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Develop your skills and plan before you trade

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  • Develop your skills and plan before you trade

    I am always amazed at how many emails I get from traders who basically tell me they are new to Forex trading and they want to open a live account. For some reason, people seem to think they need very little experience or preparation to make money in the markets. In reality, this couldn’t be further from the truth. Trading a real account is not something you just dive into with no plan or experience behind you.

    I personally recommend that all traders have mastered an effective trading method like price action trading, developed a solid trading plan from that trading method, have a trading journal, and trade their plan on a demo account whilst recording their trades in their trading journal for at least 2 or 3 months before even thinking about trading a live account. The markets will chew up and spit out your hard-earned money faster than you can imagine (and you know that already if you’ve been trading for a while), so the more prepared and experienced you are before you start trading live, the better off you’ll be in the long-run.

  • #2
    You have to acquire specific knowledge and skills. Without skills you will lose money continuously. And for skills you have to spend time. If you think forex is easy, don't come to here. You will lose your hard earned money. If you can give time and efforts to learn, you can give a try. I am trading with MaximusFx where I study their advanced educational resources to learn more about forex market and trading. They also provides very low spreads and instant trade execution.