About a year ,then a small live account for further testing. My advice is close the mess about account, focus on the one that matters It's too soon to say how it will go ,need a longer time frame to evaluate
A year? Wow, that's a lot longer than I thought. I know I need longer to refine things and stop the stupid losses I keep making. I was thinking more like 3 months of continual profit combined with an improved win/loss ratio and I'd take the plunge.
It depends how much free time you have ,without any professional help that's about how long it takes to build good habits ,even if you can make those losses smaller it would make a good improvement,just be more selective of entry point.
LongVision posted: It is better to trade with a cent or micro account.Real money trading is different from demo trading because of human get emotional when there is money involved and trading psychology will change.
I understand what you're saying. Although I'm hoping to avoid that situation because once I start the account, I am going to try and behave like that money is gone and react as if I am with a demo account. We will see how that works, but I think I have the right personality to do that. I think a cents account wouldn't really work for me, because the losses and gains would be too small vs what I earn in my real career to actually have an emotional response to it.
chesterjohn posted: How long did you spend on a demo account before going into real trading?
I've been trading 3 weeks on demo accounts. It's 2 different accounts because I started a new one to replicate exactly what my real account will be, the other is now a mess about account to play with.
I've got 3 consecutive profitable weeks totalling about 16% with 6% dd. I'm keen to get started, but still making to odd silly mistake. How does my record sound to people who are experienced?
Typically demo trading starts once you have completed backtesting and has some form of trading rules or plan. Then forward test to verify if the results correlate with your backtested results and then you fine tune it further.
I have put together a 10/20/30 Rule which I have crafted for anyone to build a robust strategy quickly. PM if you want a free copy of my ebook on 10/20/30 Rule.
Demo accounts are for learning the platform, testing/backtesting, looking at charts to come up with ideas, nothing more.
Setup, your live account after you finish this 4th or 5th week, Get Everything exactly how you want it on your platform utilizing a demo AND than sign into your live account.
Trade the smallest size depending on your system, example; if you use multiple parcel close levels you could trade at .03 lots and close accordingly.
Nobody can on the web can tell you when you should go live.
What can be said is this;
You will never learn if you can trade on a demo account.
You have to focus on your system rules not the win/loss or profit statement. ( Take screen shots of every trade, and notes of every trade.... search for 'TradeNote' or 'add complex notes to Metatrader 4' one of those is free the other a few bucks, best thing I ever added to MT4, if that's what you use.
Your Notes and screen shots should confirm you are taking trades PER YOUR PLAN!!!!!!
The Goal of your trading is to take All the trades All the time Per Your Plan, NOT TO MAKE MONEY!!!! The OUTCOME of following your Plan is Money.
Do not chase system after system, or buy into all the snake oil salesman trying to sale you the next great thing or convince you your mentally imbalanced and need their 3000$ course to get your head straight, what BS.
Your going to have Losers that's part of the game, trading small and building up your size is how you stay in the game for the long haul.
AVERTISSEMENT SUR LE RISQUE ÉLEVÉ : Le trading de devises comporte un niveau de risque élevé qui peut ne pas convenir à tous les investisseurs.
Leffet de levier crée un risque supplémentaire et une exposition aux pertes. Avant de décider de négocier des devises, examinez attentivement vos objectifs dinvestissement, votre niveau dexpérience et votre tolérance au risque.
Vous pourriez perdre une partie ou la totalité de votre investissement initial. Ninvestissez pas largent que vous ne pouvez pas vous permettre de perdre. Renseignez-vous sur les risques associés au trading de devises et demandez conseil à un conseiller financier ou fiscal indépendant si vous avez des questions.
Toutes les données et informations sont fournies "en létat", uniquement à titre dinformation, et ne sont pas destinées à des fins de trading ou de recommandation.
Les performances passées ne sont pas indicatives des résultats futurs.