New to the market... Need your advice...

Hello Traders,

 

I am waterlily from Dubai. I am new to this hobby. I find it interesting to invest my money in forex. So, I joined www.hymarkets.com and currently still using demo account... But still full of question marks.

 

I hope i can learn new strategies from the Pro. I am hoping you'll help me guys so that i will be guided.

 

Btw, is there any traders from Dubai?

 

Thanks a bunch!:)

 

 

Regards

Waterlily

Join the club... Also beginner and thrive for fortune :)

Join the club... Also beginner and thrive for fortune :)

 

Hello Kurts,

 

thanks for your reply. Where can i check the beginner and thrive for fortune? :)

Learn some trading basic via e-books, videos.

keep practicing with demo account

Try to minimize the lost by learning it with e-books, videos and keep practicing with demo account.

 

Happy trading.

The important is to open demo account fist and not go live... Plus you have nice sections here with videos that can give us some basic knowledge...

Learn some trading basic via e-books, videos.

keep practicing with demo account

Try to minimize the lost by learning it with e-books, videos and keep practicing with demo account.

 

Happy trading.

 

Thanks duderex. i'll keep that in mind. btw, have you tried trading in HY Markets?

The important is to open demo account fist and not go live... Plus you have nice sections here with videos that can give us some basic knowledge...

 

 

Hello Kurts,

 

Yes. I opened an account with HY Markets since they are known here in Dubai. I tried their demo and i find it interesting and reliable. i think i need more exercise before i'll open live accounts. :)

 

have a nice day!

It might sound boring but honestly you just have to get a good understanding of Forex and the trading platform. So demo, demo, demo only for a while is crucial. Don't be tempted to expose your hard earned money because you will almost certainly lose your funds until you get to understand the game. When you see a strong move - stay out of the market and see how it pans out. Chances are it's a lure to get you in the game. More often than not, the move will suddenly reverse as soon as you jump in. When I see myself tempted to jump in, I now pause to think "should I do the exact opposite the obvious?". This had curtailed the losses for me. So take your time and learn these behaviours - it will save you a lot of stress and sleep.

It might sound boring but honestly you just have to get a good understanding of Forex and the trading platform. So demo, demo, demo only for a while is crucial. Don't be tempted to expose your hard earned money because you will almost certainly lose your funds until you get to understand the game. When you see a strong move - stay out of the market and see how it pans out. Chances are it's a lure to get you in the game. More often than not, the move will suddenly reverse as soon as you jump in. When I see myself tempted to jump in, I now pause to think "should I do the exact opposite the obvious?". This had curtailed the losses for me. So take your time and learn these behaviours - it will save you a lot of stress and sleep.

 

Thank you FxNewbie. Maybe i need to stretch my patience so that i can be successful in this biz. I dont want to be aggressive at the moment that is why i'm still trying to do demo. i need to work things out and find good strategies on how and when is the best time to trade in real time. thanks again for your help.

Welcome Waterlily

 

Do not Demo trade at all ...... put a small amount into a micro account and trade live

most brokers offer a micro account ... Demo trading is a waste of time.

Welcome Waterlily

 

Do not Demo trade at all ...... put a small amount into a micro account and trade live

most brokers offer a micro account ... Demo trading is a waste of time.

 

Totally agreed. Demo will kill you down the road because of reckless trading.

I disagree - knowing how to use MetaTrader involves repetiton (for learning) and a lot of trial and error. It's better to learn these on demo than lose money. I also think cent accounts like IBFX (Australia though - not US) mini account is great.

Use a demo to only test indicators and trade managers

and to become familiar with MetaTrader

 

When it comes to trading use a live account and not a Demo ... keep the two separate ...

Keep Live Trading separate from testing and getting familiar with the platform.

 

here is a link to some excellent videos that will help with understanding the MetaTrader platform

you will have to sign up .... it is free ...!!!

 

http://www.forexstrategysecrets.com/js.html

Welcome Waterlily

 

Do not Demo trade at all ...... put a small amount into a micro account and trade live

most brokers offer a micro account ... Demo trading is a waste of time.

 

Hola dk1aussie,

 

thanks for your comment. I did tried today in www.hymarkets.com. They have mini account which is not harmful because it cost $50 only.hehehe

Totally agreed. Demo will kill you down the road because of reckless trading.

 

how can you say demo will you down? can you please share your experience with demo accounts?

 

thanks.

