Hi Lydia
I'm Diane, want to get into 4x trading, I've done some research, but now I've come upon nay sayers saying don't do it. Everyone was a beginner once. So why the discouragement for beginners? I don't just want a meal I need to learn to fish. I haven't a job anymore but I do have a little something I can start with. And I believe if I were given the guidance and lead in the direction of good information and education in the 4x trade then it's possible with faith that I could do it. If it's possible to make a living at I'd to try it.
I'd appreciate any advice you can afford this newbie. I can be contacted at dianewal00@hotmail.com
Anonymous
Hi Diane! Good for you! Always understand that people will always discourage and ridicule what they themselves do not understand. There are traders I greatly respect that discourage forex trading for many reasons and I just understand that they have a different vantage point. So if you are serious about learning to trade forex, and it sounds like you are, you will have to forge on! Find those individuals that are encouraging you and keep them in your corner. Ultimately, however, you will have to gain and grown your own confidence in yourself and your own abilities to trade successfully.
Now as a beginner, I highly suggest you open a demo account with any broker just so you can begin to watch price and look at charts. You also will learn how to cultivate your own analysis and trading style on this demo account and you need to do this without the added worry of loosing all your money. All forex brokers offer demo accounts so that potential traders can test their platforms, spreads, and execution. Though this is play money, I encourage you open the demo account with an amount that mirrors the amount of capital you have to trade with when you are ready to open your live account. That way you will have a better idea of how you can actually trade in terms of leverage, lot size, and risk.
Please DO NOT rush into opening a live account. I understand that you are not working but as a newbie trader, I can guarantee that you will loose all the money in your first trading account. We all do. It is a part of the learning process so I just do not want that loss to put you out of business before you even get started. I traded for several years on demo before I was profitable in a live account.
So once you have your demo account, you will now have to figure out who you are as a trader so that you can trade your particular trading style. Learn all you can about traders psychology and the psychology of trading. Your mind and emotions will be the last hurdle to your success because that obstacle kicks in when you are trading real money. It is easier to do this now more than ever with Twitter, StockTwits, blogs, and webinars. The very best traders are willing to teach their strategies for free and a fee. Follow different traders and give each strategy a chance. As long as you remain committed, you are sure to find a trading style that completely fits you. You will know when you start to become profitable in your demo account and ready to step into live trading.
Remember this all takes time, patience, and committment. Good luck to you!
