Which type of Account should be Used being a Newbie in Forex Trading
Until you are long term profitable in Demo, why would you want to loose money?
thanks!! please tell me how long to use demo account? either 2 months or 6 month?
Until you are profitable in the long term.
How do I get start on forex
Forum on trading, automated trading systems and testing trading strategies
Sergey Golubev, 2019.09.07 12:30
Please, find some information below -
1. MQL5.community - User Memo
2. Where Do I start from?
https://www.mql5.com/en/forum/212020
3. MetaTrader
5 Help - Trading Platform — User Manual
4. How to make a search on the forum
https://www.mql5.com/en/forum/193510
5. MetaTrader 5 Help - Open an Account
6. Find a Server by the Broker's Name:
https://www.mql5.com/en/forum/214820
How do I get start on forex
at he top of this page there is an ad
please click on it and download the Metatrader Platform
However there is Metatrader 5 for PCs via the official Site
once you have the trading platform create a trading account and the nice thing about the Metaquotes trading account you can select how much DEMO money to Start with I usually say start with $1 000 000 demo or follow table.
| LEVEL | INITIAL DEMO BALANCE |
|---|---|
| 0 Beginner | $ 1 000 000 |
| 1 | $ 100 000 |
| 2 | $ 10 000 |
| 3 | $ 1 000 |
| 4 | $ 100 |
| 5 | $ 10 |
| Professional | $5 |
Please be advised that not every one is in agreement with the above table as you will hear a lot of people will shoot it down, however what I am saying is until you can trade on a small account and not blow it then you are not yet worthy to go live.
read articles and forum topics regarding trading strategies, you will find it all here.
read also money management,
download indicators to see what works best for you,
or simple just throw everything under the bus get a trading robot that will trade for you, also available in this website, or by the Market tab of the metatrader terminal
I use demo account for three month nw so can you tell me how can i get profit,to understand which time is good to place order either buy or sell as well as to know an indicator for good business....?
Summaries (look at those summaries, and read those threads, and it may be enough for you for the beginning):
====
- ASCTREND SYSTEM summary (incl 2 good EAs)
- BRAINTRADING SYSTEM HowTo
- PriceChannel Parabolic system (incl 2 versions of the EA)
- Market Condition Evaluation (2 EAs were created)
What you say? For a person with no experience in Forex journey. Which type of Account should be Used being a Newbie in Forex Trading. Either Demo, Standard Forex Trading Account or anyone else?
Study basis and open demo account.
Start playing, differnet size, different pairs,differnet amount in balance....understadning how it works, so do different kinds of experiments.
When you feel aware about all,
start with a clear demo account putting in balance the money you can lose in real life(eg. you are willing to 1000€ in real life).
You must trade as you are operating with a real account, in the same way you can do in real life ( it has nonsense opening positions with 1 lot in demo if you will never do it in real life).
Be on demo for minimum 6 months since when you start profitable.
Have also a look to what happened strange in last years because market is like a sea, it can be calm but also with hurricane....for example looks for "flash crash"
Good luck
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