Oanda is also good for starting out with a small account of $30

 

trading a live account will help to maintain your focus

as with a demo it will be too easy to disregard the trades

basically the mindset is different trading a live account

because you have your own hard earned cash on the line

the learning curve will be shorter.

Oanda is also good for starting out with a small account of $30

 

trading a live account will help to maintain your focus

as with a demo it will be too easy to disregard the trades

basically the mindset is different trading a live account

because you have your own hard earned cash on the line

the learning curve will be shorter.

 

There clearly is some logic behind all that. When trading demo you have different mindset. Maybe demo account is not the best way to invest your time. If you can spare 30$...

Hello Guys,

 

I'm sorry i was away for a while because i'm not feeling better. Dubai's weather is changing... How are you guys?

Before you put money anywhere, you need to spend it on learning how to trade from someone who is a successful full-time trader. Most of the books out there on trading are garbage. EAs are nearly a complete waste of time.

 

Trading demo isn't useless. You need months and months of practice, even when you know what you are doing.

 

Your first port of call is a proper education. Trading is NOT a hobby, and if you want a hobby, try taking up stamp collecting or something.

 

With a proper education, you can trade wildly with the stops off because you have the confidence to know where price is going. If you don't have that confidence then you need to get that first.

Before you put money anywhere, you need to spend it on learning how to trade from someone who is a successful full-time trader. Most of the books out there on trading are garbage. EAs are nearly a complete waste of time.

 

Trading demo isn't useless. You need months and months of practice, even when you know what you are doing.

 

Your first port of call is a proper education. Trading is NOT a hobby, and if you want a hobby, try taking up stamp collecting or something.

 

With a proper education, you can trade wildly with the stops off because you have the confidence to know where price is going. If you don't have that confidence then you need to get that first.

 

Hi Rio,

 

Thank you so much for your insights. It is true that i need to practice my trading skills so that if i will invest money already or i mean open real trading account i will be ready and confident.

 

Your advice helps a lot.

 

Thanks a bunch!

 

Regards,

Waterlily

Oanda is also good for starting out with a small account of $30

 

trading a live account will help to maintain your focus

as with a demo it will be too easy to disregard the trades

basically the mindset is different trading a live account

because you have your own hard earned cash on the line

the learning curve will be shorter.

 

Hola dk1aussie,

 

Oh1 i thought HY Markets are the only one who gives people the chance to trade in mini accounts. $30 is interesting also.

 

Thanks for the tip man.

You're doing good, waterlily. Since you was intested in trading and you begin with demo account first. Just keep it up and you will get what you want from Forex.

 

What you should know is playing demo account to gain trading experience and you can try some system trading or strategies with demo. Don't trade with feelings. It's absolute bad in Forex.

Yes, demo account can help you with trading. Keep practice it with demo account until you can minimize the lost. Trading with demo account also can prepare you when facing a real trading.

Hello Traders,

 

I am waterlily from Dubai. I am new to this hobby. I find it interesting to invest my money in forex. So, I joined www.hymarkets.com and currently still using demo account... But still full of question marks.

 

I hope i can learn new strategies from the Pro. I am hoping you'll help me guys so that i will be guided.

 

Btw, is there any traders from Dubai?

 

Thanks a bunch!:)

 

 

Regards

Waterlily

 

 

 

I am using FXPRIMUS and they have a free coaching service for 60 days when you fund the minimum of USD$250. I find that most useful for a new trader as it shorten my learning curve.

 

By the way, the Director of Training and Education of FXPRIMUS Mario Sant Singh was at Dubai to conduct a forex seminar and there were many aspiring traders in Dubai. Forex trading is still relatively new in Dubai but it is definitely a fast growing market.

I agree with you, so many advantages we can get from this demo trading. We can try our strategy without need to worry lost our money and we can make it more perfect, so it will be ready when we will do our real trading. Beside that we can test a broker, with trading on demo account first, to know all of the quality of facility on that broker. Included me too, I test my broker Weltrade with it and now I'm glad found a broker that give the best service like Weltrade.

 

That's right, demo trading is necessary too for us to test a broker that we want to trading. For me example, on the past I use a scalping strategy and very afraid for trying the new laverage value from a broker that I want to try. So I try it first with a demo account trading from that broker, because of that, I found that this new laverage value from that broker is really give me a more advantages to get more profit from my trading, that's why too I trading with my broker now Exness.