When Do I Leave Demo Trading For A Live account

[moonchild]

As a forex beginner you most have started out as a demo trader and after an initial trial and error we finally learn how to trade and will start thinking of opening a live account, but what happens most of the time is after opening a live account traders will start experiencing a sequential loss and you'll start thinking that trading is not for you and your self esteem might take a hit.

Before transitioning to a live account it is very important to make sure you're mentally ready, in a demo account, you don't become sad when you lose in a trade because real money are not involved and with a demo account you have a large equity and you can trade a large lot.

But using a live account you have to deposit your own money and manage your account yourself.

It is important to start with what you can afford to lose and start with it and then grow it.

And you should also work on your mental readiness, you should take a winning and losing trade as the same and you shouldn't let it mess your emotional health because a healthy state of mind is very important in Forex Trading.

 

[Jasz]

There is no right or wrong answer to the question of when you should leave demo trading for a live account.
However, there are some things you should take into consideration before taking the leap:

- How comfortable you feel with your trading strategy

- How confident you are in your skills as a trader

- Your risk tolerance level

- Your financial situation and goals

Finally, consider if you have completed your research on how to trade currencies successfully and whether you understand the risk involved and have developed a trading plan for yourself. All of these issues and more should be considered before you decide it is time to move from demo trading to live trading.

 

[Ithedicious]

I understand that trading of forex comes with its own risks , and because of this a person might not be able to trade perfectly without having better understanding of price analysis and how you can use the technical and fundamental analysis to get the best result out of the volatile market.

Based on my findings and based on my understanding of forex , I can say that for you to be able to trade perfectly as a professional you should be able to understand our to read chart professionally as a forex trader, because without proper understanding of this then you may have a very little chance of surviving in the forex market because of its high volatility.

In most cases you won't be able to do most of the things on your own and as a result inviting an experts to be an help and a teacher to you will be the best thing for you because they will be as a guidance and they will direct you on how to make profit as a forex trader.

This is not a get-rich-quick scheme and people who are willing to learn and understand are those that will definitely make money in the crypto space .

 

[cashisking149]

For me when you have evidence to support the notion that you are capable of making long term money on a demo account having treated it as you would hope to treat a live account.

 

[waldgrave]

Many traders switch to live trading because they find demo trading to be boring, and it prevents traders from taking risks. Moreover, live trading is totally a different experience than demo trading, where your emotions are totally ignored. However, I still find demo accounts to be very helpful to build skills. Why do you want to take the risk if you are not ready? Build your skills first! Then, take a risk.

 

[Eduard Hahn]

You can leave the demo account and switch to a live account once you are confident enough to risk your real money. Make sure to have a proper trading strategy, which must include risk management. Don’t rush, but instead, take your time to understand the ecosystem and then switch to live trading.

 

[Revetment]

As you had to ask this question here, I believe you must give some more time to demo trading. It is meant for your practice and when you feel confident about taking risks in the live market, you must go for it. Nothing works equally well for all traders and it would be best if you learn to make your own decisions.

 

[Hydrogenic]

It depends on your ability to grasp knowledge and skill, how quick of a learner you are and how wisely you manage to make moves to your advantage. Generally, after six months of demo trading, you develop an idea on the functions and what may come, but it doesn’t prepare you for the loss you come across through a live account. If you’re comfortable and have had enough practice, six months is enough but if not, practise for however long you need to build up confidence and structure.

 

[Tactical]

You can only truly leave a demo account for a live once you start to feel confident in your own skills. Once the demo account shows you that you are turning over a profit, that’s when it means you can leave. Leaving before then is a stupid and risky idea.

 

[Jack Reacher]

Nice to know that, but my trading plan is very simple, just following the proper money management rule! In fact, during the volatile sessions, I reduce my trading lot size, since the market behaves like more unpredictable, plus I get less success ratios during the volatile time!

 

[Hooligan]

There is no exact time frame for spending time on a demo account. Practice as much as you can and do not rush. Whenever you get confident and start making consistent profits you can leave the demo account and move to a live account.
Start with trading small deposit accounts like cent accounts or micro accounts.

 

[shirleencomer]

When you should leave a demo account varies from person to person but I do believe that you should leave a demo account only after you are mentally prepared for taking the pressure of live trading head on. In the live account, real money is at stake, so unless you are ready to stay calm and composed even when you can lose, I would recommend just building your skills and plans with a demo account.

 

[Archipelago]

Don’t leave your demo account because I don’t think that you are not ready for live trading. You will yourself know when it is the right time to move to live trading after demo trading starts seeming obvious and boring.

 

[Ponmo]

If you find yourself comfortable and are making consistent profits on demo you can trade on the live account. While trading on a live account, Start with trading small deposit accounts so as to develop your trading psychology without losing much of your money.

 

[Macrobian]

You need to spend some more time on your demo account. Know one thing that you don’t get good results in the live market after a certain time spent on your demo account. You get good at your own pace and you better don’t try to rush things.

 

[Critomancy]

You should practice on a demo account until you get confident about your skills and start making consistent winning trades. There is no exact time frame for learning, and a demo account is for learning purposes only. So, use a demo account until you are confident in your trading abilities and knowledge.

 

[HeavLeighGill]

There are a lot of emotions and risks that come into play when one moves on from the demo accounts. While they are extremely useful, they just don't prepare you for the psychological aspect of it. I personally struggled with anxiety initially because I was so worried about losing the money that I had invested and it ultimately halted my progress. Being familiar with trading psychology can help with the transition because it can help prepare you to deal with those feelings once money in on the line.

 

[Ivo Zetticci]

When you are consistent enough in your demo account actually! Failing is a common phenomenon in Forex trading and it’s because traders take Forex trading as a very simple work. They jump onto trading without proper trading preparation and without making them worthy for trading. If traders can change their mental state, they can do well from Forex trading.

 

[Symphonia]

It solely depends on you how much dedication you are practising in a demo demo account. Some take years and some take months to learn precisely. You can trade in a live account when you’re confident enough about your trades. Always remember to risk only the amount you can afford to lose.

 

[Trigonal]

Switching to a live account can be a bit of a shock, only switch to a live account when you are read mentally ready and you have a good trading plan and preparation to handle the real risk of losing money.