thread: Am I ready to go live?

Thanks! I tried to click the link but got a forum reply interface, maybe not the intended information. Did you put in the link?

No, as it's a reply to this thread.

Sorry, guys... Here is your link:

https://www.cliqforex.com/trading-sy...c-systems.html

When you can start a bottle rocket out of your ass you are prepared to go live.

Like this:

When you can fire one out of your urine hole you are prepared to really make money trading currency.

From a risk averse point of view, here are my benchmarks:

1) Consistent profitability for at least 3-6 months (demonstration )
- in this stage, I really do my research for the three Ms of trading (Money, Mind, Method)
2) Open a micro account
3) Open a mini account
4) Open a standard account

This of course is the course I see fit in my circumstance.

In order to your question if you're all set to go live or not... Sure, go but I'd also go with the suggestions of other people to open a micro account and exchange in micro lots (1000 lots) sizes.

More trades and also a longer period for learning.

Afterward have plans about what to do if you lose 25%, 50%, etc of your capital. Or what you intend to do if you gain 25%, 50%, etc. of your capital.

Only a friendly reminder to not go into the gap of losing/busting your account.
A reality I learned - trading could be learned without breaking up an account.

You appear to have a certain detachment from cash which is good.
It'll help in being intent on trading.

Well, I guess, that's all I could come up now. Hope you were able to find something from it.

East

This is very important. . .specially the wife section...

Hi,
I will also say that the $5K I will be using is cash I can live without since it comes from sold stock. I am willing to take the risk loosing it (and so is my wife. . Before going 4, Clinic? Am I prepared?

You seem to have a certain detachment from money that's good.
East

Since it's going to surely become detached from you on numerouse occasions.

Funny haha but a fact none the less and you are going to have to understand to deal with it.

In case you have 5k to lose and not worry, place 2k in a miniature and trade small lot sizes till you can Prove to yourself it is possible to make it grow.
A 5k account that drops to 1k will be wiped out by mind, fear panic whereas a Second New 3k account blown previous 2k will stand a far better chance of survival.

yeapi,. . .divide your account by 2. . .and make it 5 k,. . .let it be in your mind which you lost 2.5k,. . .and u got to make it. .or your spouse will kill you!

I was on actual for 2 month,. . .but I lost all made profit in 2 days,. . .so be carefull, to manage your greed and fear. . .when your spouse wont be at home...! ,. . .if u made 800 buks,. . .go for a rest,. . .before reenter...

Hello,

Originally I spent a while with a buddy of mine who makes quite a little money doing Forex. He taught me the fundamentals. I worked with him on his account and saw what he's doing. I have have spent three weeks with a demo account making an average of approximately $200 per day. I have more days with little losses than ones with large wins, so I am being very cautious. Sometimes I grind my teeth when I see what I might have made if I had dared to remain in longer, but I have been able to control my urges.

I am using a commercial signal service my buddy showed me that cost about $175 a month, so will come off my underside line.

I shall also state that the 5K I will be using is money I can live with no because it comes in sold inventory. I am willing to spend the risk loosing it (and so is my wife. .

I wonder if I should consider myself prepared to go live? My buddy has told me as long as I keep it simple and don't hesitate to try and make large risky trades I am good to go. What do folks around here think is enough exercise before going live? Am I prepared?

HI, cdysthe,

Playing presentation over 1 month is large mistake. Go live as soon as possible. Live trading is a bit different. Play modest lots but live forget demo.
Exactly what you should gather now is experience of trading.
Cash management is my best advice.

take care

I would go live and make sure that your risk per trade is as close to 0% as possible.

Demo accounts are useful to clinic thoughts, egies and evaluation out trading platforms.

I assume you already have a egy you have thoroughly backtested and not that you are trying to find a egy by demoing.

For those who have a simple plan with clear rules and criteria for entry, cease, trailing stop, target, when to remain out of the market, etc.. . I would not be wasting too much longer using a demonstration.

Proceed with real money and start trading for realestate. You are going to eliminate money. You are going to make errors. A lot of them. You are going to encounter all kinds of feelings related to trading, such as greed, fear, euphoria, anger and fruion.

And guess what? There still are lots of mistakes to be created if you survive the phase. It is an learning procedure. It is the longest journey of your life and also the most realistic one, simply because you are going to have to manage the worst part of yourself every single day. Yet, it's the most challenging experience you will ever face in your life.

Proceed, what are you waiting for? Brush that hesitation off your shoulders and get in the action!

Just make sure that your risk management plan permits you to have many many many losers in a row. Whatever amount you are planning to risk per trade, take that number and divide it by 5. I am not kidding.

Do not blow your account. Do not be stupid, even though that $5,000 capital is money you can afford to lose. Just because it's money you afford to lose does not mean you have to lose that, right?

The moment you have a 10 percent drawdown, which is quite likely, take 2-3 weeks off trading and review your trades and try to determine what went wrong.

There are lots of risk management tricks and ways to preserve your capital, concentrate on this in the start.

However please, GO LIVE. Do not waste a lot of time demoing. Demos are fooled, you get excellent fills you can't seem to eliminate money, when demoing.

Go live. Please do. And for the first 6-12 months only risk ridiculously low quantity of money per trade. Your risk should be so modest that you sense no adrenaline at all. You have to be bored. Always. Boredom is a sign. Trading isn't about rush and excitement, its about making money. If you need adrenaline, then go watch a thriller movie or purposedly adhere a pair of feminine used undies in your wife's purse. . .that'll get you. . .lol

Good luck.

Your not ready! Don't go live.
Here is a good way to discover if your ready...
Make a new and fresh demo account of $5,000, if you turn this 5,000 to 20,000 with just 1 lot then your ready!