Hello!
I was wondering if i am ready to trade with real money, what do you think?
How long do you recommend demo trading before trying with real?
ive been trading in demo for 2/3 months, first month adding as much indicators as possible, then learned PA and things went better. The results in the 2 first demo accounts were 50% between wins and losses, then in the third one (after learning price action, patterns, etc) i got 9 wins out of 10 trades, just luck? Or am i doing things right?
I am actually trading with binaries because you can start with $250, and i can start with that… if you have another alternative to binaries, where i can start with no more than $500 tell me !
I think you should complete the school while demoing, you’ve only done the first quiz so have lots to learn.
As you progress thru the school you’ll learn new ways to trade and develop a proper trading plan.
The number of trades you’ve done so far is way too small a sample to decide if you are ready to go live.
Hi eddieb ! Thanks for your opinion… I forgot to mention on the post that ive already completed the school of pipsology , i just didnt take the quiz, and i skipped some lessons like setting stop losses, risk managment, and things ive learned before. And with the number of trades, this is a new demo account i decided to open after ive completed the school, in total i have around 50 trades, adding the other 2 demo accounts, where i was just using indicators, theres like 20 losses and 20 wins… In this one i am using what ive learned in the school of pipsology, and is going very well, how many trades do you consider i need before going live ?
Assuming you have a trading plan in place, I would suggest 4 to 6 months of consistent profitable trading. Then open a small account and only trade micro lots (0.01) so you can experience how different it is trading real money.
Don’t be in a rush to trade, the forex market will still be there, however long it is before you’re ready
Im taking your advice eddieb. You are right, im having hard times controlling my excitement. I want to trade! But, will take at least 2 more months of demo, Thanks !
Do you have any opinion in binary options?
Don’t forget about the trading psychology differences between demo and live also, as this might have a significant effect on your performance. Just keep on practicing and aiming for consistency so that you’ll have no problems in shifting to a real account. Best of luck and keep it up!
I hold a different view. Demo trading is good but only as long as it takes to learn the platform your using. Personally I say go for it. Just do it. Demo n live trading just isn’t the same. $500 in a live account traded in 0.01 lots is alot of learning before increasing risk. And if you don’t have $500 to spare and lose it could be argued that you need to rethink your reasons for speculating.
As for binaries, been there, done that, lost. Maintaining a 70%+ win rate is tuff. You can be quite profitable maintaining a 40% win rate in the markets. Binaries sux people in who don’t want to learn money management.
Thanks everyone for your replies! For the moment i will still in demo, just to get a little more confident, and see if i can keep good results during more trades. Ill review my take on binaries too, its true that maintaining such win rate must be difficult.
