The first step for a beginner trader; should be to learn the basic dynamics of trading. Without proper knowledge chances of failure are 99.9%. Trading Financial markets are considered as the toughest job in the World. Yet, beginner traders enter the market with quick fix to their financial issues.
Before opening a real trading account; trader must learn about the basics of price action, risk management & trade psychology. After covering the basics; move to step 2 of opening a DEMO account. Assume you are planning to trade XAUUSD Gold; shortlist the most feasible forex exchange & open a demo account.
The demo account balance should be kept the same what you are planning to go with live account in later phase. Get yourself familiar with the exchange and trading app. Use proper lot size & manage the risk smartly.
Ideally after a series of weekly or monthly wins; a new trader can start off with live the account. Oh,, wait. Just to remind you that you’re trading journey is just getting started. Why? Answer is simple. Trading a demo account is easy as it involves less emotions. Major traders lose due to poor psychology. Risk of losing from real account breaks the execution plan of new traders. Be a smart head & start working on psychology from day 1. By doing so; you will be ahead of 90%.
