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    Thread: How do I know if am ready to trade live account?

    1. #1
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      Default How do I know if am ready to trade live account?

      Yes many of us believe we really have to go through demo account first in other to acquire good knowledge, and we are right about that, but after series of training and practicing, we will keep wondering, when are we suppose to start trading on real account? And am Sure many of us have several answer to this, as for Me I think our trading result on the demo will end the judge of that.

      Let's know your own opinion


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      Frankly i see that Demo learning is not enough to us to be ready for the trading on live account so i see that we have to take not less than 6 months learning at demo account to training on it and to prepare our selves with good plan and good strategy then we have to make the following :

      1- opening cent account with 10 dollar : this live account will be to continue our learning on it because on demo account we trade without any emotions so we need to continue our learning at real account by making 10 dollar deposit ( 1000 cent ) to trade with 1 cent per every trade to training on the control on emotions .

      2- try our experience and knowledge on the real account : after we learn well at demo account we have to try our experience and knowledge that we got it from demo on the real account with our real money in cent account .

      3- success on cent account : i see that we will be ready for the trading on standard account with not less than 500 dollar when we success on our trading at the cent account .

      so i see that we have to be ready with good learning on demo account and cent account then we can trade with big investment without any problem .


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    6. #3
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      Quote Originally Posted by sonibark View Post
      Yes many of us believe we really have to go through demo account first in other to acquire good knowledge, and we are right about that, but after series of training and practicing, we will keep wondering, when are we suppose to start trading on real account? And am Sure many of us have several answer to this, as for Me I think our trading result on the demo will end the judge of that.

      Let's know your own opinion
      Only practice in demo account will decide we will makes profit in live market or not, we must do practice at least 3 months on different currency pairs learn from online resources and makes a strong mind for live trading. this business is too much risky when we can enter with good trading skills also have good trading plan with good money management also have technical and fundamental analysis then making profit and achieved our goals will be very easy and we will work both long term and short term easily in live market.


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      Its totally upto the individual who are trading that they can tell whether they are readu for the live account trading because there are many factors such as the brave factor ,the experience and the skill parameters which actually give us the point and sign that we are ready for the live real fight .I saw many traders trading for many years in the demo accounts but when the real time of trading with real account and money comes they are afraid to take the challenge .

      Actually we should be positive so that we can easily handle the real money trading and for that its better we can go by a proper plan and strategy so that we can know actually when will be the perfect time to enter in the real experience zone.


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      You will know when you are ready to trade a live account when you make consistent profits in your demo account. Usually people hold demo accounts for several months. You should also make sure that you have all the acquired knowledge that is needed to invest. This could take several months to years of learning. I would practice with a mentor if you have the opportunity. You should also be able to read all the indicators, charts, oscillators etc. Some indicators include the RSI, Macd, stochastic oscillator, cci indicator, volume indicator etc. Furthermore, you should have the resources to search for economic data of countries.


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    12. #6
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      how do I know if am ready to trade live account?
      A number of ways.

      First, you must have understood the history of the forex market and the dynamics of the market. Then you should know the terminologies.

      Next you should understand the relationship of the various instruments to the dollar and to each other, as well as how news and other world events affect these instruments.

      Finally, you should begin able to analyse a chart, and place an order based on the analysis you've made.

      Armed with these, a test is made in demo, which of successful can be replicated live. The duration required to test this in demo varies from person to person.


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      To make sure you are ready for real trading you should take the right steps in learning and training and not rush to get into real trading
      You have the ability to evaluate yourself. You must make sure that you understand market movements and are able to analyze the market well and thus choose good deals
      Also you must have a trading plan and be committed to a good capital management
      You can try real trading in a small capital first , If you can succeed in this small account you can increase the deposit after that


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    16. #8
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      Well buddy. Firstly you need to practice in demo account first. You need to use virtual money that you are able to deposit in real account later. You need to practice at least 3 to 6 months before go to live account. Live account is way more challenging than demo account since in live account, you are using real money. Please ensure that you have prepared physically and mentally before go to live account. Many new traders fail to do so because they only want to make money. Their mind is only money and money and for this reason they are unable to sustain longer in trading.


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      If I were to ask, the best way to know if you are ready to trade live is to established a consistent success for at least six months in a demo account using a specific strategy using a realistic amount as if you are trading your real money, this is the very purpose of having a demo account is to trade as if you are trading your own money and once you are very confident of your trading strategy it is now time to move in live trading although their may still some adjustments but at least it may not be that big of an adjustments, I know for a fact that majority of traders jump to trading the market using live account without establishing first some good results in a demo account and this is also probably one of the reason why many fails in this market, if you rushed your trading you will surely lose more. Actually it is pure and simple logic, if you cannot make consistent profits using a demo account then it is no way that you can also make profits in a live account? but most traders ignores this logic and insist that he can make it without passing in a demo account and it will surely manifest in the results.


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      Prior to trading in the live or real account with real money we must have to learn some skills and understand some fundamentals of trading, some of them are:
      • Practicing in demo mode for a while.
      • Developing a strategy so that the trader won't have to do random trading.
      • learning money management is also important to survive in the market.
      • Having basic knowledge of fundamental and technical analysis.
      • Making sure not to invest all money at once, divide all money into at least ten parts and invest each part every time would be best.
      • Never try to copy other traders or buy signals online, it's a red flag for new traders.
      Yesterday's wins and losses are yesterday's wins and losses -- and the yesterdays are gone


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