I am going to start trading but I am a n00b. Not expecting to make much (expecting to lose actually, but trying to gather knowledge on how things work and what I can do next time).
Just wondering if anyone here has any previous experience or is professional in trading currencies (Forex/Binary). Any advice would be much appreciated!
Thank you :)
You must understand everything about forex. use demo first.
Sorry I have only used Equity Funds there must be a website where you can try it out with fake money
Hmm, I'm slowly increasing my balance. Reading currency pair graphs are so difficult.
Put everything you have on some cheap stock
It'll soar for sure
It's not like people get paid for this sort of advice...
Ever thought of trying out Penny Stocks?
i watched wolf of wall street once. pretty much know everything there is to know. seems pretty profitable to me
i am 2 yrs experienced forex trader. i both use robot (EA) which will trade for u automatically (need big capital) and with my own skills in trading. if u guys want to know more or proof just pm me. im trading forex only !
Incredibly high risk; better off doing share trading IMO
I currently trade stocks and options. By no means am I in a position to give advice, but it has brought me from a full time job to a part time job. I've done forex when I first got into it, but never went through to actually learn more about it. I can't help you much with forex besides that the chart patterns operate the same way for the most part. How much are you looking to start with, and how much learning have you done?
As far as demo account, here's my advice. Most places start you with a 100k+ account, which is ridiculous and also a marketing strategy because they know most people with loose money. They want to make it look like you can make a lot, when in reality they simply want your commissions. Figure out how much you want to start trading with, for me it was $2,000. So I only used $2,000 of my 100k account, and when it dipped below 98k, I restarted. When you stick to that method you get an idea of how much you'll really make... Putting 50k into a stock and putting 1k into a stock is a huge difference in returns and losses. Don't fall for that trap. Just like you would with a live account, limit yourself.