Resolved Question
Should I go live? Please give me your advice on this.
Should I go live? I've been using a demo account (3 months) and I think I'm really good at it. I started with 60k and now I'm at 100k. Please give me your advice on this.
over 3 years ago
Best Answer - Chosen by Asker
Making 40k in 3 months is very dangerous, be sure you're prepared to lose the same amount of money within that same span of time. Otherwise, read up and don't rush going live.
over 3 years ago
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about 1 year ago
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about 1 year ago
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about 1 year ago
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Answers (1)
I think unless you're using a live account, you're not really trading. So go live but make sure you do it with a small amount of money - money you know you can afford to lose.
over 3 years ago
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PinnacleFxGroup
We tell all of our clients to do a demo for a minimum of 6 months...MINIMUM. A year is better as it exposes you to a wider variety of market conditions.
Many, many traders come out and make massive profits in the first 3-4 months and then crash and never make it back. You've returned 67% in 3 months...usually not a sustainable rate of return. I would recommend that you stay in demo for another 3 to 4 months minimum and see if you can maintain that level.
When you do go live, start small. One of the problems with going live over a demo is that with a demo you know you are trading funny money. Once traders go live they often let emotions enter into their trades and that is No,No number one.
The other thing that is very important is to be sure your Risk Management strategy is firmly in place long before you go live. We recommend that you never allow your self to lose more than 1-3% per trade. For our managed accounts we use 2%. For my private account I roll with 1%.
over 2 years ago
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