well I started doing forex for about 2-3weeks now and im doing pretty good in the demo version. I started of having 50k in my balance and now its up to 80k. The question I have is when should I stop playing the demo version and go live?
any advice is appreciated thanks
Some of the members here will say go live as soon as possible, so you can get use to the psychological aspects of trading live.
My personal opinion is to add one more step before live and take a demo and run it down to as close to the real amount you will be starting with. This way you can see if you can be profitable with the real amount you actually have. A system that is good with 100k might really suck with only 500 bucks.
Sounds like you are on the right track. I would just suggest for peace of mind, trying the running a demo one last time with your trading amount and see if your getting the same results. If you are, there is no reason to prolong going live.
I am one of those who will tell you to delve into the live market as soon as you are comfortable with all the mechanics of trading and the platform you are using - but only with a [B]small[/B] amount of money. The idea, as kangi noted, is to get a feel for the real thing because until you have actual money on the line you won’t know how you’re going to react to it.
As for when you should finally commit to live trading once and for all, that when you have a solid trading method/system that you know you will stick to without fail.
thanks for the advice guy, I really like the idea of trying demo again 1 last time but with low amount because your right i will be starting off with 300-500 and see how well I go from there. Im just afraid that I been flukeing it thats all.
With all due respect, $50, 000 in a demo account is very different than $500 bucks live…Many people do great in demos only to fail live…You tend to take chances with demos that pay off that you would nevr do with real money…
Making 30k on a 50k account in 3 weeks is dangerous trading…Are you prepared to lose the same amount in the same time frame?
A good strategy is to trade demo with the amount you will go live and aim for surviving with a profit for 3 straight months. Until you have experienced the turmoil and gut kick the markets give you at least once a quarter you will be living in a “dream” world.
I highly recommend reading the book “The Psychology od Trading” by Steenbarger.
You will soon discover that with real money you will have multiple personalities. The personaility that got you into a trade, the personality for the duration of the trade, and the personaility of the closing of the trade.
All of these personailities will conflict, so you need a sound strategy that you will follow and obey. Otherwise you are just throwing money at the screen.
Good Luck and don’t rush.