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

    1. #21
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      I think you should not be worried about thinking when the right time to trade live because there's a cent account for that matter. It's really hard to be patient because we are talking about money and all of us are easily carried away by our greed. The only thing you can do is to use a demo account and try as possible to trade it for at least 6 months so at least you can learn the basic of forex market before shifting to live account. If you can manage to earn decent gain or doubled your demo account then I guess you're now ready to use a live trading account. Sometimes funding an account is expensive but you can find a broker like Instaforex that offer No Deposit Bonus.


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    3. #22
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      As a trader it is very right to have a deep understanding of technical analysis, fundamental analysis and the psychology of trading. With these he should be able to develop his own working strategy which must have stood the test of time by producing profits on consistent basis for the period of about six months or more. Along the line adequate records must be taken in order to do evaluation at the end of the day. This must have been done with a demo account. If this has worked out well with trading journal in place and determination and discipline to succeed then you are surely ready to trade live account and succeed.


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    5. #23
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      You don't need to be sure you are ready to trade before joining this business the first thing which stands as utmost is passion, this is where many traders are not getting things well, if you are passionate about forex trading, that is the very first requirement that tells you that you are practically prepared for this business.

      The next requirement is patience, anyone that does not have this will lose his accounts no matter how much he had invested therein, once you can have these two things alongside others that will come along the way, that means you will succeed. Let's remember also they money Manish another key thing which everyone must also give priority.


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    7. #24
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      this can only be answered by yourself. This is because we only know the extent to which knowledge is known, how our ability to manage finances and how we can control our emotions during trading.

      However, in our perspective as a trader. We know if we are ready to execute live trading accounts when we have been successful in trading in demo accounts. there are also a handful of trades with small capital in live accounts to experience the experience before depositing larger numbers after they feel ready.

      for me, we are actually ready to trade in live accounts when we already have this factor; -

      1. capital
      2. the desire to carry out trading
      3. willingness to loss
      Forex+learn+knowledge+experience= make money


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    9. #25
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      Demo trading and live account trading is not the same thing. When you demo trade you trade with free mind but when you trade with live account you with have to control fear, emotions, greadness and money management. You trade with leverage on live account but on demo account it doesn't have real affect your trading psychology. Although demo trading is good for newbies but they should not stay longer on demo but trade with micro account with lowest lot to test their capabilities.
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    11. #26
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      There are factors or things you need to see in you for you to know that you are ready to handle live account successful. Trader who is ready to trade live account will access his/her performance in demo account for not less than six months. If he/she has made constant profit in demo account for this period the trader can start live account.
      Trader who intend to trade live account should access how deep knowledgeable he/she is in the market.Beside knowledge ,the trader experience count very well .These are important because without them the trader will fail. Another factor is emotion, a trader who is still move by emotion is not qualify to trade live account.


    12. #27
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      First of all you should open a demo account with initial capital $100 then you should follow your strategy making regular trades. Keep diary with you to note down your key level points learning points and mistakes you must follow strict rules to manage your account you should trade on this account for more then 6 months or upto one year period.suppose after 6 month your equity is more then $100 its mean you are able to grow your trading account now you can trade on live account with same principles if you are not able to grow your account then it is better for you to not start live account trading


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    14. #28
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      You need plenty of time to practice before you can be sure to be ready for this business, the challenge we often see is that people want to earn but are not even willing to go any extra lengths in the achievement of their goal, your level of preparation is shown by how well you have handled money management.

      Someone who trades without this has already failed, one more thing that will assist you to know that you are ready for a live trade is the assessment that am older forex trader does for you, there must be accountability in this business, someone who is matured enough should give you valuable advice which must be strictly adhered to, anything that makes you feel you have arrived all by yourself is probably a lie.


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    16. #29
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      The demo account is supposed to be the first thing that should be learnt, this is where we are to learn about some elementary things that concerns this business, but today, that understanding is almost none existence with many people, now taking into cognition the rate of margin call, does it not stand as a common sense that people should learn? Answer is no.

      Before you can he certified as fit for the live account, check your attitude towards risk and money management, if it is very low, that is a sign that you are ill prepared and e the live trading account, but when you see the barometer is very high, you are definitely good to go here. Although we cannot learn virtually everything from the demo account, an attempt to do this will be an exercise in futility. Plan well before you set out for anything, you will save yourself many stress that way.
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    18. #30
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      There are Some Factors to Judge Your Preparedness

      A trader must be well prepared before going to trade. Good preparation will ensure good profit from the beginning. But question is how a trader will realize whether he is well prepared and ready to go to his live trading. There are some factors to understand oneís preparedness. This is not a difficult task and doesn't take much effort. I wonít suggest you to rely only on demo account, I will suggest you something more. Letís see whether you are prepared or need to have more exercise.

      Your Demo Account Performance: Since you are going to invest in Forex market, you have already opened a demo account and traded there for enough time. Now overview your total performance. First of all, keep aside all the trades that you did by your imagination. They donít reflect on your real performance. Now analyze all the trades that you did according to your strategy. See the percentage of success of your strategy. If the percentage of success is satisfactory (above 80/85%), you are almost ready to go to live trading.

      Justify Your Strategy in Several Items and Several Situation: You have already known the effectiveness of your strategy. Now apply this strategy to several item in several situation. If they are still effective and profit making, your strategy is also ready to go to live trading.

      Take a Challenge of just $20 to get more Confirmation: Demo account has a great disadvantage that Traders canít be enough serious while trading in Demo account. For that, you might not get real conception of your preparation from demo trading experience. Invest $20 in your live account and take a challenge to make it fifty in a reasonable time frame. By that time, if you can make it $40, you are prepared, if you can make it $50, you are nicely prepared and if you can make it $55+, you are highly prepared. I think this is the best way to know your preparation.

      Your Confidence Level: Now its time to judge your mental preparation. Think of your confidence level. If you think you are really confident to start trading, you are completely ready to be a trader in Forex Market.

      Donít compromise while justifying your readiness. It is better to be late than to be devastated. Trading without preparation is like fighting without weapons. Be sure from all the context to be sure that you are ready. No confusion should be compromised.


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