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How do I practice trading Forex more than just trading every night?
I am a swing trader and I trade the USD major pairs and some other major pairs with the EUR, GBP, CAD, Aussie, and Kiwi. Is there anything extra that I can do to make myself better at actually trading with my current strategies besides just trading every night and over time I will get better? I am looking for something more that I can do because I have extra time and really like trading and want to become better. Thanks
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Hi, I’m 16 borrowed 1k from my parents. I was confident i can be profitable after studying and trading paper money for 4 months. Basically after months of trading on a live account I blew up my 1k account. It was a good experience and somewhat knowledgeable. For the past few weeks I was up +500 then down -400 then finally I blew up my account. Shortly after blowing my account I’ve realized, trading might not be my thing or I just need more practice. This made me realize how much greed and how much trading is more of a psychological warfare. It was easy to stick to your trading plan using only 1-3% of your account per trade when your not using real money. My plan for now is to just try and get a job and return the money i borrowed (still scared to say i lost all the money) and keep paper trading for 6 months or longer. Edit: Thanks for the advice and helpful comments as well as for the criticism. I’ve been reading the comments and getting the most value out of them. I’ve decided to follow some of the comments I think made the most sense. So here’s my plan:
Get a part time job
Pay back my parents
Learn, practice, learn forex
Also a lot of people have asked me how in the world did I manage to trade when I’m only 16. Answer to that is my parents agreed to open an account under their own name. Also thank you again for going out of your way giving advices. It really helps me out a lot.
Open an FXCM forex and CFD demo account and practice forex trading risk free. Get live buy and sell prices, £50K of virtual money and access to trading 24/5. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Forex is a portmanteau of foreign currency and exchange. Foreign exchange is the process of changing one currency into another currency for a variety of reasons, usually for commerce, trading, or ... Practice Trading is where you use virtual money to trade under real market conditions. The platforms are usually identical to the real trading platform the only difference is the money you're using is opening simulated positions and not real trades. In my opinion, practice trading is the best way to learn about forex and trading. FOREX.com is a registered FCM and RFED with the CFTC and member of the National Futures Association (NFA # 0339826). Forex trading involves significant risk of loss and is not suitable for all investors. Full Disclosure. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act.
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