Hope you are doing well. When is the time to go live in your opinion?
Do you have a checklist you go through?
Context, please? Do you already trade in a demo account, and does “go live” mean trading with real money?
The time to open a live account is when you’ve developed a profitable strategy and process that you have confidence in. It took me three years to produce a trend trade strategy that now produces a 55% win ratio.
Best of luck. .
open a live account with a FULLY AND PROPERLY REGULATED BROKER ONLY.
deposit a small amount, like $100 or $200 and then trade small.
when people say that ALL NEW TRADERS LOSE ALL OF THEIR MONEY, they aint kidding.
if you cant do that without getting all worried and whatever, then you dont have it in you to be a trader.
i promise you that much.
You’ll find your answer during the free course.
Yes. That’s right.
Hi Kyrkar, If you have already gained an understanding in your demo account about the mechanics of setting up, entering, managing and exiting trades, and you have taken good advice from education courses such as Babypips School of Pipsology, you should already have a trading record that shows your profit and loss record over the demo trades you have completed.
You should also have a written strategy (what am I trading for and why), that should set out that you don’t wish to lose money but you accept that this may happen over the short term. You should also have an outline trading plan that quantifies how much of your funds you want to commit to trading, and how much you are prepared to lose. By far the most critical thing to determine is risk management. Whether you risk 1% of your bank or 10% of your bank on any specific trade is entirely up to you but it should be consistent with your actual trades in your demo account. With the objective of “I am learning not to lose money” go ahead and go live.
This is purely personal, and probably unusual, but I have never “blown an account”. I have suffered a 42% drawdown and decided to close trading and take up more education, but that was nearly 20 years ago.
Best of luck with it.
I have demo traded and kept an excel sheet with all the trades during some months. I have positive expectancy but don’t know if the amount of trades are enough to be significant. I was risking 1% and had a win rate of 41% during August. ROI was 27.95%.
but is it statistically significant?
you need to know the answer to this, because it’s the heart of the answer to your original question, isn’t it?
I don’t think I will be getting a 50% win rate with my method so I might have to go with the 300 trades like you say.
Well, you’re the one who determine when it’s the time. Just make sure you have mastered the basics, and you’ve been on demos enough.