DislikedCan anybody out there teach me how to survive, your help with very appreciate.Ignored
Forget demo trading, it's only useful if you're tweaking or trying a new setup. Nobody in their right mind should be on live if they've not have a fixed trading system setup beforehand. So if you already have a proper system setup and had been tested on demo, waste no time and go live.
Go live, but being a newbie, be realistic & trade where it can't hurt you - trade microlots.
Demo trading will not prepare you for the biggest test in this business - trading psychology. And you'd be surprised of how pissed off you can get of a 10c/pip trade gone bad. Emotions needs to be controlled & can only be achieved with the experience of trading live. Sorry but this is the truth & it's the price to pay to find out if this business is for you. The education of currency trading needn't be expensive (ie blowing up a 10thousand dollars account in a few months), but it still needs to be spent on a certain degree to find out if this business is right for you.
Set a modest monthly return. A 1% return sounds about right to start with.
Might not seem much, but try to see if you can maintain consistency over 12 months doing so.
Trying for 1% return over possible 22 trading days in a month would mean you won't be exposing yourself to unnecessary risk, ie overtrading. You would at the same time be able to spot better and possibly bigger trade possibilities since you're not out chasing the market. And daily or half day charts is the way to go to begin with imho. With less screentime, you'd probably get to maintain a day job while learning to trade properly till you find out if you are cut out for this business or not.
And you've probably heard this before, but never forget to stay with the current trend on your working charts. Technically, that is an open secret to successful trading that many hardened traders follow like a religion and amateurs ignore.
It's not a sprint my friend. Good luck
Thank You