When Is It Worth to Move From Demo to Live Accounts?

Every novice knows that a demo account is not just an opportunity to learn trading, but to take the path of a currency merchant, to gain experience, to try out various strategies and brokerages. Of course, available is a forex brokers rating, and it is possible to get acknowledged with reviews, for example, on Alpari, but only demo accounts allow trying quality of service in full, so to say. Trading on demo account one can learn basics of money management, can try to keep it and make it grow, can develop self discipline and eventually become a real trader.

as soon as you already have enough experience to be able to determine and foresee changes, apparently your deposit will be intact, and you will remain in the black.

Your styles and strategies are different, you are not fixated on just one system?

Live account: when to open it?

There always comes a time when you begin to trade successfully and come to understanding that you need to switch from demo account to trading for real, because you already make big profit, but it remains virtual. However, are you in fact ready to open a real money forex account and to risk your own money, or it just seems like that? To figure out how realistic is the probability of not losing your deposit and of keeping your emotions under control, you need to give some answers to yourself.

When do traders usually switch to live accounts?

Are you trading actively for a half a year or more?

Such a period is recommended by experienced traders: the market is unstable, changes take place on a regular basis, and therefore your system showing good profits on demo account may simply fail when switching to a live account. However, as soon as you already have enough experience to be able to determine and foresee changes, apparently your deposit will be intact, and you will remain in the black.

Your styles and strategies are different, you are not fixated on just one system?

This is a very important question; there’s a large number of systems and it is necessary to be clear if your choice is good or not. Will you be able to change your strategy, if necessary? Will you be able not to give up and search for a right trading method after a failure?

Is the majority of your transactions successful in the long run, and not just a couple of weeks?

In case most of the trades on your demo account leave you in the red, be in no haste to switch for a live forex account. Before doing that, make sure you already make mostly profitable trades; moreover, risking your own money is absolutely something else: other environment, other emotions. By the way, emotions have to be under constant control, otherwise trading results will be disastrous. In this work – yes, forex trading should be treated as work, and not play, only such attitude leads to success – it is a must to have a clear mind at all times.

Do you know how to work with the terminal? With indicators?

Do you know how to put stop-loss or take-profit?

Can you estimate volumes by trades in such a way that risk is equal to profit?

Do you have a winning strategy of your own?

If you are ready with this, you just have to get yourself a broker and start trading. Choosing a forex broker many newbies relate to reviews on Forex Club.  To choose the right company for comfortable and successful trading you need to spend quite a time. It is not worthy to make a choice based on advertisements only; get to know other traders’ opinions, read reviews on Forex MMCIS Group, examine forex ratings to see which brokers are on top today.

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