Moving to live trading

[ele020]

Very good advice trading with small amount of money makes trading easier because potential loss won't cause big emotional problems to a trader.

Exactly and we all know how badly emotions effect our trading decisions. So its always better to remain in a sound state.

 

[Kirstysingy]

You’ll cope with the emotions of your not over infested. You need to be prepared that you may lose it all

 

[sarah2701]

You’ll cope with the emotions of your not over infested. You need to be prepared that you may lose it all

Exactly you need to prepare for it, you need to understand that forex is a game of win and lose, there may be days that you will lose all your money, so before it happens prepare yourself and build a strong trading strategy.

 

[TheNewbieTrader]

Hello traders. I have been learning and practising for a relatively long time and I feel confident about my trading so far. I have learned what I need to trade correctly and I am planning to start trading live, however, I'd like to ask you what would you suggest to do to deal with "1st day" emotions. Although I read plenty of articles about emotions, discipline and psychology of trading, it's still interesting to learn how other traders dealt with it. What did you do to reduce the heartbeat after opening your first trade? How your 1st week or 1st month of live trading was psychologically?

Learn a strategy

Trade on demo account

Become profitable/confident

Go live and stick to the plan

 

[Gholis]

First steps in trading, especially in live trading are always very stressful and exciting for novices. Even if you have a strong theoretical base on trading psychology an emotions control it doesn't guarantee you won't burn out after your first day of trading. Like in a ny other activity you have to get used to the conditions which are prodivded by the trading atmosphere. Of course you will be very stressful and nervous after you click on "buy/sell", it's inevitable, I believe that these moments will bring your lots of experience even in your first day. Don't forget to maintain your positive tstate of mind every day you want to trade.

 

[Centrirdana]

That is great to hear that you move to the new stage and start trading real money. That is a huge step for you! Speaking about the first day, I would recommend starting with a really small sum of money. So, you are not stressed but have impression that your experience will be much more expensive than the money you possibly lose.

 

[HeavenLeighRob]

I started by only risking small amounts in the beginning so it wasn’t as hurtful if I lost. Over time, I got more comfortable with taking larger risks, although it does still hurt sometimes when I lose.

 

[davtrent55]

Start with small lot sizes, no stress then

 

[Malaksen]

It is important to start with a low budget in order not to be too disappointed in the end. In spite of the size of your deposit, you'll feel nervous during the first days. However, later you'll get used to this kind of pressure and will not notice it.

 

[Spellkiller]

Unfortunately, no articles will help you out.
I think that the most efficient way to use your first days is to observe yourself and your psychology. You'd better start with small sums and you can try to implement all the trading strategies that you used in your demo trading and see how they work. You should pay attention to the slippages, spreads and all other kinds of commissions, so that you will be able to understand whether your trading strategy needs some adjustments and alterations. More than that, you should pay attention to your psychology and your feelings. You've got to understand whether real trading is different for you in the emotional aspect or it is quite the same. If it is different, then what exactly makes the whole thing different. Later on you can increase the lot sizes gradually so that you'll feel calm and avoid any stress along with the increase of your deposit.