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Questions about Live trading!

  • #1
  • First Post: Sep 10, 2008 1:53pm Sep 10, 2008 1:53pm
Hi Everybody,

I have been practicing forex for a long time and I am now able to double or even triple a demo account in few days to two weeks BUT I have not started trading with a live account yet because people say trading with live account is different.

My question is if I start live trading, can I have the same or at least 50% of the success that I have with the demo account???

What do you suggest me to do?

Please help me. I don't want to start live trading before receiving good advice from real traders.

Thanks!
  • #2
  • Sep 10, 2008 2:07pm Sep 10, 2008 2:07pm
If you know what you are doing, there is no difference.
If you double or triple your account not controlling your risk, it's very different.

Essentially, everything you leave to the case, when trading live go to the worst case. So, if your trading performance now are good because you have a good system, results will be the same in live.
If your results are done taking big risks (and being lucky with them), you will loose every of your real money.
  • #3
  • Sep 10, 2008 2:21pm Sep 10, 2008 2:21pm
You should start trading live with at least a little bit of money so you can start experiencing the emotions and psychological aspects of it.

Going live is usually substantially different from the demo account. The demo account is more usefull for quickly testing out new strategies and learning how the platform works for your specific broker.
Private message me for a link to my order flow website.
  • #4
  • Sep 10, 2008 2:27pm Sep 10, 2008 2:27pm
I kept blowing up my demo accounts..... I wasn't profitable till I started trading live....
Same Whore .... Different Dress
  • #5
  • Sep 10, 2008 4:16pm Sep 10, 2008 4:16pm
Quoting tunera
If you know what you are doing, there is no difference.
If you double or triple your account not controlling your risk, it's very different.

Essentially, everything you leave to the case, when trading live go to the worst case. So, if your trading performance now are good because you have a good system, results will be the same in live.
If your results are done taking big risks (and being lucky with them), you will loose every of your real money.
Thanks for your response.

Yes I know what I am doing. I know the trends, the breakouts, continuations and reversals. I know when I should go long or short or wait and watch. I know when I should enter and exit.

I use stop loss but it is a long time that they are not triggered because I enter only when I see a very strong signal.

So I will start live trading very soon. Thanks again.
  • #6
  • Sep 10, 2008 4:20pm Sep 10, 2008 4:20pm
Quoting johnedoe
I kept blowing up my demo accounts..... I wasn't profitable till I started trading live....
Yes, because most traders look at the demo account as a game. They don't take it seriously. Whereas you should forget that you are working with the demo account. You should think that it is a real account and real money. Then it improves your trading skills.
  • #7
  • Sep 10, 2008 4:21pm Sep 10, 2008 4:21pm
Quoting grkfx
You should start trading live with at least a little bit of money so you can start experiencing the emotions and psychological aspects of it.

Going live is usually substantially different from the demo account. The demo account is more usefull for quickly testing out new strategies and learning how the platform works for your specific broker.
Thanks for your response.

Yes, it is all about the controlling of the emotions. The techniques are so easy to learn. Controlling of the emotions is hard.
  • #8
  • Sep 10, 2008 4:43pm Sep 10, 2008 4:43pm
teachmeforex, you got a newbie username, but looks like u'r more good then us all!
  • #9
  • Sep 10, 2008 4:54pm Sep 10, 2008 4:54pm
Quoting tunera
teachmeforex, you got a newbie username, but looks like u'r more good then us all!
Thanks!

I am really a newbie as I have never made real money in forex. But I have been learning and practicing for about one and a half year. That's why I am so successful with the demo account. I will start live trading very soon. I will let you know about the result.

For me, controlling of the emotions is the hardest part. I think it is the hardest part for everybody. Patience, discipline and of course a simple and easy to use system are the the most important things we need.
  • #10
  • Mar 16, 2009 11:50am Mar 16, 2009 11:50am
Quoting johnedoe
I kept blowing up my demo accounts..... I wasn't profitable till I started trading live....
I agree a different state of mind is at play when the usable dollars are on the line... LOve that "quote" history/mystery
  • #11
  • Mar 19, 2009 10:33pm Mar 19, 2009 10:33pm
FIRST question ---- how MUCH is your demo account for --- did you take the option of (like every other kid on the block) of taking a $50K demo, and now enjoying the wonderful cushion that much money provides ?

If you did, THROW the danged thing away and open an account for the same amount as you will be funding with real money --- In this way, you will be honest with yourself, and you just may find your methods to not work as well, simply because of that cushion and its wonderful protection of your equity.

I'm sorry, but the more you have in this world, the easier it is, and youve made learning as easy as you could --- problem is, you probably DIDNT learn a thing, and when the brokers see you walk through the door, they have a pool --- will this one lose everything in two days or three ?

START OVER and be honest to yourself, and then you will learn how to survive !

enjoy and trade well

mp
  • #12
  • Mar 20, 2009 12:10am Mar 20, 2009 12:10am
Quoting teachmeforex
Hi Everybody,

I have been practicing forex for a long time and I am now able to double or even triple a demo account in few days to two weeks BUT I have not started trading with a live account yet because people say trading with live account is different.

My question is if I start live trading, can I have the same or at least 50% of the success that I have with the demo account???

What do you suggest me to do?

Please help me. I don't want to start live trading before receiving good advice from real traders.

