You should only trade with a forex strategy that you've proven to yourself. One of the most important tools you need to learn how to use, even before you start trading at any level is how to use the trading platform. We offer a free forex video tutorial that shows you how to set-up and use the MT4 trading platform. There are people that open a live account, get into a trade and do not even know how to close the trade. Then they want the broker to give them their money back, and make things even for them. Once you can use the trading platform proficiently you can move on to learning the trading strategy you are looking at. You should always practice trading to become acquainted with the indicators. When enough time has been give to simulated trading and the entry and exit signal are easily spotted then move on to demo trading. When demo trading play money is being used with live data feed and real time results. When the winning trades are happening more often than the losing trades, then consider opening a live account with real money. Use the 80-20 rule to determine the proper time to start live trading. At this point you may feel like you are a great trader but you now have to deal with your emotions. The best thing to do is start out trading with very small trades. If the amount of money you will lose on a single trade is uncomfortable to you, then you may want to lower the amount of money you have in the trade. For example: If you set your stop loss at 50 pips and you do not feel good about losing $50.00 on a one lot trade, then you could place a 0.1 lot trade which would give you a loss of only $5.00 if your stop loss is hit. If you feel comfortable with the $5.00 loss then it is ok to be in the trade.
