Something we must to known about trading forex

We see new traders coming into the four X markets all the time.What would be your bit of advice for them to take it easy and not want to double your money within a week? Firstly, secondly, to really the internet and literature and get a handle on strategies that work.Um A lot has been published, stuff is out there, find it and then appropriate it, test it out and don't just test it out in live trading. Actually get historical data on the spreadsheet and look at it if you're uh more inclined to programming and try things out.

Otherwise you can always look at it visually on a chart. And also a lot of people start trading out on a demo account which is fine.Let's say you don't have the money, but then keep your demo account realistically, a lot of people make the mistake of starting out with a million dollar account or $100,000 account. But that's just not the kind of money they'll have to invest. And all of a sudden when they come to the real world, they think, well, there's something different here and of course, it's different and you're not gonna make it. The other one is rather than with a demo account, start out with a trial account.And so for instance, if you have only 100 or £200 to spare, that's still great because nowadays, brokers allow you to trade in very small size. I mean, some brokers allow things called NANO accounts where a pip move is only a cent move. So you can imagine currency moves against you by 200 pips, which is a very big move. You've only lost $2 which is only 2%. So that's a great way to do it. The other one is sort of um micro lots.Meaning that uh for every pip move, you only have an exposure of 10 cents on your piano even. That's a great way to start out learning. But as long as you learn for real, um that's the key important question because what's interesting is people don't equate the size of the loss as being important.It's the actual sign of the P and L if it's a plus or minus, you'll find people getting equally angry about losing $10 as about losing $500 which is actually really interesting. So people get more angry about losing $10 on some peanut account. They run and spending $10 on a latte and a muffin down Starbucks. And that's incredible. So ultimately, don't say, oh, just because I have £100 I can't trade. Yes, you can, you can practice.There is, of course the other downside that by only training £100 the psychological stimulation isn't there because obviously you're not gonna turn 100 into a million within the next six months. So that's, that's the downside