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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.

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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.

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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:

  1. Forex Trading Explained in Simple Words
  2. Chart Analysis – Part One
  3. Chart Analysis – Part Two
  4. Chart Analysis – Part Three
  5. Candlestick Signals and Patterns
  6. How To Become a Successful Forex Trader
  7. Forex Trading As Full Time Job
  8. The Role of Emotions in Forex Trading
  9. The Importance of Demo Trading and Your Demo Account

Good luck 🙂


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"Whether you think you can, or you think you cannot, you are right." - Henry Ford

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14 thoughts on “Do You Already Have a Live Account?
  1. Okeke says:

    I’ve had a demo account since 2012 when I wanted to find out what forex trading was all about, but only started trading it consistently and seriously almost a year ago. You article is helping to keep my hope alive, I’ll start live trading one day (Soon, I hope). Thanks so much for this positive reinforcement.

  2. Gert says:

    I am so glad to read the above, I really, really don’t want to miss out on this one. “So don’t miss it: How Does It Feel to Be a Professional Full Time Forex Trader?” I try to trade now for two years full time but… (Thanks for all the info)!

  3. jason says:

    I had just opened a small account with an offshore binary broker when LuckScout discovered me thank God. I was lucky enough to get a refund and so far been able to keep my demo positive where as I blew through 20k in demo money in binary option demos. In fact the only good returns ive had in my fx demo where from following LuckScout set ups I profited roughly 2k the last cpl days from last weeks analysis 🙂 even getting out early with 3k demo account. It is hard to resist the temptation not open a real account because the opportunity is so exciting but at the end of the day if im honest with my self im far from ready and LuckScout lets me know this daily. Yes its hard to swallow at times but what they teach is the truth which is more than most of the daily bombardment of emails asking for money and promising riches beyond belief can say. LuckScout has never asked me for one red cent and done nothing but unselfishly shared there hard earned knowledge which has been nothing but profitable in every way. God only knows how much money they have saved people. There not some fake trader in disguise making money by affiliate marketing some bogus system. There what america needs this day and age, true mentors handing out tuff love and truth. I for one am very grateful and honoured to interact with such character and professional’s. I only hope one day I can make them proud. Thanks Chris, Kamel and everyone else involved. Even if I never make a dime in for ex, which would only happen by shunning there advice and teaching, at least I know that LuckScout told me the truth. Thanks again guys.

  4. Seru says:

    Hi Chris,
    I had wished to open a live account, very eagerly indeed, but your words of advice is the only reason I have not done it as I have to perform consistently for 6 months on my DEMO.I have 2 demo accounts, one Trading the daily and the other the short time frames H30 AND H1 so I can experience what you have been teaching just to see which of the two will fail. