i have been trading successfully(i hope) with my new style of trading( swing trades) which has been good for me as far as i m concerned. i have started with the $10,000 demo account and as of today i have managed to make it $17,200 in no more than 27 days(probably two weeks of trading coz i cant trade everyday).
i have become successfull with my new trading system. i did try systems like cowangunga etc… but i realised that day trading is not for me at least for now.
anyways, what i wana know from all you experienced traders that is one month plus 1+month with my last system which didnt give me any profits is enough to start a live account with real money???
or do i have to keep on trading demo account with my new trading style.
any suggestions are welcome and highly apreciated.
One month probably isn’t sufficient for someone who isn’t day trading. Just not enough trades or exposure to different market conditions.
That said, if you can do it, you should try putting a very small amount in a live account and give it a go. I say that because you’ll find live trading very different, and it will help you along the developmental process to incorporate your response to it into what you’re doing.
and i i forgot to mention that i have been trading alot. i have just counted that i have done 98 trades in just over two month. obviously the first month was not successfull because i wasnt doing well with my day trading style.
thanks alot guys for the replies. keep it coming. the more the merier.
How many trades have you done with your swing trading style?
You are not ready because you can’t answer that question. Get a journal going and try to trade for at least one more month. In the long run you will be glad you did versus jumping the gun.
thanks for the reply mytwopips. i personaly think i need more than a month to trade live. as far as the swing trades are concerned its 30-35 trades. anyways, i will keep on trading the demo account and b more confident in my system.
Hey everyone love the site! Just awesome. I am working my way through school and should be done soon!
Anyhow, YUV I was just curious what type of trading style your implementing (if you’re willing to share) as I"m new to all this and I’d like to start putting a trade plan together.
Thanks and again great web site.
you are right i should do at least 6 months demo trading and get to know my own system and improve it. i m gona b more serious about keeping a journal this time although i do keep the journal of most of my trades(swing trade).
about my system, well its pretty simple basically.
i love the trend and it has been very successfull for me.
the first thing i consider is whether the pair is in trending up or down or in consilation phase. whenever i traded when its not trending up(consolidation) i always lost. so i m very carefull to wait till it breakes clearly above the last peak and then put my pending order at least 20 pips above the last peak.
of corse i always consider the stochastics and moving averages before any trade.
i will be hopefully posting my trade plan sooon on the newbie island in depth.
thanks alot guys for the responses. again this website rocks.
No not really. But more often than not, a demo account if good for developing a strategy and testing it out. You can try it for two to four more weeks, track every single trade and move on to a nano account.
Exactly. A micro account is a very good way to get started in real .demo account is also very important but you can not make money from demo account so i think demo account is very helpful to practice and get experienced also its help you to test your strategy before apply it on your real account
I think you should move to live trading, but you have to deposit a very small amount to see if your new strategy will work with live trading. This is because there is a slight difference between demo and live trading.
There is always a time for everything. Your success with your demo account will determine whether you should go live or not. Are you able to make consistent profit for at least two weeks? If yes, then you can go live, but deposit a very small amount of money to test you ability
ok you where trading a demo with 10k init, let me ask you are you planning on openning a live account with 10k in it?
you can do this, open a demo account with an initial investment of what you are really planning to start with let it be 100 dollars or 1000 dollars, and see how will you manage for the next couple of months, its takes more than a month to learn everything in forex, the thing is you can double your money in a month but blow it the next 60 seconds, so take it easy and slow for now and best of luck
Just deposit a small amount (e.g. $1000) and see how you go for 6 months. If you’re successful, gradually add more money. When you lose real money, you absorb lessons very fast!
I advice you to "learn enough about forex trading by reading advice on the subject and also the book.
spend at least six months to learn with the demo account.