Thanks!
I,ll suggest you instart to go live with mini or miro account. Cause through that you can control on your emotion's and also can control on fear of losing money.
Onthe other hand the biggest difference between demo and live is this that on demo you will find everything in your favour and ok dosent matter even any important new's announce. But on live somtime's you may find slippage, requote's, double spread's(On news time) etc. But if you are getting money on demo than on real after controlling on your emotions and fear you can also find the same success.
Pip!
  • #13
  • Mar 20, 2009 2:02pm Mar 20, 2009 2:02pm
while manly testosterone drives men into never reading instructions, NO INDUSTRY OF NOTE allows one to simply hop into a plane, perform even SMALL brain surgery or do ANYTHING ELSE without full and varied experience first.

If you cant make it work in a demo, all the small lots in the world wont make it better.

try to fly a plane without a heck of a lot of time in a simulator --- sure you can crash and burn a simulator but you still walk out alive and remembering that you have to pull BACK on the stick, and not push forward.

you think they allow LEARNING brain surgeons to work on babys because theyre SMALLER ?

the problem with forex is there is NO FORMAL INSTRUCTION, and therefore no one to give you a passing grade --- its left up to each person and each person is the LAST person to judge their performance !

you can work a demo with the correct amount of money in it, or jump in and watch the correct amount slowly disappear --- that choice is up to you, but you didnt move from one year in school to the next without PASSING and youre not giving yourself a fair shake.

Me, i dont care if you join the 95% who wash out quickly, but its easy to NOT be in that group if you just bother to spend the time to learn.

your choice, but sometimes reading the instructions will simply save your life, especially when its your money !

mp




Quoting PipHacker
I,ll suggest you instart to go live with mini or miro account. Cause through that you can control on your emotion's and also can control on fear of losing money.
Onthe other hand the biggest difference between demo and live is this that on demo you will find everything in your favour and ok dosent matter even any important new's announce. But on live somtime's you may find slippage, requote's, double spread's(On news time) etc. But if you are getting money on demo than on real after controlling on your emotions and fear you can also find the same...
  • #14
  • Mar 22, 2009 7:39am Mar 22, 2009 7:39am
hi all,
i'm in the same situation as teachmeforex. can you all give me your input on these questions.

is market order recommended for entering trades while trading live? pertaining to trading execution. spot forex is touted as the most liquid market. so is an order always filled at the price that you clicked at or will slippage pose a problem? is it the same with an ecn broker? thanks
  • #15
  • Mar 22, 2009 8:44am Mar 22, 2009 8:44am
A limit order is always superior to a market order but at times its really of no matter --- if youre placing a trade on the H1, let us say, market or limit order would NOT matter very much in the longer range scheme of things, as it wont be but a few pips --- MORE important is dropping down to the lower timeframes to see which way the market is moving.

after all, if you wish to go long the H1 chart, but the one thru 15 minute chart is heading down, it would serve you well to WAIT until those charts start heading back UP, at which point you place your trade.

Using a market order, slippage will invariably occur, and using a limit order in a fast moving market will probably not get filled. If working in the one minute timeframe, that can be a problem, but if working in the longer (15 minutes and up) timeframes, its much ado about nothing !

the ECN is a slightly different situation ---- there you are buying what is AVAILABLE ---- other words, if there is NO shares available at the price you want, you WILL NOT GET THEM, so you have to judge by the level 2, or simply offer to buy at a point ABOVE the present market price to assure your getting the shares. This is not a hard and fast rule, but if the market has momentum and is moving, it will move AWAY from your offer VERY fast.

During slow periods it is "possible" to actually buy at a good price, but ONLY slow periods.

enjoy and trade well

mp



Quoting winningfx
hi all,
i'm in the same situation as teachmeforex. can you all give me your input on these questions.

is market order recommended for entering trades while trading live? pertaining to trading execution. spot forex is touted as the most liquid market. so is an order always filled at the price that you clicked at or will slippage pose a problem? is it the same with an ecn broker? thanks
  • #16
  • Mar 23, 2009 8:12am Mar 23, 2009 8:12am
hi mparker,
thanks for your reply. despite my limited no of posts. i've actually been a long time lurker on this forum. read all the stickies thread but found that they just touch on some aspects and not in detail.

your answers to my questions are what i'm looking for. they're detailed and hit the nail on the head. i am demo trading for almost a year. went through all the ritual of a newbie, ya know. tried alot of the systems and indicators on ff. then awakened and realised that they don't work for me. after trials and going through my mistakes, i have now developed a trading style that i'm comfortable with.

i'm concerned about trading execution because i trade off the 1m charts. i tried trading the higher timeframes but was not successful. just not the type and doesn't have the aptitude for it.

i went through your thread and found that my trading style is a bit like yours. just that the method we use to analyse charts are different. i'm going to take your advice of demo trading with an amount that i want to start live trading with. so that i can see what the results will be like. continue your good work on your thread. looking to learn.

just hope teachmeforex don't think that i'm hijacking his thread. thanks.
  • #17
  • Last Post: Mar 23, 2009 1:43pm Mar 23, 2009 1:43pm
there are a number of rather excellent one minute trading "methods" that actually work, with the one i choose being a combination of lrc, semaphores and prevelant s+r.

In actuality i can take an average of 3 trades (more if things are really hopping) on a one minute chart successfully before the price is handed off to the 5 minute and they are all based on trending markets and the 5 min chart for TREND, finally falling back to the 15 minute for a FINAL profit on that timeframe.

takes a while for the brain to wrap itself around whats going on with three timeframes all moving different ways, but after a while it becomes "natural" to most, and very profitable at the least.

I will be teaching that on my thread, but not until ive gotten everyone loaded up with the indicators and overlays of my choice.

enjoy and trade well

mp
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