5 Questions You Must Ask Yourself Before Moving To Live Forex Trading!

The Transition from Demo to Live Forex Trading is a Very Big & Bold Step that requires a bit of Consideration on your part, Since Real Money is going to be involved in Live Forex Trading your ego and emotions are going to be tested rigorously, you have to have the right frame of mind and the required Confidence to take on the Market to become a Successful Currency Trader.

In this blog post I intend to point out to you the 5 Crucial Questions you need to ask Yourself before making any Financial commitment to your Future Trading Career.

Question #1

Have you Learnt what it takes to Trade successfully?

Before moving on to Live Forex Trading you have to ask yourself if you have acquired the needed Forex Trading Education required to successfully Trade the Foreign Exchange Markets.

Trading requires a certain amount of Knowledge and Skill which varies from Individual to Individual. This helps to build your Confidence to a Level where you think and feel ready to take on the Forex and Trade profitably.

This is where you ask yourself if you’ve laid down a Forex Trading Plan so you don’t just place trades on whim or out of boredom. Do you really understand the Forex Trading Strategy you’re going to base your Trading Decisions on? If you can answer yes to this question lets move on to the next…

 

Question #2

Have you proved that what you’ve Learnt actually works in Real - Trading Demo Trading?

If you have written down your Forex Trading Plan and you feel Confident enough to Trade the market, before moving on to Live Forex Trading you have to try out your Trading Strategy on a Forex Demo Account to prove to yourself if all you’ve Learnt actually works.

Demo Trading goes a long way in building a Trader’s Confidence Level since you’re Trading Virtual Money and the Stress Free Environment helps you Learn a lot about how the Market Forces of Demand and Supply play out, thus getting to Study Price Action at a closer level.

Question #3

Are you Going to be Trading with Money you can Afford to Loose?

Many Traders make the mistake of Trading with money they cannot afford to lose. Trading is a very Risky Business and if the Capital you Plan to invest means a lot to you, you are likely going to make Irrational Trading Decisions when you’re facing a loosing streak.

You can not Trade with your Tuition if you cannot afford to Drop Out of College, you can not trade with your Mortgage Payment if you cannot imagine being Homeless, you can not Trade with your Savings if you do not want to Retire without a penny to fall back on in the event of a loss incurred while Trading, Makes Sense? Next…

Question #4

 Have You Traded Micro Lots Yet?

Start small. Trade on a Micro Forex Trading Account and when you’re consistently making Profits, cashing out withdrawals from your Trading Account, you are skilled enough to Trade big lots. Trading on Micro Accounts helps you gauge how good your trading is before investing any Real Money in a Live Forex Trading Account.

When you’re Trading, think Pips and not Money because Money attracts a lot of Negative Emotions to Trading like Greed, Fear, Anxiety and Anger which would all in turn affect your Trading Negatively.

Question #5

Do you have a Forex Trading Mentor?

This is a very much overlooked aspect of Trading. Even though you should Learn Enough to Trade on your own, we all know no one’s an island and as such you need to have a Mentor you can run to when faced with Trading difficulties.

Before you get steady on your Trading Feet, you need to have a Mentor showing you the Ropes in this Rollercoaster business called “Forex Trading”.

We’re done people, if you can answer to these questions in the affirmative i think you’re ready to go on Live Forex trading with Real Money. Hope you found this post helpful, I’d like to hear your comments. Don’t hesitate to ask any questions you might have. That’s it people! Cheers…

Forex Coach,

Anas Abba

 

Discover My Amazing Breakthrough Formula That Helps Siphon Loads of Cash To My Bank Account From The Forex Market   Name:   Email: The 5-Part eCourse "Forex Earning While You Learning"

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