am just new to Forex trading, Should I start with real money to learn or have to play with some demo first? Whats your advice
Comments
10 Responses to “New to forex trading, Should I start with real money?”Speak Your Mind
Tell us what you're thinking...and oh, if you want a pic to show with your comment, go get a gravatar!
I would go with the demo first to you can get a feel of the pace and the risk and to learn all of the functions before you put money in , just to play safe.
No,Unless you can afford to loose it, as you will most certainly do it.
There are debates as to whether it is better to stick to demo trading or open a small live account for learning purposes.The answer is: it depends on your financial situation. If you can allow to lose the money in trading (because you will lose, please don’t wear pink glasses and think that you’ll be immune rom this, you won’t be, no beginner does): if you want to feel what real trading feels like, when the real money are at stake — that’s a tremendous experience and you can certainly open a a small account with a Forex broker. If, however, you’re not comfortable with losing $100-200 is over a week or two (some may even do it faster), then stick to demo trading until you are beginner.
Forget about real money for now, you are “green”. Start by reading free educational sources (there is enough out there eg: http://www.babypips.com) that can take you from your current level to somewhere where you may be ready to start live trading with a very small amount of risk capital be prepared to loose for a good few years until you learn how to trade properly so needs to be money you can loose).
Don’t be sold to by sales people and ads claiming you will make a motza as they wont be on the phone with you if this were true. The FX market is wrought with phonies trying to cash in on your losses).
Good luck
Do not trade without getting taught first. Sign up to a Forex trading programme such as London Stone FX Success where you will trade with a demo account for 4 weeks and then they will back you if you are successful. Link below…I hope this helps
My advice – better to start with demo account.
Second- think about usage of auto Forex software that can trade instead of you.
For example, semi-automated Forex trading strategy ProFx. Very easy to use – you need to press “Buy” and “Sell” buttons when strategy gives you a signal. You can read feedback of major Forex forums as DonnaForex and you will see that is really works.
Sell your house and car, take out a big loan that you cant afford to pay back, stick it all in a forex account and loose it because you have no idea how to trade. If you are asking this question, you are without doubt going to loose in forex. As you must be under the impression that forex trading is something that anyone can do.
Firstly Forex trading is risky and I would recommend you learn about Forex first at http://www.easy-forex.com/gtw/164450.aspx, on this site you’ll get free videos, ebook and an article all about forex. It’ll be a good starting base. You’ll learn all you need about forex.
Secondly I would recommend opening a demo account with the forex site. This demo account will allocate practice money that you can practice with. The great thing about opening this demo account is that this is not real money but you’ll be able to trade in live market conditions with no risk to you whatsoever. This is also a great way to start learning forex.
Once you make a profit with the practice money and are comfortable with the basics and trading forex, you can open a real trading account. Good sites provide one-on-one forex guidance. It takes a few clicks to open a demo account. The site http://www.easy-forex.com/gtw/164450.aspx requires only $25 to start trading. Best of luck with the learning and trading.
Nope. first use a demo account, practice throughly. Then use bonus dollars they offer in real trade. After that u can switch to ur real money. (Very few offer bonus dollars upfront. Actually only one company offers free dollars upfront without any hidden condition)
u can use,
marketiva is the best forex trader available and it also offer 5$s free to do live forex
trading. And 10,000$ to prctice in demo account. And do not forget to veryfy your account
by providing necessary details !
Start with a demo until you get profitable.
Hi Prince,
I am an experienced Forex Trader myself but when I started out, I started with a demo account. I would highly recommend you to first practice your forex skills on the demo accounts, many companies offer free demo accounts and free signals like you can go to http://www.exeliafx.com/ and their signals are great and reliable too so you can first try their services for free. Their starter package is free and offer accurate signals.
In addition, I feel that you need to read and develop a good forex trading strategy that works for you and your monthly forex investments. If you start out with real money right away, you risk your real money but with a demo account, you can test and gain more confidence in forex trading before putting in your money. If you really want to use real money to start with, do go for a company that offers you free account also so you can switch back to a free account whenever you want.
Since you are just starting and new in trading, there are a number of forex trading forums also that I would recommend you to follow and use advise from experienced forex traders there. Here are some forums that you can post your questions to:
http://www.forexfactory.com/forum.php
http://forums.babypips.com/
http://forexforums.dailyfx.com/forum/
In fact, if you are really interesting in making big bucks from forex trading, I think you need to chart out your learning plan because going step by step is the only way you can make money in forex trading. My suggestion would be – start out slow and build big when you gain enough confidence in trading with real money.
Hope this helps!