after trading for around 2 months now,i think i am ready to go live.
but i am confused as to how much should i deposit.
the total capital i have allocated in my portfolio for forex is 2k$.
out of which i plan on putting 1k$ in account with forex megadroid.
so should i just deposit all 1k$ at once in my manual trading account?
If you dont know the answer to such a basic question you are nowhere near ready enough to trade a live account
hello gamer, welcome to the live trading!
This is my suggestion: deposit all the 1K ans start trading microlots (0.01). The reason of this is because live trading is total different that demo trading, and you will expirience some losses. So you have to try to protect your capital. Trade microlots at first and that way you will survive in the long-term
If at some point you are down 20%, that would be US$ 800, then deposit US$ 200 so you have again 1K. If you trade microlots, it will take you no less than six months to be -20%, but the advantage is that n those six months you will get a lot of experience and knowledgment enough to improve your trading. Is not the same to loss 20% in a week, than 20% in 6 months.
Hope that helps! 
If you’ve only been around forex for 2 months I doubt you’re ready to go live but that is entirely up to you. Some people are just naturally gifted at trading, most take at least one year if not two before they are good. Just something to think about. If you truely feel you are ready start small, say 100$. You can always add to it later if you’re doing good live. If you do bad, the most you can lose is 100$, not your 1000$.
I would say the opposite, I would go live right away, use the demo platform only to learn how to use it, but trade live almost straight off with 25$ and pennies a trade.
Demo trading gives a false sense of security… trade with real albeit a small amount money
Depends, he said he is “ready” to trade not that he is trying to learn via a live account. If he wishes to learn more then yes, open a small live account so you can get the feel of what it is like trading real money (part of the reason I said to start small and add more later). My thought was he was trying to go live, already thinking he knows how to trade (consistently), and make profit.
I do agree small live account trading is better for learning than demo trading though if the amount is too small you won’t feel the full emotions of a win or a loss.
Well, kiss your $1000 away to Megadroid, cause you’ll never see that money again.
Then with the remaining funds, put $900 of it into a bank account. The remaining $100 open up a micro or nano account somewhere, I suggest Oanda. From there, trade with that $100 and respect proper money management with it. If you lose the entire $100, deposit another $100 in.
However, if you’re respecting proper money management, you probably won’t lose that money at all.
Now at the point where you start becoming consistently profitable. And I’m not talking one or two good days, but rather two or three good weeks if not months, depending on how often you trade. Add to your existing account with the remaining $900 that you have.
So essentially, your building your account as your knowledge and experience with Forex grows. When you are trading with complete confidence and profitability, take a look at your entire networth, decide what you’re willing to risk, and toss that into your account account.
I do suggest starting with USD$1000.
A good enough of starting capital.
I would trade with a $1000. It’s enough where I take it seriously, but not too little where my life depends on that amount.
Whatever you put in make sure loosing it [U]all[/U] is not going to impact heavily on your life, like paying bills etc. The probabilities are very high that you will lose it after only 2 months demo trading.
Don’t mean to be mean, but the fact that your plan involves a robot speaks volumes about your confidence level concerning your own trading.
Be careful that a small string of successes hasn’t got you convinced that you can trade, short term trading results can sometimes be deceptive.
Moving from demo to live is an important psychological step on the path to consistent profitability, trusting your proven strategy is key but 8 weeks seems a very short amount of time in which to have gained that trust.
Best of luck whatever your decision.
I’d decide on an amount you’re prepared to blow and trade live with that. Blow your account then go back to demo for a bit.
That’s what I’ve done. Lots of people blow up live accounts in the early stages and learning to trade real money is an experience that will cost you. How much it costs you is up to you.
I’m learning most of my trading lessons through experience, I don’t expect to be trading a proper amount of money for at least a year from now and I’ve been at it 7 months now.
Blowing that account was something that changed how I approach trading and my percieved ability to trade. It was actually a good investment. Luckily it wasn’t an important amount of money.
I’d just like to add something about topping up the account. I have a rule in place for when I go live:
[B]Only add money to the account after a profitable month. [/B]
Another one is:
[B]If you lose 20% of the account stop trading live, go back to demo and figure out what’s going wrong and fix it before going live again.[/B]
You don’t want to be in a situation where you’re topping up an account that’s just hemmorhaging your money
trading microlots is the way to go when you’re on a tight budget…
Best Regards,
Matt Jones 