Am I ready to go live?
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thread: Am I ready to go live?

  1. #1
    Junior Member SergioBurnoxn's Avatar
    26

    Am I ready to go live?

    Hello,

    Initially I spent a while with a buddy of mine that makes quite a bit of money doing Forex. He taught me the fundamentals. I worked with him on his account and saw what he is doing. I've have spent three weeks using a demo account which makes an average of approximately $200 daily. I've more days with little losses compared to ones with large wins, so I am being very careful. Sometimes I grind my teeth once I see what I could have made if I'd dared to stay in more, but I've been able to control my urges.

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

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

    I wonder if I should consider myself ready to go live? My buddy has told me as long as I keep it easy and don't get tempted to try to make big risky trades I am good to go. What do people around here think is sufficient practice prior to going live? Am I ready?

  2. #2
    Junior Member anpknio_7953's Avatar
    17
    Hello,

    Originally I spent a while with a buddy of mine that makes quite a little money doing Forex. He taught me the fundamentals. I worked with him on his account and watched what he is doing. I have have spent three weeks using a demo account which makes an average of approximately $200 per day. I have more days with small losses than those with large wins, so I am being very careful. Sometimes I grind my teeth when I see what I might have made if I'd dared to stay in longer, but I have been able to control my urges.

    I am using a commercial signal agency my buddy showed me which cost approximately $175 a month, so will come off my underside line.

    I shall also say that the $5K I'm using is money I can live without since it comes from sold stock. I am prepared to take the risk loosing it (and so is my wife. .

    I wonder if I should consider myself ready to go live? My buddy has advised me as long as I keep it easy and don't get tempted to attempt to make large risky trades I am good to go. What do people around here think is enough practice before going live? Am I ready?
    It's somewhat like the guy who fronts up to buy a Rolls Royce and asks what its fuel consumption is. If you're asking the question, then I would say you're not ready. Most new traders spend 6-12 weeks on demonstration before considering go-live. But if you want to go live anyway, actually concentrate on the discipline and money-management....which is far more important for the survival compared to the mechanics of the way you trade.

    Good Trading...

  3. #3
    Junior Member SergioBurnoxn's Avatar
    26
    It's a bit like the man who fronts up to buy a Rolls Royce and asks what its gas consumption is. If you are asking the question, I would say you are not ready. Most new traders invest 6-12 weeks on demonstration. But should you would like to go live anyhow, actually focus on the subject and money-management....which is a lot more important for the survival compared to the mechanisms of how you trade.

    Good Trading....
    Thank you for great advice. I am in no hurry. When it comes to the excitement of trading I get more than enough of that doing the demonstration, and one of the things I have learnt is that there's more to find out in this area than I ever wanted. I find it very interesting though because it's a mixture of psycology, dicipline, planning and prediction. I don't have any plans as soon as it comes to earning Forex trading my dwelling. It's a way to find out something new and possibly make a little on it while doing so.

    I must add that I truly enjoy reading this forum and thank you again for pointing me in the ideal direction!

  4. #4
    Junior Member Vitinjh's Avatar
    3
    3 weeks of demoing isn't enough. Many people would leap into the game because of a successful demo, which will result in you dropping (unless you are excellent at this), I added, wait, you have 3 weeks of sound demo with your HONEST style of trading. Trading is a personal game which necessitates plogical comprehension and oneness with truthfullness with yourself. Live is an entirely different game than demo.

  5. #5
    I'd say that, even if you go go Live with little micro lots. Demo trading is mostly to have a feel of the platform, the market and your system/method. Live trading using micro lots is a good starting point to feel the oceans. There is a lot more experience,fun and eduion when real money is involved.

    You will learn from your experience and even if you lose, you will surely live for one more day.

  6. #6
    Junior Member SergioBurnoxn's Avatar
    26
    3 weeks of demoing isn't enough. A lot of individuals would leap in the sport due to a successful presentation, which will result in you losing (unless you're excellent at this), I included, wait til you have 3 months of sound presentation along with your HONEST manner of trading. Trading is a private game which requires plogical comprehension and oneness with truthfullness on your own. Live is an entirely different game than demo.
    I guess you by honest imply keeping an eye on losses and profits rather than trick yourself by overlooking losses telling yourself you won't be stupid once you're reside? While doing the demo account I have had a few days in a row with smaller declines. I must admit it has been tempting to simply delete the demo account and begin a second pretending it didn't happen. With a live account it's no easy way out, I'm trying to acquire the right mindset set up as well, which will take a while.

    I will keep on practicing keeping tabs on everything I do for as long as it takes. Thank you for advice that is audio.

  7. #7
    Hi,

    Initially I spent some time with a friend of mine that makes quite a little money doing Forex. He taught me the basics. I worked with him on his account and saw what he is doing. I have have spent three weeks using a demo account which makes an average of approximately $200 per day. I have more days with small losses than ones with large wins, so I am being very careful. Occasionally I grind my teeth when I see what I could have made if I had dared to stay in more, but I have been able to control my urges.

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

    I will also say that the 5K I'm using is money I can live with no since it comes from sold inventory. I am willing to spend the risk loosing it (and so is my wife. .

    I wonder if I should consider myself ready to go live? My friend has told me so long as I keep it simple and don't hesitate to attempt and make large risky trades I am good to go. What do folks around here believe is sufficient practice before going live? Am I ready?
    No, you are not ready. You've walked at the half inch of water which laps up on the beach. When you go live, you will be 100 yards offshore, and you're feet won't be touching bottom.

    However, there's a way to make the transition easier. You have to have a micro account. This will let you exchange 1K lots. Make your first 20 transactions with a position size of only one micro lot. For every 20 transactions in which you show a profit, you are able to raise your rank size by 1 extra micro lot until you've attained the position size permitted by your money management procedure. In case you've got twenty trades and don't have a profit, reduce your position size by one micro lot.

    You won't make much money, but that isn't your goal. Your objective is to learn how to exchange while slowly introducing the wacky psychological rollercoaster that comes with having actual money.

    Dial

  8. #8
    Junior Member gisela1985's Avatar
    16
    I would not. Personally, I spent three months analyzing and trading with a demo account. The previous month I had started a new demo account to trade as if it was real money, and I doubled the account in that time, constantly using good money management rules (5% in my case).


    Once I decided to go live I started up a super-mini account with $250. My plan is to trade that for two months and then evaluate. Today is exactly one month since I opened up that account and I am up 82.7%. Now, I was up as high as 84% before I left some massive mistakes and found myself on the side. I clawed my way back to 80% before I had another bad day and fell down to 54%. Now I've crawled my way up again.

    The purpose is that it's easier to gut the errors with $250 at risk since it will be with $5000 or more. My proposal is to research, research, study and demo, demo, demo for a month or two. A good guideline is to make 300-500 demo trades before you ever think of going live. Whenever you do, transition over to a small micro or super-mini account to get a couple months and then evaluate.

  9. #9
    Junior Member lyskiddie's Avatar
    14
    Hi,

    This is a post from Diallist a long time before, but it is really great if you read it.

    Https://www.cliqforex.com/general-fo...em-indior.html

    Once you read it, I want you to ask yourself first, which stages are you currently on (obviously not step 5 however )?

    If you are about the measure 1/2, I believe you are still not ready to go live. But, trading micro-mini account are the best starting point even if it's only $250. Losing $250 would not hurt if you learn something from it.

    Best wishes,

    - SkYliNe -

  10. #10
    Junior Member SergioBurnoxn's Avatar
    26
    Hello,

    That is a post from Diallist a very long time before, but it is really great if you read it.

    Https://www.cliqforex.com/trading-sy...d-gbp-jpy.html

    Once you read it, I want you to ask yourself first, which phases are you on (clearly not step 5 though)?

    If you're about the measure 1/2, I think you're still not ready to go live. However, trading micro-mini account would be the best starting point even if it's only $250. Losing $250 would not hurt if you learn something from it.

    Best wishes,

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

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