been making profit on demo account, am i ready for live trading?
sorry to disappoint you but the answer is no, the fact that you made profit on a demo account does not guarantee that you will make profit on a live account. In fact wen you start trading live you may have some lucky trades but then you will definitely start losing money because your emotions will be out of control.
Remember that demo accounts do not stir up any emotions when using them because you're not trading with your hard earned money. When you begin to trade live, emotions like fear and greed will make you abandon whatever trading plan you had prepared.
But not to discourage you, I still think you should go for it (live trading) but keep your lot size at 0.01 until you are disciplined enough to manage your emotions and stick to your trading plan.
Yes, you can trade live but do not expect to make the same profits without some pushback from the market. Let me explain, on demo accounts all your orders get filled at the time and price you want, but in the real market an order can be filled at an inferior price, slippage can occur, then there is your emotions that will try to fight against you.
Making profit on demo doesn’t always mean it'll be the same when you go live. A lot of people complain about making profit on demo only to keep making losses once they go live. This is because on demo, there’s no real pressure, so it’s easier to stick to what you've learnt but once it’s your real money, emotions and overthinking get in the way and that can mess with your decisions.
Also, sometimes people move to live too quickly before fully understanding how the market works. But if you feel like you're good to go, then don't let fear hold you back. Just don’t expect it to be smooth right away. There’s still a lot to learn as you go.
You’ll need to keep up with the news, keep practising your analysis, and stay calm even when things don’t go your way.
Having a mentor or guide is also very important, especially since you're still new.
Yes, go for it! you may make some losses initially but that's your learning experience and the school fees you pay to the market for teaching you. I don't like demo accounts because they are soulless and lack emotion, live accounts will train you better.
Ready or not, you should go live. Live trading is the only way to develop your trading psychology and tame your emotions. When trading live, just ensure to use 0.01 lot size so your losses dont hit too hard.
Ok , you can go for live trading maybe you will be lucky but always there is lossing but for you to be successful loosing is a must but don't increase you size lot from 0.01 until you earn a profit