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

    1. #31
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      There are lots of way to know now you are ready to trade live account, for that you have to take few step for becoming successful trader and know better yourself. First of all you have to practice a lot to courage yourself that you have to be pro.You need to commitment with yourself you will learn a new thing everyday it might be new way to read market or guess trend whatever u can.You have to strict with your discipline and trade according your session.More well maintain and discipline beyond yourself one step closer to your success and courage yourself that is the time you wait for and you will know better that now the right time take trade on live account.But never forget that u have to be strict with your trading strategy and trade according your strategy.Sometime your strategy might fail due to some reason but still doesn't mean it's not work so don't switch your strategy to another this is the common reason to put u down and don't let you go in live account.Mostly i'll mention don't get rush on trading it can amiss yourself to trade on right way & once u get down it never inspire to go into live.
      Hopefully this one helpful for novices if they follow.Thanks!


    2. #32
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      Default Re: How do I know if am ready to trade live account?

      Quote Originally Posted by sonibark View Post
      How do I know if am ready to trade live account?
      Demo account is the mother of getting success in Forex market. Without demo experience it's quite impossible to get success in Forex market. At least 1 year demo experience is mandatory to get success in live trading account. Confidence is an important part for a Forex trader. Basically without confident a trader couldn't win any trade. If you are afraid of losing money then you can't prosper in Forex market. At first you have to remove this afraid nature from your trading plan. Never become hopeless while trading in Forex market. Many trader becomes so upset after facing some continuous loss. It's really a bad things for a Forex trader. When you can easily predict the market and able to trade with brave nature then you should consider yourself ready for trading in live account.


    3. #33
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      Default Re: How do I know if am ready to trade live account?

      You will know when you are ready to trade live forex account from your past performance while trading demo forex account. When you can make consistent profits from demo forex account over a prolonged period of time, you do not need a consultant to inform you that you are ripe for live forex trading.

      The journey towards trading live forex account starts from learning the rudiments of forex trading, to possibly full blown forex trading course. But that is still just the beginning. All courses prepares you for demo forex trading, where you acquire the practical experience that will provide you with the wisdom to know what works, and to what extent it does. When your demo trading performance has reached a level where you can confidently make consistent profits, then you are good to go.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


    4. #34
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      Default Re: How do I know if am ready to trade live account?

      There are many ways we can know whether we are ready to trade in the live account or not, i think the first place to know whether we are ready to trade in the live trading account is through our trading result when we are practicing in the demo trading account.
      i think many traders makes mistakes by measuring their progress in the demo account by the amount of money they make when trading in the demo, if we are to know whether we are doing well in demo, we need to measure our progress by the amount of pips we make in the market, by doing this we will know whether our trading strategy is working fine or not, but sometimes money can be deceiving.


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    6. #35
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      Default Re: How do I know if am ready to trade live account?

      I think this is a very good question, how odes a trader knows that he is ready to trade a live account?

      The answer is there is no special factors or special signs that a trader would recieve to know that he is fully ready to dive into the live trading section. Actually there is no end to acquiring forex knowledge, the process of learning is continuous even in the live account trading. So for a trader to know that he is at least prepared to go into live account:

      Firstly he must have background and the basic knowledge about forex trading, this would help him navigate the market easily and be able to execute orders without making mistakes. Secondly he must have develop at least one trading strategy which he must have test over a period of time using the demo account to see how best it works and how he can utilize it. And lastly he must have learned and beware of all the factors that can ruin a trader's career, factors like emotions, greed, high lot trading, trading without defined stop loss and take profit, e.t.c.

      Having these necessary requirements then a trader can be deemed fit to start a live account trading and other learning would continue in the live account.


    7. #36
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      Default Re: How do I know if am ready to trade live account?

      When you are ready for a live account you will know it inside of you. This is a stage that is being attained after undergoing a rigorous process of learning and practising. It is widely believed that a trader should spend between 4 to 6 months practising on a demo account before going live. After you might have learnt a trading strategy and you are sure of its viability, you are thus expected to put into practice. Learning a strategy boils down to the type of knowledge and the amount of it available to you. This can be through any available medium to you. It could be through YouTube, PDF books, seminars or any other mediums available to you. Learning a good strategy is important for profitability. When you put into practice all what you have learnt into practice and you begin to make consistent profits on a demo account for up to 3 months, then I think you are ripe to go live.


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    9. #37
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      Default Re: How do I know if am ready to trade live account?

      If you are good in your Demo trading account and making some good targeted trades in profit. Then you should consider to work on Real trading account. Just keep in mind that you should fully ready to analyse the market and have done the proper trading strategy to achieve the goal.


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    11. #38
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      Default Re: How do I know if am ready to trade live account?

      The fact is that most traders make this mistake of invest their hard earned money on a real account without taking their time to trade with the demo account in other to acquire the skills and that is most of them lose money when they go straight to invest real money in their live accounts. So that is why it is very important for a newbie traders to first of all trade with the demo accounts first before they invest real money. Trading with a demo account can be quite boring especially if you have been trading it for a month but at the same time, it really helps because it sharpens your trading skills.
      So before you are ready to trade with a live account, you have to be sure that you are making money consistently on your demo account or that your strategy is making you money consistently. I used to hear this saying that a trader can make money consistently on a demo account but immediately he invests real money, he starts losing and that is because when you are trading with the demo account, your emotions are not attached to it cos it's virtual money unlike the real account. That is why a trader has to invest a smaller amount which will enable to trade with a relaxed mind.


    12. #39
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      Default Re: How do I know if am ready to trade live account?

      You will know that you are ready to trade in the real account after you have prepared yourself through demo trading, although there is absolutely no guarantee that you will become successful in the market from learning with the demo account alone, that would mean that as a trader, many things are going to happen along the path of a real account, the best thing that will make you know that you are ready for the live account is your level of discipline.

      Most forex traders are not disciplined today because they believe in earning through a wrong means, when you are trading and you make losses, don't be alarmed because that is a normal occurrence that happens every now and then.


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    14. #40
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      Default Re: How do I know if am ready to trade live account?

      You will definitely know when you are ready to trade in the live account because forex trading is meant to be done with profits in mind, you cannot use the performance in the demo account alone to measure your level of preparation, sometimes whatever you learn through the demo account is grossly insufficient especially in the area of discipline.

      There are too many limitations with learning from the demo account, it cannot tell you how to control your emotions and many other factors that are necessary for the ultimate success that the forex trader requires, trading without money management is also an issue that should be settled before we can be sure we are ready to trade in the live account.


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