Hello everyone, I’m Ish, and I have been studying forex for a few months now, and I have been consistently profitable the past three months with an average of 180 pips a month. I feel as though I am ready to start trading live, but i’m not quite sure if its the same thing as a Demo, and I don’t know if there will be a big difference in trading live vs. trading trading demo other than the fake money. Will the process be the same for both? Will the execution time for a market buy and sell be the same (instantaneous)?
For my demo account, I have used OANDA and set my capital to just $100 as I want to start low when trading live then move up.
Any advice will be greatly appreciated.
Thanks in advance!
Give it a crack bro You’ll learn a lot more from live trading than demo, and if you start with $100, what’s the worst that can happen?
The process is the same for live and demo trading on OANDA, and the execution time is pretty much the same for both. I’ve never had delays in execution since starting with them.
Considering you’ve been making 180 pips a months consistently i’d say go for it, personally I think you’ve given yourself more than enough proof that you can survive and thrive with live account. I’ve actually been concerned myself about that issue of how similar a demo account is compared to the real deal (as i too will plan on getting one) and from what I have researched I found that the only difference is the psychological impact a live account could possibly have have on your trades, other than that I’d assume their pretty much the same.You’ve already got the right idea of putting in a small amount of capital to limit the risk. In the end however there’s no real way of knowing how things will work out unless you just go for it.
Just a little dose of reality. The chances of you going live and not loosing most/all of your initial deposit are pretty slim.
I’d say it’s a statistical fact but I don’t have hard numbers to back that up, just anecdotal evidence as they say.
It doesn’t mean failure, it would be a part of your learning process. Not only does psychology and discipline become a new factor when going live but a few months doesn’t represent the various conditions the markets go through. It’s a loooong road to being consistently profitable. I hope you can make it.
the only difference between demo and live will only be that you are now trading with your own money.
If you have realistic goals , are aware of money management and put in small amount of money, which you do not need right now i would advise you to go live.
Even though you are probably not yet good enough to be profitable long term, trading live the best way to go imo.
Look out for a broker who offers 0.01 lot sizes so you can easily trade with 100 dollars at around 10 cents per pip.
If you’ve been profitable for the last 3 months I think it’s good enough signal to start live. What ever you have been doing on the demo, continue to do with your real money, there shouldn’t be a difference.
Keep in mind though that it does take some time to really master trading
No point in going live if you’re only planning on putting in $100, if you want to trade you emotions to handle real money, then put in real money, say $5000-10000 where the risks and rewards become real.
You will never make money in Forex with $100 in your account. If anything it would be for training so might as well stay with the demo account for a little bit longer if you’re not 100% sure.
When you trade a decent amount of money your brain starts to play tricks on you and this is what you have to get used to. Won’t happen with $100, that’s not even the price of a good meal.
I’m REALLY tired of everyone with 40000 forum posts and no evidence to suggest they are a successful trader telling everyone else they are going to fail and that they are stooooopid for considering going live. If you have actually taken the time to learn the core fundamentals of trading, apply a rigid risk management strategy, can control your emotions, and begin trading a mechanical system, then go for it.
So many people always talk like forex is theoretical astrophysics combined with brain surgery and nobody is as smart as them and everyone else will fail. It’s complicated if you want to make it complicated. There are plenty of simple profitable systems you can trade. It’s like anything else in life. If you’re smart, disciplined, responsible, and determined you will be successful. If you are not all of these, you will fail. I know, I know, but 90% of people blablabla. Save it. The 90% aren’t serious about being successful at this, the 10% are. So choose to be in the 10%.
i’d say it depends on how many trades it took you to make those 180 pips. if you did it in a single trade, it might be pure luck. if you did it out of a dozen trades, then it means something. what you really need is not an amount of pip but an amount of winning trades versus loosing trade. if you have to win 10000 pips and loose 9820 pips in a month in order to make that 180 pips, i would not trade such a system. go live when you have 50-100 trade with your system and a pip win to pip loss ratio of at least 3 (based on H1 or H4 timeframe, much more for lower time frame)
Starting with a small amount of money and growing your capital as you gain experience is the way to go for me. those who tell you to put everything on the line from the start will lead you to failure. it is much easier to leave your stop loss alone when there is 10$ at stake then when there is a 1000$.
Well, if you think you are ready, give it a go. Feel the live vibe… Start with a trade with the lowest lotsize, you will notive the difference between live and Demo. If it feels okay try again… Low lotsizes…
The difficult part is the emotion that you feel when trading live. Try to stick to your plan from the beginning, no matter what…
Go through that barrier…
Only after this you will know if you are ready for it.
But, promise us that you will say that it is more difficult than expected if we are right with saying that it is not the same…
The ‘psychological impact’ IS the main cause of death among traders… So it is not something to underestimate…
You CAN feel the emotions with only 100 USD. When I started live with a nano account with only 10 USD I started feeling the emotions and doing mistakes I did not do on demo.
You don’t need to risk that much equity (5000-10000) to train your emotions. Specially if your income is low. Of course, if you win on your JOB 1000 USD daily, then maybe 100 USD is not that much, but I don’t think anybody here is getting that amount of money daily on a JOB (other than forex trading)
Well I trade for a living for about three years now and started trading 6 yrs ago and I am CERTAIN that you will drewl over the money I made in this market. But do I understand it correct? I NEED to proof to you that I am the real deal before I can give you FREE advice?
You know what, I’ll show it when you PAY me to advice you.
Go ahead my friend… Throw 5k in a live account and start trading with your attitude… Please, ignore my advice… I am fake cause I didn’t proof to a cheap person that comes here to get FREE advice… So don;t take me serious… Pretty please!!!
Go on, you are ready, start trading with real money… YOU know you can do it… Show us all wrong… PLEASE!!!
I am REALLY, REALLY, REALLY tired of starting traders that think they need to be handled with respect and only by seasoned traders that showed proof and if not they insult/disrespect those people that are seasoned traders and actually spent time to help starting traders for free… I hope you will go bankrupt soon… YOU are actually part of the 90% with your arrogant attitude… Thank you for you future desposits, I will enjoy spending it…
Okay, gonna get me some coffee now… No I am not pissed off, this is just me returning an attitude…
Nothing wrong with risking $100 in a live account. Go for it. That’s $100 worth of education. When the weeks go by and you’re making profit, gradually deposit more money into your account. You will make mistakes, so it’s better to make them with $100 rather than $10,000.
