Established
Maximum Lavarage
Minimum Account




Established
Maximum Lavarage
Minimum Account
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…
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.
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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.
Established
Maximum Lavarage
Minimum Account
Established
Maximum Lavarage
Minimum Account
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.
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Originally Published here at https://www.toptal.com
Statements about Cryptocurrency
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Upon appeal, the Israeli Supreme Court has rejected the closure of Bits of Gold’s banking facilities at Leumi bank, Tel Aviv.
The Israeli cryptocurrency brokerage’s appeal followed a previous ruling against it that has now been set aside by the higher court.
As Israel and many other countries struggle with the accelerated phenomenon of virtual currencies, Leumi Bank recently made the news for being a particularly blunt in its rejection of Bitcoin.
We should of course not be surprised with the banks attitude towards bitcoin or any other cryptocurrency for that matter. keep in mind that the banks become more and more obsolete because of them.
They will keep on loosing money which now they make with ridiculous commissions of work that is fully automated. so they will try to see how they are able to make the operation and acquiring cryptos as hard as possible knowing that they will never be able to stop them.
There is widespread anticipation that the upcoming G20 Summit in March 2018 will produce a global, moderate framework for a regulatory approach. Set against that are persistent hostile stances the world over from banks, asset managers and even governments towards cryptocurrencies.
Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.
Apart from the Israeli revenue service opting to tax cryptocurrency assets as “properties” and other more positive developments dating back to mid-2017, Israel remains a strange mix of genteel acceptance alongside wildly opposing voices.
Bits of Gold has fought a David and Goliath battle since their banker decided it wanted to steer clear of all cryptocurrency-related business.
On record as recently telling another bitcoin-related trader that they simply don’t want the business, Leumi Bank’s hard-line stance is accumulating bad press. The second-largest bank in Israel appears as discriminatory when analyzing virtual currency traders and other digital coin businesses.
During 2017, a customer made a bank transfer to the Kraken exchange site for buying bitcoin worth $1000. The bank identified the request, halted it, and started investigating.
The elated CEO of Bits of Gold, Youval Rouach said that “The court’s decision enables us to focus on the growth of the Israeli cryptocurrency community.”
The February 26 Supreme Court ruling granted Bits of Gold a temporary injunction against their account closure pending further scrutiny by the bank and other parties. The presiding bench declared that the company had “acted transparently and did not violate any provision of law.”
Calling the bank’s concerns “speculative” and turning an unsympathetic ear to the plaintiff, the ruling does, however, allow for the bank to still close the account on any small technical detail that defies legislation. As a record of a public spat around cryptocurrency’s right to be recognized in many ways, the ruling is seen as a victory for the local cryptocurrency community.
Although not as absolute as nations like China that has opted for draconian bans, Israel is a front line for digital coins’ right not just to exist, but also become assets in the true sense of the word. The Supreme Court noted in its written ruling that Bits of Gold had not made itself guilty of the violation of any standing laws since opening its doors for business.
The Bits of Gold v. Leumi Bank case might become something of a test case once the bank applies its mind in scrutinizing the company’s accounts against the backdrop of existing legislation. The outcome will also be informed by sentiment post the G20 Summit due in March as well as other global regulatory trends.
Now that the countries understand there is money to be made with Taxation in cryptocurrencies they might want to make sure that the banks stay within their lane.
This was First Published by coindesk
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