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Are You Ready For A Live Trading Account?
09-13-2017, 03:12 PM
Post: #1
Are You Ready For A Live Trading Account?
Are You Ready For A Live Trading Account?


Think you’ve been trading on a demo account for months and now you thinking to go live. But the question is, are you admittedly ready?

There are few signs to help you understand your current situation:


1. You can make profit marginally


Making regular profits and succeed all the time isn't the equivalent. There advise an individual famous forex trader who can say that he hasn't lost a single trade in his entire trading career.

So if you have lost a trade or two in a week, don’t beat yourself up. Rather, focus on sharpening your skills in determining high-probability setups with decent reward: risk ratios and come up with approaches that will help you decrease your losses and increase your wins.

Make sure that you are monitoring your profitability on your demo account per month. By this, you will know that, are you on the right track or not. Then it will be easier for you to see what you need to work on.



2. Good setups: Proper risk management


There is that in the words that 50% of your success in trading is determined by your ability to find good setups and the other 50% is on proper risk management. Having a well thought out setup of risk management methods is an advance for any trader.

Sometimes market can go wild, it may force you to doubt your analysis and trading skills. During these times your mental stiffness, your risk control plan may be the only thing that could preserve your account.
If you haven't sketched your risk management rules yet, you can start by covering percentage risk, the supreme drawdown that you can tolerate.


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3. Have an authentic plan


Are you still get panic when your trade is going against you? When you have a focus plan to carry on, you will be able to think coherently and estimate what has changed in your trade since you saw the setup. You may take some experts suggest. The best forex trading signal provider like FT4U can help you decide whether to hold on or not.


4. Take advantage of your losses


When you make losses, you don’t take it too troublesome on yourself no matter how tiny or huge the loss is. Instead, you keep yourself cool and classify which things went wrong and which technical and fundamental factors influenced your trade.

Keep in mind that when you intend your trades suitably and calculate your risk already, but after consistently doing it for some period of time. There is no substitution to obtain success other than prepense practice and gaining experience.



5. Comfortable with your trading platform and stockbroker


You should know the creek and corner of your trading platform very well before you open a live account. Logically, you don't want to suddenly discern that you don’t know how to exit a trade. The price action forex trading course will help you to gain proper forex knowledge.

You should be familiar to slippage and your broker’s usual pip spreads. So that you would be able to understand these when you will set the orders. That's why we inspire you to practice with a demo account from the same broker you plan to open a live account with.




Summary

Last but not the least, you should be able to contact your broker simply in case anything goes wrong with your account. You’ll be entrusting them with your hard-earned money after all.

If you check off all these things, it still won’t ensure that your trading success through demo account would be same like on your live account. Keep in mind that sub conscious factors will also come into play. Thy it’s also important to develop your psychological assets before you risk real money on your trade ideas.
   
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