Switching from a demo to a live account is a relatively straightforward process. Depending on your broker, it could be as simple as clicking on a webpage a couple of times to fund an account, and start trading live. Ultimately, most brokers are trying to get you to trade live, and the demo is the first part of the process in taking a new client on.
One of the biggest things that should be noted is that trading a live account is much different than a demo account, at least from a psychological standpoint. After all, now you are starting to lose money and that is much more painful than being wrong on a trade. If you’re wrong in a demo account, your pride is at stake. If you are wrong in a live account, your pride AND your money are on the line.
When it comes to opening a live account, you will need to provide a certain amount of documentation. In general, you are typically offered a live account only after you can prove your identity, your residency, and any other legal documents necessary for the regulatory entity that the broker needs to deal with. Overall, you are looking at some type of government identification, and some type of utility bill from the address you are living at. Beyond that, there will be some legal documentation to sign that will be provided by the firm’s attorneys.
There is probably going to be some code of conduct agreement, as well as even more if there is such thing as a social trading platform. This obviously will differ from broker to broker, but in general these are the “hoops” that you will jump through.
Funding will vary from broker to broker, but most of them will accept bank wires, checks, and various types of electronic payment such as PayPal, Skrill, and many others. It is the funding part that the proof of identity is so important to the brokers, as there are stringent anti-laundering laws internationally that brokerage accounts used to be used against. Funding can take as little as a few minutes, or as much as a couple of days depending on the broker and the form used.
The psychology of going live is a bit of a mix. Initially, it’s an exciting time to be a trader because suddenly it becomes “real.” However, fear becomes a serious problem as well. Suddenly, losing matters, and you will notice that you are much less comfortable trading than you are when it is all paper trading. The psychological part of trading is without a doubt the most difficult, but it is also the most important. It is your psychology that will get you through the rough times, and keep you grounded during the high times. I cannot stress this enough: your success lies within the realm of psychology, and of course money management as well.
As mentioned previously, Money management is a huge part of your success or failure. The reality is that random trading can be profitable if you use the proper money management, and the psychology that is necessary. This is why so many traders can use the same system as another and come out with completely different results. It comes down to being able to keep your losses small, and let your winners run. I know that it is a cliché thing to say, but it is true, and that’s why you hear so much about it.
One of the biggest mistakes that I see traders making is that they don’t succeed in demo trading initially before risking money. That’s what a demo account is supposed to be there for, although I would admit that most brokers use it as a sales tool. Far too many people are too excited about trading with real money to learn how to profit over the longer-term. Most brokers know this, so they don’t have any issue giving away these free demo accounts, because they know that you will more than likely jump into the market long before you are profitable.
However, I would ask you this: “how can you expect to make money in the real world if you can’t make it in a simulated environment?” It’s very much akin to allowing a medical doctor to practice in the real world that failed in medical school. Far too many people think they are going to come into the markets and make a killing right away, not understanding just how difficult it is going to be profitable and successful in this endeavor. Overall, it can be a very rewarding career to be involved in, but you need to take your time and be patient about the way the market moves.
Switching from demo to live is relatively simple most of the time, but you do need to have the proper documentation. The real challenge comes down to making it. If you are not profitable in a demo account, there’s no way you’re going to do it in a live account. In fact, I can guarantee that you are going to end up losing your money. The average retail account is blown out in 90 days. Keep that in mind, but what I would say is that it’s all avoidable though, if you only take the time to learn how to trade, and only then start putting money to work.
Everyone that has been trading for some time has most likely traded on the metatrader 4 trading platform of metaquotes. This has been the standard in the industry for the last couple of years.
But more and more brokers Like CMSTrader and UBCFX are offering alternatives that might suite certain traders even better then the MT4 as they have a lower learning curve and are designed more intuitive.
One of these platforms is the Sirix Trading Platform.
The Sirix Trading platform is
Sirix, a fully packed trading software with numerous with numerous options and special indicators that are designed by the software company to present you with a personalized trading experience.
• Ease of Use: if you are a trader you will be able to access your Sirix trading platform and see all your trades and other information at any place and time. The Web-trader is a fully function trading platform that does not require you to do any download. This has more or less become the norm of the industry and if you for example take the Sirix Trading platform of LegacyFX you will be able to have a download desktop version, a web version and a mobile version.
these in general all have the same functionalities but of course is the mobile version a bit more limited due to the smaller screen real estate.
• Indicators and Options: this platform provides build I more than 50 Indicators which for most traders is over kill but it does allow most traders to find the right indications to match their trading behavior and trading strategies.
The Charting Package that Sirix provides is easy enough to understand and gives you as a trader all the information you need, there are different time frames that in combination with the ability to display lines and annotations make this platform feel like it is designed for you.
