How to practice with Live Account without depositing money

[Vectorex]

Generally, one of the reasons why people fail in Forex is because they lack confidence. Developing confidence as a Forex trader does not happen in one day. It takes days and weeks of learning and practice. I would suggest you go back to using a demo account. Learn a particular strategy and make consistent profit with it for two months.

If you feel like a winner after two months, do it for another one month and another month and another month. If you have repeated your success for at least 4 months straight, it means you have some confidence now.

The next phase would be to go live. DON'T USE YOUR MONEY YET.

Here is the trick: FIND A BROKER WITH NO DEPOSIT BONUS. The aim is to see how you can succeed with account. There are a few brokers that offers this, just google it.

The ones I have used are from

InstaForex (bonus depends on your location, you can't withdraw it)

Forexchief $100 no-deposit (you can withdraw it after some conditions).

Register a cent account so that the funds will last longer for you to test your confidence. I also want you to learn proper money management system and apply it. I will write on it later.

Choose any broker, remember the goal is to build confidence with a live account just as you did with a demo account. If you don't succeed with one broker, move to another one with no-deposit bonus.

This is Risk Free method of learning how to trade profitably.

 

[LorrainMor]

In the present day; naïve trader can get acquaintance with the basic ideas of trading at the initial phase of the trading journey. On the other hand, demo trading account is the main alternative which can help the traders to increase the trading expertise where a trader can trade artificial money as real account. I consider that my elongated voyage with demo trading accounts is serving me sufficient psychological help in taking decisions.

 

[lioneld]

No deposit bonus? Are you sure? I’m asking because I know the reality of no deposit bonus. The worst bonus I have ever seen.

 

[Vernessh]

Build confident is very important for trading. There are many ways to gain. The important are trade setup , execution and trade your plan after that review&checking and check the result. If we do the right process , even get loss money. It can be assumed that you do the right thing.

 

[Lee Mark]

Build confident is very important for trading. There are many ways to gain. The important are trade setup , execution and trade your plan after that review&checking and check the result. If we do the right process , even get loss money. It can be assumed that you do the right thing.

Practice and practice- to gain confident in trading; when you have 1000+ trades experience with a good success ratio; then you’ll have that feeling for sure.

 

[Young Church]

No matter how small, money is money. There is no way to trade with live account without using any capital at all, even if it's small. The best thing is to practice with a demo account and after determining that your ready to go live open with a cent account.
You can start small from there and gradually increase your lots or trades, with this you have less to lose and much to gain. Put simply, start with what you can afford to lose!

 

[Young Church]

No deposit bonus? Are you sure? I’m asking because I know the reality of no deposit bonus. The worst bonus I have ever seen.

What is the reality? It is a no deposit bonus, which means you get the money without depositing. I got it from Forexchief, easy peasy.

 

[Svetlana Loboda]

What is the reality? It is a no deposit bonus, which means you get the money without depositing. I got it from Forexchief, easy peasy.

Mate, getting bonus is easy but withdraw the profit is the key; maybe he tried to point out this point.

 

[Young Church]

Mate, getting bonus is easy but withdraw the profit is the key; maybe he tried to point out this point.

This is true, but what you failed to consider is what many brokers do this days. You can practically trade with your bonus and of course if you get profits, you can withdraw those and that's a total win for me.

 

[sininfinity]

Sometimes it is a problem if you make large profit from free money. Then people face issues when withdrawing.

 

[Young Church]

Sometimes it is a problem if you make large profit from free money. Then people face issues when withdrawing.

Like I always say, you can use these bonuses to trade, many broker allow that. And of course there is no broker that will deny you withdrawal when you make profits and want to withdraw.

 

[sininfinity]

Like I always say, you can use these bonuses to trade, many broker allow that. And of course there is no broker that will deny you withdrawal when you make profits and want to withdraw.

I guess you have not seen many cases where people cry after they make profit. Check this one out https://www.myfxbook.com/community/experienced-traders/instaforex/945682,1#?pt=2&p=3&ts=28&o=945682

 

[Young Church]

I guess you have not seen many cases where people cry after they make profit. Check this one out https://www.myfxbook.com/community/experienced-traders/instaforex/945682,1#?pt=2&p=3&ts=28&o=945682

It's not the same for everyone, and besides you just read about these stories online and am sure you did not really ask these person what really transpired. Anyways, brokers have their faults as do traders.

 

[Lee Mark]

It's not the same for everyone, and besides you just read about these stories online and am sure you did not really ask these person what really transpired. Anyways, brokers have their faults as do traders.

No way to ignore your point! I have also noticed; few traders like to blame their broker after SL.

 

[Young Church]

No way to ignore your point! I have also noticed; few traders like to blame their broker after SL.

My point exactly, we should learn to read through the terms and conditions of the brokers we select before we trade with them. We will find a lot there, just like when we were registering with this forum there are rules we agreed to, if we break them we get punished one way or the other. Would you blame the forum admin if you were caught in this?

 

[lioneld]

My point exactly, we should learn to read through the terms and conditions of the brokers we select before we trade with them. We will find a lot there, just like when we were registering with this forum there are rules we agreed to, if we break them we get punished one way or the other. Would you blame the forum admin if you were caught in this?

True. But on the other hand, market maker brokers are not interested to pay their traders since they have a different game plan.

 

[Young Church]

True. But on the other hand, market maker brokers are not interested to pay their traders since they have a different game plan.

So the choice is your then, there are other things that draw traders to market maker and they are very much ok with it. Practically it all depends on what you want in the market.

 

[lioneld]

So the choice is your then, there are other things that draw traders to market maker and they are very much ok with it. Practically it all depends on what you want in the market.

I think; new traders should spend enough time on the broker issue! Then they need to invest their own money; it’s a very critical issue since the market maker brokers are available here & there.

 

[sininfinity]

It's not the same for everyone, and besides you just read about these stories online and am sure you did not really ask these person what really transpired. Anyways, brokers have their faults as do traders.

Story?

That trader gave screenshot proofs and with what unreasonable terms they cancelled his profit and banned his strategy. There is a difference between story and real life example.

 

[Oscar Shumack]

Practice is the most important thing to make money from this market.