May 23, 2011
got a 150% profit from virtual forex trading should i do it for real money?
By Planet Wealth
i basically educated pick a few trades i started with 500 dollars now my profit is 750 dollars so total i got,250.00..i was wondering should i do this for real in the future..maybe i got lucky, idk what should i do!? whats the key to forex trading?
Topics: trading tips | 9 Comments »
9 Responses to “got a 150% profit from virtual forex trading should i do it for real money?”
Comments
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May 23rd, 2011 at 12:45 pm
If this virtual Forex trading is from a company that wants you to start trading with real money, then they might’ve faked your trades to make them look profitable so that you will start trading with real money.
And it’s also possible that you got lucky.
Most people lose money in forex trading, when they try it with real money. But some eventually learn enough to make money. This kind of trading is in some ways similar to gambling. You need to recognize price patterns, calculate the odds of wining and losing, and make sure that you don’t bet too much for your wallet. Or else you will be out of the game, when you lose.
May 23rd, 2011 at 12:45 pm
Hah I bet your broker faked your trades. Many of them do that. They can make the market "go differently for each customer". See their terms.
Safest brokers are those with no dealing desk. But even they might be allowed to fake things on a demo. Might want to verify that the market really did go the way it appears to have went on your demo, by comparing it with another broker, etc.
But with the Forex, if this is your first time trading, you got lucky. No doubt about that. Anyone can win with the Forex for a while. The problem with the Forex, is, the behavior of the market keeps changing. And though you may have won for now, it will change behavior, and bite you. Only way to keep winning is to get hooked up with some professional traders who are willing to share either their strategies with you, or at least share their buys and sells with you, so you can know if what you are doing is smart or not. Best place I’ve ever found online for that is http://comefollowme.zulutrade.com
I suggest you bookmarket that site, favoriate it, and stay there and learn from them until you are sure you have got a strategy that will keep on working for the long haul. And even then, you should still stay at that site, forever. Just my recommendation. I’ve been trading Forex for over 10 years.
Best of luck to you!
May 23rd, 2011 at 12:45 pm
You will lose money its inevitable just don’t leverage any money on a trade you will end up owing money.
the key is to make more than you lose.
May 23rd, 2011 at 12:45 pm
If you don’t try with your real money, you will never find out how excellent are you. Start with $100-200. Trading with your own fund will always has emotion involved. Noone want to lose their money, is a basic instinct for any investors. You can throw all you have in demo account in just one trade and you don’t feel a thing because it is not your real money so "why should I care much if I win or not?" No emotion trading is a excellent trading. But if you throw your real $200 in one trade, that is another tale I will hear from you.
May 23rd, 2011 at 12:45 pm
Some questions to question yourself before trying real money-
1- Did you use right money mangement principles on these demo trades?
2- Did you use a trading system or strategy to enter where the odds are in your favour, or did you just guess?
3- Have you been demo trading for six months at least?
I can guarantee that the real thing will be very different to demo trading, there is no emothion with a demo account but with real money, you will feel very real dread, and this will cause you to make mistakes.
If you try real money try a very small amout and find an account that lets you use micro lots or lower. You will probably blow your first account, most people do, i blew three!
May 23rd, 2011 at 12:45 pm
i have a feeling this is luck.
to go live, you need more experience and study, or else the experience will cost you many trading accounts.
May 23rd, 2011 at 12:45 pm
Of course you should do it! but just deposit small amount of money and make it larger just like your virtual trading. If you lose that live account, don’t add up to what you have been losing. Trade demo again, and see where your weak points, make it better from there.
May 23rd, 2011 at 12:45 pm
You should learn more about forex trading first. It is simple to use a demo account and place trades, because the money is not real and you do not care if you loose it, because of this you can place a large random trade and by luck it can go the right way and make forex seem very simple and profitable. Forex is not simple, it takes time to learn. A fantastic place to find profitable trades is by using etoros open book or traders insight tools.
May 23rd, 2011 at 12:45 pm
The best thing you can do is to try with real money. Make sure you don’t trade all your money ( dont place all the eggs in the same basket). What I suggest to my traders is to start with about 10% of your total net worth. For example, if you only have $1,000 start with $100, if you have $10,000 start with $1,000. Also, remember that demo trading and live trading are really different and you might become more undisciplined and lose focus once you start to trade real money. You can read more a whole article about how to make the transition from demo trading to live trading here:http://myfxventure.com/2011/05/foreign-currency-exchange-trading-transaction-from-demo-trading-to-live-trading/ (Foreign Currency Exchange Trading tips)
I hope this helps,
Jay Molina
Pro Forex Trader & Educator