Just looking for some input from some folks who have been trading live or trade regularly. I am thinking about breaking the ice into live trading in early 2008. I am 22 years old, next year i will make close to 100,000 dollars over the full year, but won’t be spending a whole bunch of time in front of a computer, i have been working on my own system and have been profitable for about 2-3 weeks now, i follow my system very strictly. I know this is only demoing but i plan to do the same when i go live.
My plan is to start small on Oanda i tihnk with a $1000 account, and only trade 10000 dollars (mini) at a time, for a $1 pip value on the EUR/USD and GBP/USD. The small start is to break the ice and get the feel for trading live of course. I plan to then up the account after 2008, maybe around $10,000 but i have a full year to decide this and things may change.
Just wondering if any regular traders or fulltime traders out there would agree with this as a good way to start, or any suggestions on any things i may want to also consider before i get into this. Eventually i would like to trade for income purposes, but am not going to quit my job tomorrow or next year for that matter. Thanks for the reply’s as always guys and happy holidays.
It [B]is[/B] a good way to start. I am strongly in favor of folks getting a feel for live trading as soon as they have a handle on the mechanics of it all (with a very small account, of course). You’ve got your figures goofed up a bit in terms of trade size and pip values, but aside from that it sounds like a good plan.
I usually recommend demoing for a year because market environment changes all the time. If you don’t have the experience to adjust your strat quickly, your strategy may work against you if the environment changes and you don’t recognize it.
I think anyone who has their strategy locked down backwards, forwards, and has total confidence in it… should go live on a very very very small amount of money. Even that small amount will affect anyone pyschologically. Trust me.
There’s no better way to learn how to trade than going live, but only do so if you have your trading plan, trading methods, and money management plans down ice cold from consistent and profitable practice on demo!!!
yea definetly helps alot guys, i see you guys posting on here all the time so i will definetly take your advice, just wondering how long you guys have been trading?
