This sounds like the best steps to take. I still do not understand the entire system of Forex trading, so this is something that I am going to have to look into.
Sorry, I do not know of any coaches personally (I'm sure they are out there for the right price). All I do for my personal coaching is physically meet for coffee with a couple of friends each week and we discuss our strategies and current positions with each other. Not really coaching but more like accountability. Boards like this are good but beware, those of us who are positive are speaking from our positive experience, those who speak negatively are speaking from their negative ones, and most are speaking from their ignorant positions who should not be allowed to have a keyboard and are just preaching fear. Best
I knows forex already few years ago, in my experience forex is risky business which also promising business, but I am only as small trader with small capital too and still treat forex as part time business, sometime I am only trade on demo account only and will trade again if already have funds to begin again, I ever make huge profit but also often suffering with margin call account, and now I am trade in my current broker Instaforex, hopefully will survive.
Most people getting into forex are enticed by the fast-paced environment hoping that they'll get rich quickly. Being in the market does nothing to make you rich. It is your strategy that has the potential to make your rich. Of course, the capacity to strategize requires an understanding of how the system works. I agree that starting out with a demo account facilitates quicker learning. Nothing is more frustrating than getting into the market to make money then only to turn your bills to ashes.
This is bad mindset if we thinking forex as easy way to get rich at short time, in fact so many trader get fail in this arena, forex trading is risky business which as trader they have possibillity to losing money in their trades, many beginner enter in trap mindset if they can make quick rich at short time, should one statement if more than 90% trader get fail become early warning for newbie before imagined easu earning through forex business.
I am sure there are differences, but to me I associate Forex with day trading, which seems to be almost a guaranteed way to lose your shirt. Those who want to trade in Forex I am certain should get involved in demo accounts, and not trade with any real money until they totally understand signals, patterns, and what is going on in trade. I think there are easier ways to earn money personally.
Practice in demo account will really helpful for beginner trader before they start to investing money in account forex trading, maybe ever hear certain review if many trader can't maintain account more than six month, mostly faced margin call account less than six month, so practice in demo account also will better if practice more than six month.
Well you can try it free with just about any broker. I believe they all provide demo accounts. Find a broker that is regulated by a strong trusted regulator like the FCA or ASIC. Figure out if you are going to be a manual trader, signal trader, EA, news, etc... Education is the most important piece of investing in any market, so read, read, read. Watch currency movements and analyze why they moved in that direction, study trends, and know why. There are many training and education sources out there as well. If you become comfortable and competent, maybe look to open a live account.
Great shared post by Stacked also if some one is looking to earn independently and want their own business then this is a quite good business to start with!!
