I just completed school of pipsology, I traded before on live for 2 months with limited education, I made few profits and huge losses, with a good profit to loss ration, but they were not based on a proper system.
Now that I have completed school of pipsology, I wonder if demo trading will be beneficial or going back on live would be better.
I have a system that made profits more than loss before.
Hi Chief10111, Welcome to Babpips Community. I suggest you demo trade till make consistent profit before going live. Good Luck!
I should join live trading when I am making consistent profit in demo trading. Besides, you have to make a profit by acquiring knowledge online.
Go live when you feel confident in your strategy working. It’s critical to protect your capital at all times - which you haven’t been doing so far. I hate losing but I hate losing big, more so. Cut losing trades early, do not nurse them in the hope they’ll move in your favour.There’s always better trades awaiting.
Keep risk low, do NOT overtrade, revenge trade or gamble. Easy to say, but difficult to control unless your mindset focus is on preserving your capital, always. That means CUT CUT CUT.
Best of luck.
I would sugest a demo to test your system first and then move onto a micro account after that before investing any large sums
It’s good to demo trade until you see consistent profits using your system and if you’re confident enough to trade your real money.
the knowledge is very important , there is no way to ignore but any kind of knowledge and experience can be useless if there is no regular level of practice. happy trading , good luck
use the demo account till you have a reliable strategy
There are many strategies in trading but I have to master one strategy. And with that strategy, I have to make a consistent profit.
Personally I am of the opinion that in terms of a strategy get it right on demo first and then once it is making profit go live to test your psychology.
That’s your call as an individual trader on the basis of your knowledge, skills, and confidence. It took me around a year of learning and practising before I traded in the live market with turnkeyforex.
Some traders propose a period of one to three months. Others will say a year at the very least. For those with prior trading expertise, one or two months is usually sufficient because they are familiar with trading platforms and have traded before. Take as much time as you need if you’re new to the industry.
Live trading is different from demo trading in many aspects; You play with emotions, and you bet your earned money. Before you step into live trading, make sure you make consistent profits in demo trading.
If you’re someone who can make regular profits on a demo account, then you can switch to live trading. An ideal time period varies from 3-6 months or more. It depends on the trader, but you can always rely on demo trading to test your strategies.