As mentioned before, it is to prevent money laundering and fraud. This is one reason you should pick your broker carefully and if you have nothing to hide and the broker is legit you should not worry too much about it. I have actually met my broker in person when I did my due diligence and then opened my account.
Opening real trading account
- Thread starter george112
- Start date
As mentioned before, it is to prevent money laundering and fraud. This is one reason you should pick your broker carefully and if you have nothing to hide and the broker is legit you should not worry too much about it. I have actually met my broker in person when I did my due diligence and then opened my account.
Opening real account is not difficult just choose your broker , go to their web site , follow steps that are required for it , in start no invest all your amount . in this way you will get better idea about broker and your skill of trading when working with live trading.
iMusingKiMi
Sergeant
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If I am not wrong other than preventing money laundering and fraud, there is another rules by regulatory known as KYC (Know Your Client).
Whitesnake
Corporal
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It somewhat related to the verification procedure to open a bank account or so, likewise the genuine broker would also require the correct identification of the trader to verify their money source and to ensure anti-fraud.
EURUSD
Sergeant Major
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Real account is the real trading because it is using real money to trade, so it will need good emotion control to get good result beside you should prepare good analysis, good money management and good risk management to manage amount of profit and loss which could happen in each transaction. It's important for traders to prepare what you need to use in order to minimize loss and maximize profit in your trading plan before you decided to enter into real account. If you don't have good preparation in demo account, then the result of real account won't be same as your expectation.
Froso@FXNET
FxNet.com Representative
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Yes opening real account maybe is simple but before that must see first about the performance of demo trading result , see the consistency of that periods , are get stable profit in certain periods or not , if still not yet get consistent profit , its will hard to survive in real account later
EURUSD
Sergeant Major
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I am agree with you. Opening real account is easy and simple thing but traders need to make consideration to their performance in demo account first before decided to enter into real account because demo account is simulation account before trading with real account. If the performance in demo account is good, then it is good starting point for you in trading. Good result in demo account won't guarantee good result in real account too but this condition means that you had proper trading plan to follow.
Whitesnake
Corporal
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It is very much necessary for the traders that they prove their performance in the demo account and once they are confident enough of handling their account in the demo practice then this is the signal that they can start their trading business with full swing.
EURUSD
Sergeant Major
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It is right that good performance in demo account is good starting point in trading because good performance in demo account will guarantee you that your trading plan is working well although it is not guarantee you to get same result in the real account later. But if you're capable to stick on the rule, then the result in real account won't be too much different with demo account.
Whitesnake
Corporal
- Messages
- 428
For all the traders who wishes to excel in the forex trading business trading or practicing in the demo account is a must so that they can develop the trading strategies which gives them consistent gains. And once they are accustomed to the trading discipline they may implement the same in the real account trading as well.
