bigxy

Knowledge can't be gained over the night and it comes up with learning consistently along with patience.

When there is risk eventually it has rewards too, so all we have to learn how to manage all of the associated risks in any business to become successful.

Demo accounts can indeed be helpful for a newbie trader to learn forex trading processes more easily than any other learning method in my opinion.

The lockdown due to the pandemic and work from home remote jobs allow individuals to look at forex trading opportunity as well.

Did you traded a demo account yet and if so which broker you already been using i guess you can go with the same demo guys or otherwise shortlist a few reputed brokers like hotforex, exness, xm, lmfx etc and start by trading their demo to finalize the right broker to go for a live trading account.

Exactly and i feel like we should continue trading with the same MT4 unless it is officially discontinued by metacorp.

Every new trader loses money in start however those who let go off these loses and learn from their past mistakes usually become successful traders in future.

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.