Thinking about going live

[Best Forex Reviews]

There is a difference between demo trading and trading with real money. It's an emotional difference.

Drive down the road, throw a one-penny coin out of the window every time you go through an intersection. It's easy! That's how demo trading feels, when you take a theoretical loss.

Drive the same road, but this time throw 100 quid out the window at every intersection. Do you feel like you want to stop driving? Perhaps you want to avoid intersections? That's the way it feels to endure real losses with real money.

4 weeks is not really enough time to learn everything that there is to learn. You will probably learn a lot more in the next 4 weeks of trading with real money.

My recommendation is to be very careful, control your risk, trade small and build up over time. If things are not working out, stop trading with real money until you know what needs to be fix.

[fxp]

Take this as a rule of thumb: Only after 50 trades in which you are 50% correct and at least +20% (risking +1% per trade) you are ready to go live. Not a minute earlier.

[Tradorama]

You must trade live. Even if it is on 1 cent each trade, you must trade live. Trading demo gives you false confidence and you never act like you'd do on LIVE account.

[Forexcube]

Return on Investment (ROI)

5 x 0.2% = 1%

When you trade just now e.g,. EURUSD,... traders could make Enters and Exits.

When you set your Exits at 6.-$ Profit, so you earn with a 3'000.- $ Account 0.2% with every single one of them.

To keep repeating this the fifth time you carry out a ROI at 1%.

Experienced low risc profit trading styles might setting a target at 0.125% (of deposits) per day.

If you will make more money per day, you could pay off the deposit and after all this time you trade only with your profits and will be up to diversify your Coping (trading styles)

:-).

Kindest regards

[Forexcube]

Picking a winner?

Being stopped out of a currency trade several times means that you have losing trades in a row. They ended up as losing trades because of a change of direction in each market rather than poor execution and that is important to know. When that happens traders automatically go into a different analytical frame of mind. Early in s.o.'s trading career, you would be anxious to get that money back so you would move down to a shorter time frame chart and trade away. After a while, it became obvious that this "revenge trading" resulted in more losses rather than gains, so you stopped doing it. Now you move the other direction in that you look at the daily chart to see what is happening. You assume that the wave structure on the 4-hour chart has played out and that we should start looking for a correction on the daily chart instead. So you pick a pair that offered some solid trades and use that as your benchmark or "scout" if you will on where the markets want to go from here. You are using e.g. the EUR/GBP daily chart as that shows a potential buying opportunity. If the trends are to remain intact, this market should reverse at some point here and start to move back up. You have a trendline and Slow Stochastics plotted here to offer another way to judge this countertrend move. There are other pairs in similar situations with the USD/JPY being one example. But the key here is to get a better feel for this move and it's strength. If this is the beginning of a trend change, the market will move right through this trendline and continue to move down. At that point, you have to exercise some patience in waiting for the next trading opportunity. If you see the EUR/GBP find support and start to reverse, this could be a solid trading opportunity with a chance for a big gain. But this is the time to back off a little so we can get "in tune" with the market instead of forcing a trade. The market will do what it wants to do in spite of what we want. It is important to remember that.

Kindest regards

[markcrisp]

When you have researched enough, jump into it. If you fail the first time you can only learn from it!

[bestforexpartners]

Its great that you you finally think about earning successfully in the forex trading market, you would ultimately have to enter into real money trading. Such practices are good for being knowledgeable and learning the fundamentals, but you will come to know about the actual market scenario only when you practically trade through your real account. Hence, practice yourself and when you feel that you are capable enough to win the real trading market, step into it and win.

[j'ai]

I must be one of the odd ones then lol.

I'm worried about going live as I treat the demo as if it was real, I get excited at winning and get upset at the losses, especially when I've spent ages analysing a situation and deciding buy only to have got it completely wrong and it drops like a stone.

I'd have to win big if only to pay for the new monitors each time I get it wrong hahaha.