It’s a myth that when you transit from a demo account to a live account, you start losing money. It may be true for a few traders, but not for all traders. As a demo account involves a training process, some traders gain profit when they transit from a demo account to a live account, whereas some traders experience a loss in their capital. So the traders need to know when to transit from a demo account to a live account. It will protect them from any loss. Here are some points on when to move from a demo account to a live account.
You’re able to make consistent profits.
When you are making a consistent profit in your demo account, you must convert it to a live account. However, it is not possible to make a profit on each trade. Even experienced traders lose money on trading in their entire trading career. That is why losing is a part of the battle.
However, if you are successful in Forex trading, it means you are making a consistent profit. Don’t beat yourself up for losing, rather focus on other strategies that will help to maximise your profit and minimize your losses. The trail strategy is a strategy that helps traders limit the risks associated with trading.
You don’t lose your cool when your trade is losing.
Forex trading does not work on emotions. In addition, if a trader involves emotions in trading, then he could lose profit. So if you learn this technique from a demo account and you panic, you have lost. Then you need to consider moving to your live account. It is not an easy task to remain cool while you see that you are losing money. Rather than panic, you need to focus on your strategy, find pitfalls in your strategy, and develop a strategy with fewer mistakes.
So when you lose money, focus on how to become successful. If you have already learned this tactic and remained cool, switch to a live account. You can start with Axiance and read the Axiance broker review to get experience of a live account.
Learn how to handle risks:
Forex trading comes with lots of risks. If you know how to handle these risks along with your trading, then you can switch to a live account. Risk handling is a great way to become a successful trader on Forex.
But you should not trade at higher risk. It is considered to follow the trade with 2% or less risk than usual. If there are high risks associated with trading, then you could face a loss.
It is very simple to move from a demo account to a live account. You just have to press “switch to live account” and you can perform trading on your live account. But before this, you need to make sure that you have enough practice trading and can develop a proper strategy while working on Forex. However, it is recommended that you start with small trading and minimum size trading to get live experience because larger trading involves high risks and experience, and otherwise you could lose money.