Thinking about going live

[hermawati]

yeah demo account can improve our skill on trade, but it waste time our time there..
You should follow demo contest, so you can lear and got the prize...

 

[Rambo35]

yeah demo account can improve our skill on trade, but it waste time our time there..
You should follow demo contest, so you can lear and got the prize...

That is just terrible advice in my opinion, terrible but popular.

 

[safitri]

That is just terrible advice in my opinion, terrible but popular.

Why do you think its terrible advice??
I think that with prize, we can have spirit to learn more harder than using virtual money...

 

[Rambo35]

Why do you think its terrible advice??
I think that with prize, we can have spirit to learn more harder than using virtual money...

That is not how traders think, that's why. Allow me to correct my statement:

It is terrible advice for those who actually want to learn and succeed as forex traders.

 

[patjr]

Remember the little things before going live.

1. PATIENCE is the KEY

2. A Junior Trader hired on at the bank must have 3 profitable months in a row, in a demo before they are allowed to trade the bank's money. Treat it like it's REAL

3. It is a proven fact from IBFX that 95% of new live accounts will deposit and lose $10,000 TWICE before they quit.

Make sure you are ready.

Pat

 

[rrayne20009]

Having a demo account first is good before going live.I think forex is like a poker game.Know when to call and know when to fold.

 

[Rambo35]

Having a demo account first is good before going live.I think forex is like a poker game.Know when to call and know when to fold.

I think you have no idea on how to trade successfully.

 

[rrayne20009]

I think you have no idea on how to trade successfully.

Yes I am a newbie,but I what I meant is to control your emotions when trading.
Traders who cannot control their emotions will rarely make any successful trades.The real obstacle to long-term success in poker is not the difficulty of the game - it's being able to control your emotions

Please correct me if I am wrong.I shared a link to an article about controlling emotions in forex.
http://daily20pip.com/forex-tips/dont-let-emotions-control-your-trading/

I am not an expert,in fact I came to interract to enhance my knowledge,so peace,brother.

 

[Rambo35]

Yes I am a newbie,but I what I meant is to control your emotions when trading.
Traders who cannot control their emotions will rarely make any successful trades.The real obstacle to long-term success in poker is not the difficulty of the game - it's being able to control your emotions

My reference was not about emotions, but rather about you thinking that trading is like poker. I think that is the wrong mindset to have.

 

[lee.belisar]

Reading from various Forex posts about demo account and live trading account, I learned that doing a demo is good as long as you know when to stop and never prolong using such type of account. Doing a demo account for a longer period of time can lead you to taking to much risk and being to emotional in trading. Additionally, in demo there is no real money involve, you can trade as you want even if you loss as much already. But when it comes to live trading, it's another story. Here, your funds rely on you. Wrong move and you can lose them all. So what is suggested is to begin live trading using a smaller amount as not to lose more money as the live trading goes on.

 

[gerski]

Agreed that their is a lots to be learned in forex,demo differs from that of actual trading basically with regards to actual money involved.But in a way demo helps us before going into live trading,we can start to go on live trading if we feel and confident already that we can move to that following stage and ready to lose an amount that we are going to invest.Cause if not i dont think its a good idea at all to start trading live.

 

[triplet]

Going live is a huge but great step. Its like stepping into the real world. You will learn alot but it is better to start small until you have enough experience and skills to beat the market and start making consistent profit.

 

[Ary Barroso]

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.

This is why, I started my live trading with the cent type live account after practicing my demo account! I used that cent account for 2 months then I started my live trading with the full flow! Really, there have few technical differences between demo and live!