Hello, I received my approval for a live account with CitiFX. This is my first live account and would like the input from any of you that have opened a live account, and know what you are talking about.
Is there anything I should be especially aware of and pay attention to when first live trading. I plan on watching the demo and live account side by side to make sure they are fairly close to one another before creating a order.
Live is SEEMS a hell of alot different then demo
i always we do good in demo because it aint’t my money i guess…
NO ADVICE just go for it…its only MONEY Right? just don’t hang you ass out too far like i did in the beginning or you’ll lose
Was your demo 10K? I ask because if you think you are going to make 4-6K a week off of 10K then you are fooling yourself thats 40-60%… in one week.
Anybody can make 4-6K a week off of a demo thats 50k or more. No matter if you see the same prices demo or live, live trading never works out as good as demo, even if you stick to the same rules and dont make silly mistakes. It just isn’t the same no matter what anyone says.
My sincere advice is to trade 1 cent lots live for the first month, then slowly up your lot size and risk until you’ve proven your method to yourself and developed a win/loss ratio.
For a good trader 40-60% every month or two can happen when you get a string of winning trades. Honestly though, when you are first starting out it isn’t likely to happen.
Also, if you havn’t already learn about compounding wins. Then you’ll understand why huge percentage gains per trade (which also implies huge risk) aren’t really needed. You can compound a series of trades into huge increases with very reasonable risk.
If you think you are going to make 4-6K gains a week from 10K, do yourself a favor and dont trade until you learn money managment principles. It’s generally accepted that if you risk more than 1-5% per trade, you are overleveraged and joining the ranks of those most likely to wreck their account.
How much money for your first deposit 
?
Best luck to you.
Listen to ThePheonix, remember to risk 2% or less per trade. Perhaps since this is your first live account your should keep your risk minimal such as .1% until you get used to handling the wins and losses with real money. Also, dont forget to control your emotions, probly one of the hardest parts of trading.
Goodluck.
Something doesn’t add up here. To make that much trading 1 mini lot at a time would mean you are getting 4000-6000 pips per week? :eek:
just out of curiousity for future reference, when I want to open a live account I have to apply? What are the requirements?..im a student right now…
I’m not sure, there are financial and tax questions on the application. I think they want to make sure that you aren’t a compulsive gambler type of person and can take some loses without going broke.