- Practice with the forex demo account initially
Beginners should leverage the demo accounts to check the waters and to practice the trading in an environment that is risk free. Often with the demo accounts, a trader trades in the replica of a trading environment with the virtual money, with access to the real-time spreads and the execution speeds. But, don’t stick with the demo account for very long as this doesn’t teach any money management skills. Once you’re ready to get into the live trading with the real money, start with the little and trade only one or maybe two currency pairs in order to get the feel for things.
6. Keep a track of your trading activity
Track the daily trading activity of yours and the results, irrespective of what skill level you have. It is a great habit to adopt as it lets you monitor, evaluate and analyze the successes and failures. Also review the records regularly to know what’s working for you and what’s not. Remember that a little effort every day will amount to something which will be beneficial in a long term.
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