Do You Already Have a Live Account?
Yesterday, a good topic came to my mind, and I decided to share it with you right away. I was thinking how good it is to be a professional full time forex trader and make money from the comfort of your home, while the only thing you need is just a simple laptop and an Internet connection. It became a good article that I don’t want you to miss, because it can encourage you to continue your forex learning journey until you get where a professional and full time forex trader should be.
So don’t miss it: How Does It Feel to Be a Professional Full Time Forex Trader?
In this article, I am talking about having a live account, and whether you should have a live account or not.
You can easily google and find a good broker when you want to open a live account. We have already talked a little about the different types of brokers (market maker and ECN/STP) here, and we may have more articles about this topic, but we avoid referring to any broker as long as this site is online.
So I don’t want to refer you to a broker and encourage you to open a live account. Conversely, if you already don’t have a live account, I want to ask you not to open any for now. And if you already have a live account, I want to ask you to stop trading with it for now.
I have met so many novice traders who have been eager to make money through trading (either stock or currency). There is one common thing among almost all of the novice traders: They love to open a live account as soon as possible!
I don’t know why. Maybe they are eager to see how having a live account and making real money feels. Of course it is great to have a live account and make real money, but you should do it only when you are 100% ready for it, otherwise having a live account will have nothing for you but harm, both financially and emotionally.
I am writing this article, because I do know that many of you already have a live account and trade with the real money, while you are not ready for live trading at all. Stop it now.
For a novice trader, opening a live account and trading with real money is like driving on highway while he not only doesn’t have a drivers license, but also he even doesn’t know how to drive safely and properly. There is no doubt that he will hurt himself and the others.
You will always have time to open a live account. The market is there waiting for your money. If you open a live account at the right time, you will make money. If you do it too early, you will lose money. It is not just the matter of losing some money. When you lose or wipe out your live account, you also get hurt emotionally and psychologically. It can cause you to give up, and if you give up on forex trading, chances are you never give it one more try in future. Therefore, you will miss the chance of making money through forex trading for the rest of your life. And this is a really big damage for you and your family, because forex really makes money if you do it the right way.
So, if you already have a live account, stop trading with it for now. If you have not opened a live account yet, don’t do it for now. It never becomes too late to trade with a live account. Instead, keep on learning and gaining experience until you meet the requirements you have to meet to open a live account.
We have already collected everything you need to know to become a profitable forex trader. You can start from here:
- Forex Trading Explained in Simple Words
- Chart Analysis – Part One
- Chart Analysis – Part Two
- Chart Analysis – Part Three
- Candlestick Signals and Patterns
- How To Become a Successful Forex Trader
- Forex Trading As Full Time Job
- The Role of Emotions in Forex Trading
- The Importance of Demo Trading and Your Demo Account
Good luck 🙂