When you learn forex for the first time, you might be wondering when you are supposed to open a real forex account. You might be wondering where you can start practicing, but you don’t want to throw away any money for something that you are unsure about. There are ways that you can solve this, from opening a practice account to doing a self-assessment!
Open a demo account
Instead of going live right away, you can always use a demo account to understand how forex trading really works. It provides you with the experience you need so when you jump into a live account later on you are ready. Here you can practice your way of analysis as well as how to manage the upcoming risks. Risk management is indeed important to be understood before you really go to live account.
How long are you sticking with this account though? You are going to move on to a real account when you feel like you are ready and has finished the training well enough. You can then start to trade with your own money, a real one. But, how do you assess yourself to know that you are ready to have a real live account, actually?
How to assess yourself if you are ready
First, is the consistency of your trading. How much do you trade constantly? Do you trade every day for the past six months? This is not about how much experience you have gathered for a long time. Forex keeps changing all the time and keeping yourself updated with this will at least keep you up with some good threads.
Second, you should try different styles of trading before jumping into a live account. Perhaps, you are comfortable with the style that you are currently looking right now, but are you sure that the style you have picked is the best for you? You wouldn’t know unless you try them all, and now is a good chance to do that.
The balance between you losing and earning money is also important. Afterall, this demo account is a place for you to practice. If you don’t seem to earn money how else would you make one on the real account? Even if you have earned some on your demo account, the live account is very different from that.
You should develop a plan, create a strategy and execute well, and prove that the process that you have taken for several months in the demo account will work on the live account. Don’t worry to pull back yourself, as having hesitation can be a disadvantage for you as well. Decision making is very important in the forex business, and you should be able to answer yes and no quickly when required.
Where to open a live account
If you are indeed ready, you can go to your trusted broker and open the account there. One of the brokers that are recommended is Didimax. If you are having trouble while learning forex, you can also find classes in their website. Or, if you prefer to follow an online class it is available too in Didimax.
The best part is, they have reliable mentors that are going to teach you and definitely make your process of forex learning a whole lot faster. You don’t want to miss this opportunity as timing plays a big role in the forex trading business. Learn it faster by hiring your own professional mentor that is willing to teach you everything they know without you having to spend time learning forex hard like they were used to.