Hi Guys
Im relativley new to the FOREX world, I have been studying FOREX for approximatley 1 year and still running through the BabyPips tutorials.
Does anyone have any advise on how to efficiently transition from demostration accounts to real accounts? I.E realistic account size, hours of training prior to real trading, specific trading platforms and brokers? I currently trade a demonstation account with Etoro and intend to use them for my real account.
Any advice welcome.
Thanks
best is to use the demo account where you will use the real account later, so you know how the broker and the platform works
i think there is no “realistic account size”, it vary for people
hours of training also vary, important thing is to use demo until you are confident and until you can make 200/300 trades without losing money overall, does not matter how long it takes, some people do this slowly, others do this very slowly, nobody does this quickly
i do not know etoro
good and helpful to use good platform like sierra or ninja, but not essential
spot forex brokers expect their customers to use mt4 (it’s really not so good i think)
All I can say is, develop a trading plan, practice it on paper, continue it on real, and don’t deviate from the plan. Include maximum risk and risk to reward targets. Good risk to reward is probably the most important thing in trading. I agree with Piperazine about mt4. I would not trade with it.
i find this little thread about metatrader4, and i am agree with the negative comments about it, in this thread Is Metatrader really necessary?
It’s a much different psychology using real money, so transition slowly. Just because you have thousands to dump into your account, for example, doesn’t mean you should do it. Start with a few hundred, or whatever your broker’s minimum is. Don’t buy the “gotta have a big account lie.” Of course, it’s perpetrated by the brokers who want you to trade big. By starting with a tiny account, you only lose a tiny amount. Your goal right now is to trade in micro-lots!
When I say this to new traders, they invariably ask, “If I’m trading so small, how am I going to make a lot of money from trading?” The answer is you’re not. Your job right now is to learn how to trade really well. When you get to the point where you are consistently profitable with tiny amounts of money, the big money will eventually follow.
Us retail traders all want to make the money that a brain surgeon does–and maybe a little more. But would you let a brain surgeon operate on you after he took a one-year “course” online? I wouldn’t. This person has to first put in the many hours to learn the skill required to be a proficient doctor. The same goes for professional traders.
Learn to be the best trader you can possibly be. When you accomplish that, the money will follow.
You play like how you practice. You react like how you train.
Develop your trading plan, then plan your trade, then trade the plan. All while in demo.
If you are consistently profitable for six consecutive months in demo, then deposit real money and continue EXACTLY THE SAME as you did in demo. As your account grows then the only thing you’ll change is position size.
Well, you have to use demo service for a long time (until you can make your trading confident for real trading)! Besides, try to use low trading capital in the demo, it helps to learn and practice!
When you manage to be profitable on demo account for three consecutice months, the you should try live account with small amount (few hundereds usd). When you are comfortable live account (with small amount) than you are ready for live trading 