Learn to trade on a demo account, before you decide to trade using a real account.
It is strongly recommended to learn to trade with a demo account, another term for a demo account is paper trading.
Almost brokers offer a free demo account free of charge.
Why do they provide this facility for free?
Because they want you to try their platform and learn it then you make a deposit to the broker and start trading, because for brokers, the more active trading clients the greater the profit, so it’s fair if they want you can become a profitable trader by learning on a demo account.
You can try the TenkoFX trading platform which gives you the opportunity to trade demo accounts, you can apply the trading strategies and systems that you have learned and learn to find your own trading style.
With a demo account, you will not lose your money, but you can learn how to manage capital with proper money management.
Remember forex trading is high risk, without good preparation with your ability to trade, 90% will fail, so you have to prepare your skills through a demo account.
Until when do you have to study with a demo account? Until you really become a profitable trader, and not only depend on your luck, but really on your skills in capturing opportunities from price changes in the forex market
Express don’t lose your money
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Before you start stepping into a real account, you must promise yourself that you will not lose money from forex trading.
You must really prepare yourself to learn on a demo account, that you will not lose your money before becoming a profitable trader, this you must remember carefully.
Instead of losing your money in a hurry to start on a real account, it’s better if you give the money to the poor or your parents, it’s wiser.
How much time to learn to trade a demo account? The longer the duration of your study demo account, the more experience you get.
Many traders fail early in their careers before six months, so you might be willing to study demo accounts for at least six months.
And even then maybe you are still among the impatient traders because there are some traders who spend time with demo accounts for up to two years, this they do because they don’t want to when depositing a real account will only lose their money.
Choose one pair and stay with it to learn demo account
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Why are there so many suggestions for beginners to trade on one pair?
In forex trading, trading in many pairs does not guarantee that you will get more profit, because a loss is also a part of forex trading.
Besides that, especially for beginner traders, if they trade in a lot of pairs, it will only make them confused about how to handle it all.
But by focusing on one pair, you will also be much easier to evaluate trading, what mistakes have occurred and then make new trading rules so that the same mistakes do not happen again.
Also from the transaction costs, by selecting one pair for transaction costs or spreads will be the same, but in many pairs, the transaction costs will vary.
Trading in one pair will also improve the process of learning strategies, and it is very important to improve trading performance because after all forex is a high-risk business before you reach profitable on a demo account, don’t start on a real account.
Find your own system trading through demo account
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In forex trading, there are many kinds of trading systems, even traders sometimes make a trading system name using their own terms, trading system using a Bolinger band or using a stochastic, and many different names.
But whether all of these trading systems are good and profitable? this question often arises for beginner traders.
And the answer to that question is relative, here, in the end, one trading system might work well when other traders use the trading system, but the results will not necessarily be the same when we use the trading system.
Why did it happen? ideally a trading system gives the same signal, when to enter the market and when to wait.
But the reality is that a trading system when we use it, can be different in terms of emotions, and this is what distinguishes the results, where emotions will affect the size of the position to be created or may violate trading system rules.
Therefore some say that forex trading is 80% about psychology and 20% is technical.
You can try various trading systems and find one that suits your psychological condition, for example, if you are often emotional with short-term trading, you can develop skills for daily trading.
By finding your own trading system, the sense of comfort when trading will be much more relaxed not emotional.
Practice a demo account with discipline
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Why is discipline in a demo account so important?
Remember that in many forums, you will find that 90% of traders facing losses, so to be a successful trader really needs the best preparation.
Why do many traders fail?
There are many reasons, but one of them is the lack of discipline in carrying out trading system rules,.
Where the mistake is in a hurry to open an order even though the signal has not been confirmed, trading with large size positions that are high risk, trading without stop loss, etc.
However, if a trader learns that a demo account is capable of discipline, it will be easier to evaluate trades, which is wrong so that the loss, thus the trader has special parameters for entry, not only affected by price changes.
Discipline is also an attitude held by professional traders, so if you want to become a professional trader, one of the keys that you must have is discipline.
Even though you are still using a demo account, training in discipline is one way to build good habits when starting with a real account later.
Do not be easily tempted by the lure of misleading advertising
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Forex is a huge market, but behind an interesting story about forex, there are various hidden mysteries that are not all solved.
Out there, there are many kinds of software that are sold by giving convincing evidence that the software is really profitable, so they put a high price on the ea.
Maybe if you really are a beginner who is not accustomed to visiting forex forums.
You will probably count if I bought at this price and it will be covered after using the software for several days if this calculation you use then this is a mistake.
Forex market is dynamic, there is no standard price movement where prices will move because it all depends on demand and supply that occurs.
While the software that you buy, works based on certain logic and this will take action if the order has been confirmed with market conditions,
But the market can sometimes go against the direction of the position and you get loss
You may use and buy software, but it will be much safer if you do a cross-check, because often a trader is disappointed after buying expensive software then he shares it for free on the forum.
Forex is not an easy way to get rich quick scheme
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When you first find information about forex, then read it, maybe you will think.
This is a very easy way to make money, only buy when prices go up and sell when prices go down.
Wait a minute, you have to rethink your mindset that forex is a get rich quick scheme.
Because forex is a risky business, a loss is also a part of trading.
No one will be rich without hard work and smart work, Warren Buffet.
He is a smart investor who is rich because he invests in assets that are potentially profitable.
You should remember that 90% of traders get failures, most of them are lack of discipline, planning, training, lack trading systems, and poor money management.
If you don’t want to get a failure, then you should adjust your trading using a demo account.
Until you really find the profitable side of trading on your ability.
Making forex as a part-time business
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One of the advantages of the forex business is the flexible time because the forex market is open 24 hours 5 days a week.
Providing opportunities for all traders even if only a part-time business.
This is also more profitable in terms of risk if you still have other sources of income, so you still have another income if your trade gets fail.
There is still have a source of income that you use for shopping to buy cakes and bread to eat your daily life.
Although it might be possible to get forex as the main job, in this case you certainly have to consider your ability to trade.
If you are still a loser, making forex as the main job is like you going into a monster’s house if you let your guard down he will pounce from behind without you expecting.
In the forex market, there are many currency speculators.
Your first capital should use money that is already prepared on risk assets because forex trading included in a high-risk asset.
If you have 1000 $ ready as trading capital, you must be prepared with a strong mentality, because if your first trade fails for only a few days, it will hurt your heart.
Therefore preparing skills on a demo account is mandatory, before starting with your real capital.
How to start trading demo account?
The way to open a demo account is very easy, almost all brokers provide demo account facilities for traders, of course with the aim that their clients try a trading platform that supports brokers, and finally when they are ready to be able to use a real account.
If you are not yet registered with a TenkoFX broker, to open a demo account you need an email address to register.
If you are already registered then you can follow the steps that have been determined.
You must also download the Metatrader 4 trading platform to try to log in to the demo account, in this case, you choose a demo server that different from the server on the real account.
If you choose the server for real account with your demo account number, hence you can”t.
To download MetaTrader Platform you can take from this page.
For novice traders, practicing with a demo account is very important as an initial preparation before swimming in real trading.
If you still fail on a demo account, then if you force yourself to trade a real account, then what you get is a failure anyway.
If you have gone through a demo account for about six months with good results, your trading performance is good, results are also good, then this will give you a plus value when starting to trade on a real account.
The difference is only about psychology, when you learn with a demo account, emotions may not be involved in it, but when you start trading a real account, emotions will usually be involved, and this is a matter of trading psychology.
The demo account is free trading without charge because it only uses virtual money, but market conditions are the same as real market conditions, you can adopt various trading systems and strategies and try for free on a demo account.