First of all, you should have the proper idea of demo account and live account. If you ask a professional Singaporean trader he would explain it perfectly because he is aware of it. There are naïve traders who cannot deal demo account as it should be dealt. Even if it is a demo account there is a way to trade it. As traders, it is important to know the ways to trade demo and live account. However, if a trader is capable of trading the demo account, he wouldn’t struggle to trade live account but still, there are traders who struggle. Why do they struggle to trade live account? Isn’t it possible to trade live account like demo account? Well, the reason most traders struggle trading live account is due to trading real money. In demo account, you will be handling fake money, so there is no much tension. Even the emotions are less in demo account but it is not the right method. When trading demo account you should have the real dedication and proper mindset as it will lead to success. If you practice properly you will be able to face the reality. Anyway, there are few things you should know in order to handle live account like demo account. Let us read!
Trading the live market is extremely hard. You have to deal with your emotions and find the best trades. If you fail to control your emotion, this market is not going to make you a profitable trader. As a full-time trader, you should also find a reputed broker like Saxo so that you know your funds are in the safe hands. Never try to cut down your trading cost by trading with the low-end broker. Maintain a professional trading environment to maximize your profit.
Don’t ever dream of ONLY profit
Do you think Forex trading is profitable? Well, it is profitable but it does involve losses as well. Even if it is demo trading account you will face losses but then, you wouldn’t fight it. The same reaction should be followed when you are trading live account. Most traders dream of profit alone which is 100% wrong. If you dream of profits you wouldn’t be able to tolerate losses, so make sure to treat live account like the demo account. You should not fight the loss that incurred. Make sure to take the time to learn the reason why it was a loss and so on. As a trader, you should deal with losses to become a pro trader. Even the professional traders face lossstill they manage to make a living by Forex trading.
Don’t focus impossible things
When trading Forex you should know what is possible and what is impossible. You may have enough money to trade but is it a wise decision to risk the whole amount? Will you be able to profit? Will it be a loss? Well, the Forex market is uncertain unless you study it carefully, you will not be able to make accurate decisions. When trading live account you should focus on the possible things like risking the amount that you are comfortable. If you understand the way you traded the demo account it will be easy to trade live account. You should mirror the same behavior in the live account i.e. having no emotion because you are risking the amount you can bear.
Don’t leap without a plan
If you are in the Forex market you should have a plan. It is not possible to succeed as a trader if you don’t have a proper plan. A successful trader would definitely have a plan because he knows that it is impossible to succeed without a proper plan. If you have a plan you will be able to trade in an organized manner, so it will reduce the risks and losses.