At this moment I’m working on all of the plans that is needed to go trading forex. I have a demo account on Pepperstone and my plan is to go live real quick. Maybe you think why so fast a live account? Because in my opinion if you trade live and you trade for real money you will learn faster then with a demo account. Offcourse I’m going to trade with a little amount of money. I can afford it and it wont effect my lifestyle nor my fixed charges.
To give a better understanding of my life and to make an achievable trading plan I’m going to explain it to you.
I have a fulltime job working from 0800-1600H from Tuesday till Friday. Next to my fulltime job I have a private investigation company what I just started and after work I have 2 kids, a wife who need some attention to.
The best time to trade for me would be at the clock of 23.00H. I’m living in the Netherlands that is GMT+2.
Hope anyone can help or kick me in the right direction. If you need any more information please feel free to ask. :56:
From my experience, please go to demo account before you go real.
I am the one who never demo and direct go to demo with a loss of USD 3k in half year time.
Test every strategies you have in demo before you go live.
Trust me. i dont want anyone encounter the same bad experience as me.
as for me i do prefer swing trade.more relaxing approch.if u r trying to be a scalper m15 is best time frame.to be frank,getting these 2 style together is a bonus.try to work 1 style first.test and test until you find the one that suits you the best
Why would you learn faster when you are trading live instead of using a demo account?
I would suggest price action trading. There is a thread in this forum and you can also search in google for it. There are some nice websites with a lot of free information (and courses for money), you could search for “forex school online”, “the forex guy”, “forex 4 noobs”, “Nial Fuller” etc. There are some more.
Basically you can check your charts one time per day around 23:00, plan / place / manage your trades and that’s it.
Because in my opinion if you lose real money it feels more real. Let say I open a live account on pepperstone and do a €200 deposit. It is not that much but I can trade with real money. When I double my money from that moment I can put more money in my live trading account.
With such a small deposit you don’t really have to waste your money for learning. You will lose around 1$ or 2$ or something like that per trade. That’s close to nothing, that way you won’t have a bigger learning effect (in my opinion). It’s true, with a live account you can get feeling for “losing money”, but that won’t work with those peanuts, been there, done that. Losing such a small amount per Trade would cause the thinking “anyway, that were just 2$”. When you lose 200$ or 2000$ per trade, that would have an impact, that might make you struggle. But you can’t prepare yourself for that situation with Peanuts-live-trading.
In addition, it might be, that you need some time to learn. In that time it’s very likely that you make more losses than gains, maybe until your account ist crushed. Then you lost your 200$ for nothing. And you say “when I double my account from there” - as a beginner, it will be hard enough to have protected your capital, doubling your account is something far away from the start. Of course you can do that and it will feel more real, but you will only be burning real money, maybe until your account is broke.
Learning a strategy and learning “the feeling of real trading” are to different things. The first one can easily be done with a demo account, the second one with a live account. But “learning the feeling of real trading” or losing money won’t effect your knowledge about your strategy and trading style. When you don’t know how to trade, then you can lose real money many times, but that doesn’t mean that you know better why your setup / entry didn’t work out.
what I just started and after work I have 2 kids, a wife who need some attention to.