Transition into live trading? - Page 2
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  1. #11
    Join Date
    Feb 2016
    Posts
    147
    Quote Originally Posted by theCyberGuy View Post
    Hello People,

    I still have to learn the exit (one of the most important thing)
    I agree with you that you have to learn when to exit the market as it is one of the most important thinks in technical analysis. I suggest you to continue trading in a demo account until you feel safe with setting stop loss and take profit and then start in a live account.

  2. #12
    Join Date
    Jun 2016
    Posts
    214
    Quote Originally Posted by theCyberGuy View Post
    Hello People,

    I have been going through the school of pipsiology as well as forums. I am also trading on this specific demo account for a few days now. I still have to learn the exit (one of the most important thing) and refine my money management. But, I believe that the money management heavily depends on my win-rate. I have been learning and trying things simultaneously, out of 80 placed trades I have 73% win-rate. Although i am not sure how to count my win-rate since I was waiting for one losing trade to flip in my direction but then i lost hope and closed it. That was a big loss.

    So here is my plan, from tomorrow my target is to pull out 10 pips profit out of the market each day with 1 pip per trade. And so that should determine my win-rate properly.

    My question is, when do you guys think that I should start trading with the real money?
    Quote Originally Posted by theCyberGuy View Post
    To get the taste of the real money, i would suggest that many brokers offer no deposit bonus. Like fbs (dot) com... they give out bonus without verification so you can get it again and again on every new account if you blew one. its a little tricky to take out the profit but it is yours eventually.
    You should start trading live when you feel enough ready for it. If you are tempted by the bonuses that some brokers offer then perhaps you should reconsider the fact that you might still not be ready enough. Try to be disciplined and don't let fear or greed be your advisors. You could try with a micro account first to see how it goes but don't push too hard to grow the profit fast as it does not work that way. Test your strategy on demo first and then check it on live (but make sure that the broker offers same conditions for demo and live accounts). The transition might seem hard but it is not impossible

  3. #13
    Join Date
    Jan 2017
    Posts
    39
    Quote Originally Posted by sebastiano View Post
    You should start trading live when you feel enough ready for it. If you are tempted by the bonuses that some brokers offer then perhaps you should reconsider the fact that you might still not be ready enough. Try to be disciplined and don't let fear or greed be your advisors. You could try with a micro account first to see how it goes but don't push too hard to grow the profit fast as it does not work that way. Test your strategy on demo first and then check it on live (but make sure that the broker offers same conditions for demo and live accounts). The transition might seem hard but it is not impossible
    Even when we think/feel we are ready, I would advice any new comer to start very small and increase their lot by the progress obtained.

  4. #14
    Join Date
    Nov 2011
    Posts
    400
    Quote Originally Posted by GerhardtW View Post
    I agree with you that you have to learn when to exit the market as it is one of the most important thinks in technical analysis. I suggest you to continue trading in a demo account until you feel safe with setting stop loss and take profit and then start in a live account.
    Until one is not fully learn basics of trading as well as some months of demo practice he should not go to live trading. He can do trading on technical and fundamental analysis on demo accounts. see how much he is good in funds management . He should be able to take and manage risk too.

  5. #15
    Join Date
    Dec 2015
    Posts
    513
    In my opinion it's best to move onto a live account after you start profiting on a demo account consistently over a considerable period of time, such as weeks, even months.

  6. #16
    Join Date
    Nov 2016
    Posts
    45
    Quote Originally Posted by theCyberGuy View Post
    Hello People,

    I have been going through the school of pipsiology as well as forums. I am also trading on this specific demo account for a few days now. I still have to learn the exit (one of the most important thing) and refine my money management. But, I believe that the money management heavily depends on my win-rate. I have been learning and trying things simultaneously, out of 80 placed trades I have 73% win-rate. Although i am not sure how to count my win-rate since I was waiting for one losing trade to flip in my direction but then i lost hope and closed it. That was a big loss.

    So here is my plan, from tomorrow my target is to pull out 10 pips profit out of the market each day with 1 pip per trade. And so that should determine my win-rate properly.

    My question is, when do you guys think that I should start trading with the real money?
    I had this same plan when I started using a Demo account. The plan was to find a trading strategy that could give me at least 5 pips per day. I tried for 1 week and got more than 10pips on a daily basis trading without any pattern or strategy.

    What I did was find a pair and identify its current trend. If it is moving in that direction during my watch hours, I'll just place a trade and pull out after a few pips. It is more like a scalping strategy, but trades last more than 1 minute, sometimes 3 or 5 mins. I raked in good number of pips for that week.

    I thought I was ready and made small deposit to a real account. But then I realized a real account is different because there are other factors at play. How did I do in one week? ...not a good end.

    Lesson: Identify the difference between a demo and a real account. Not just the money. See how you can apply good management skills and emotional control first.

  7. #17
    Join Date
    Aug 2015
    Location
    Singapore
    Posts
    201
    There another simple way to get pips is using bb. If u only want to take 1 to 2 pips per trade, and this is best for u. Bb outer line is the guidelines. If when price action example up n pass bb it sure will pull back. That just Scalping from there. When the price pass bb, and but remember... The price hv to b higher than the can trade, and if pass bb by abit only don't place order.

  8. #18
    Join Date
    Apr 2017
    Posts
    2
    How to make money through trading?

    Studies cutting-edge trends.

    Choose a buying and selling website. You can search in google. "Keyword" forexsignals, bestforexsignal hotforexsignal,usaforexsignal,forexsignales,tradef orexsignals, etc.......

    Create an account with one or extra buying and selling websites.

    Exercise trading before you put real money in.

    Pick reliable shares.

    Purchase your first shares.

    Invest mostly in mid-cap and large-cap companies.

    Display the markets each day.

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