The next stop...

[Barbarian]

Hi Independent Investors

I am somewhat new to Forex trading. I have quite a decent knowledge about trading currencies using different books. I have learnt how to open a position and close it and did research about the tools used in trading such as limit orders, stop losses, guaranteed stop losses. I have traded using demo account with City Index and did alright placing few trades. I did not use any indicators or any strategy whatsoever. Trader am I or a gambler, I don’t know about that!!!
Is that all it takes??? Am I ready to start trading live account now? Is there anything else I should learn before proceeding to the next stage?

Thanks in advance for your feedback

Happy New Year

[Sascha]

Good that you did your research and homework. Some traders, actually some Gamblers try to strart trading without even knowing what's a stop loss or limit orders... But you still need to learn how to work with strategies (in my case i use scalping for forex) you need to know about the support and resistance, technical analysis....You are half way mate and you're doing great
Try to chose a good broker, you said you traded the dummy account with City Index, if you're happy with them then you can carry on using them, and if you want my opinion I would suggest IG...

Good luck mate

[Barbarian]

Thanks a lot Sascha for your feedback, support and resistance level is when the price reach a limit and it is ready to go down or vice versa...? I think City Index is a good broker, I read some customer reviews and they were satisfactory... can I have two accounts at the same time though???

Thanks

[Black Swan]

Hi Conan the barbarian, I liked the movie...

Well, I am not going to comment on your broker choice as I don't really know anything about City Index...

The support and resistance is exactly how you describe it and in more depth; Support level is a price level where the price tends to find support as it is going down. This means the price is more likely to "bounce" off this level rather than break through it. However, once the price has passed this level, by an amount exceeding some noise, it is likely to continue dropping until it finds another support level. Resistance level is the opposite of a support level. It is where the price tends to find resistance as it is going up. This means the price is more likely to "bounce" off this level rather than break through it. Hope this helps

[Lucky]

You need to have a trading plan and strategy.
You know the saying: Failing to plan you plan to fail?

[Storm]

Chosing the right broker is one of the important things in spread betting...I am not quite sure City Index is the best broker, but like sascha mentioned, if you're happy with them then it's your call mate!!!

Good luck