When to Move from Demo to Live Forex Trading

7 Signs You're Ready for a Live Trading Account

If you're a new trader who has learned a profitable trading strategy, deciding when to move on with live trading can be challenging. Most traders spend too much or too little time on demo accounts because they compare themselves to others. If you're making plans to trade live funds, here are seven things you should have before doing so. 

Efficient Trading Tools

Your trading tools and resources have a significant impact on your trading results. Ensure you have the right trading platform and only trade with regulated brokers like Oanda. The efficiency of your broker can affect your trade execution and management.

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Unregulated brokers may manipulate your trade orders, including entries and exits. Trading with regulated platforms will protect your capital and give you an edge if disputes arise. You may also need to get the right indicators or trading robots to keep you at the top of your trading game.

Profitable Track Record

Before trading live funds, you need to ensure that your trading strategy produces a consistently rising equity curve. This means that your strategy should be able to make enough profits to mitigate your losses over time. You can track your trading results using trading software like 'FX Blue.' This analysis shows your win rate, the average risk to reward ratio, and the overall performance of your strategy across several currency pairs. 

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Ensure you make consistent profits for a significant amount of time (months or years) before moving to a live account. 

Defined Trading Plan

Your trading plan is your trading...