• Social Trading: Sirix has a full feature social trading module that allows you to watch the trades of others which might give you new insights and trading ideas. If you come a across a trader that is particular successful you are able to copy that traders’ trades and create a full automated copy trader,
You as the trader are still in charge and you have the option to trade with lesser or higher amount then the trader you are copying.
In order to use the social trading, you have to open an account with their social trading community.
This can only be done by using a nickname an order to protect you identity. When you are part of the community then you are part of all the brokers that offer this feature to their traders. Meaning you are able to follow a trader that is trading with 12trader while you are trading with account from UBCFX or any other broker that has Sirix.
Now I have to mention that if you look to only trade social then the Etoro Platform is still a better solution s this system is built only for social trading and they have pretty much defined the concept.
this is the latest platform that was launched by Leverate.
it focuses , just like the name says more n the trading of cryptocurrencies.
as this company understands that this is the direction where the market is going and more and more traders are asking for trading in Bitcoin or ripple trading to just name a few they have added this feature to the Sirix Platform , this means that every broker that has the sirix trading platform is in theory able to offer trading in cryptocurrencies.
in addition they have launched also a platform that is only trading cryptocurrencies but that will be another review as i have yet to see and play with this system
The Intuitive aspect of this platform is one of the key features and makes the threshold of trading lower for newbies. There is also a fastn amount of Sirix Tutorials out there that will help even the total beginners with the Sirix Platform
Now of the traders that need bots and more indicators then there sis still nothing that beats the metatrader 4 trading platform but for many traders Sirix offers more then enough and makes the trading experience easier then with MT4.
More and more brokers are offering this alongside their other trading platform so you as a trader will come across more and more brokers that have the Sirix Trading platform in their arsenal.
On September 11, Sweden will host Blockchain & Bitcoin Conference Stockholm organized by Smile-Expo – international coordinator of business events.
The conference will introduce various topics regarding blockchain and will drive attention to the most topical problems of the cryptocurrency market today.
One of the invited experts is the Member of Swedish Parliament Mathias Sundin who is involved in the Tax Committee and the Finance Committee. The specialist has co-founded a revolutionary technological organization Warp Institute and joined financial company Goobit. At the event, the speaker will analyse the power of decentralized systems, evaluating its long-term strenghts.
Head of Digital and Innovation at Landshypotek Bank Merete Salmeling will deliver the presentation, too. She will explain how DLT can be integrated into the real estate, and what advantages it brings.
President of Blockchain Alliance Europe Tanja Bivic Plankar will join the conference as well. Being an initial coin offerings expert, she will share knowledge about ICOs, describe recent innovations in the token sale sphere and talk about the regulatory framework.
Regulatory and legal challenges coming with innovations will also be discussed by Dr. Guenther Dobrauz-Saldapenna – Partner & Leader PwC Legal Switzerland. The speaker is a lawyer, VC investor, and banking specialist. He provides business consultations and has already written 10 books discovering innovative processes, money and technology.
Blockchain & Bitcoin Conference Stockholm is the second crypto event in Sweden carried out by Smile-Expo. The company has already held 40 successful crypto conferences in 25 countries.
Use an opportunity to meet leading DLT specialists, ask questions and learn new topical information about the blockchain industry at first hand at the conference!
Details of the event and registration are available on the official website of Blockchain & Bitcoin Conference Stockholm.
The Blockchain & Bitcoin Conference Stockholm is a highly anticipated crypto event in Sweden. and is being held for the second time.
after the success of the first one they look to make this event a annual one. since the crypto industry is going more and more out of the shadows and becomes more mainstream you will find that the quality of people involved also grows.
this is clearly displayed in the extensive list of speakers at this event.
bringing together the international business community in order to share their experience of integrating blockchain and cryptocurrencies; discussing blockchain industry issues and finding ways to solve them; encouraging a balanced growth of the cryptocurrency market.
the list of world-renowned blockchain experts, including government officials, foreign investors, entrepreneurs, lawyers, and developers is impressive and should get this event the notice it deserves.
investors, business people, lawyers, startup founders, and those aiming to launch a token sale.
:to receive full information with case studies about the blockchain application, to discover how to comply with the legal norms in the blockchain industry, to find business partners, and to enhance your brand awareness.
Standard ticket – 240 EUR
Student ticket – 121 EUR
A valid student ID should be presented at check-in. No refunds on the day of the event.
Blockchain & Bitcoin Conference Stockholm is a part of the series of Blockchain World Events held in 25 countries. The organizer is Smile-Expo International Company.
Lesson 2 – Pair characteristics (the majors and the crosses), Understanding Forex Pairs
Lesson 1 – What is Forex and how does It work,
What is Price Action Trading and How to Use it
Lesson 3 – Introduction to charting
How to Recognize False Breakouts
FX Broker ActivTrades Wins the “Le Fonti Forex Broker of the Year Award”
4 Things to Always Do Before You Start Trading
3 Most Common Trading Mistakes