Open a Forex Demo Account First
Regardless of any sort of confidence in economic progress or any sort of previous training in similar areas I suggest that you use a demo account before you work with a real forex trading live account. A demo account allows you to do trading with simulated money that moves according to real market values. Before you go into Forex, even if you’ve seen people do it before, even if you’ve done training specifically for it, it is highly recommended that you not just work with a demo account first but work with it for a significant amount of time. There are a lot of elements of Forex that interact with each other in various ways. Sometimes because of this, the market can suddenly swing rapidly in each direction and then maybe just as rapidly or even more quickly will reverse direction right after.
There are a lot of strategies to be made and there are undoubtedly a lot of mistakes to be made as well. It is naive to try and jump into Forex and expect quick profits. Not only that, but it is also naive to think that after just a few tries on the demo account, you’re ready for the real thing. Even people who try out the demo account for a significant amount of time and then go to the main account aren’t experts. Plus there’s really no excuse because nearly every platform that allows you to trade gives you a free demo account now. Something that people fail to process early on is that once you go to the real thing the money you see going up and down is as real as the physical dollars you hold in your hand. It never really quite hits them until they either gain or lose a lot and if you go without the strategy or any sort of significant practice then it is almost guaranteed you’ll be losing a lot instead of gaining anything much.
You may be concerned about the possible amount you could’ve been gaining and the fluctuations that you studied that you’re not taking advantage of, while using the demo account. However, these events will likely come again; sometimes in the same form, sometimes in the different form, as events repeat every month in major currencies. If you don’t have the patience to practice with a demo account then it is highly unlikely that you have the patience to watch trades accurately and make good training decisions about when to wait, when to stop and when it’s the best time to place a trade. Trust me I know. I was one of those people who only barely use the demo account before getting into real trades because I was concerned about missing opportunities. SPOILER ALERT: it did not go well.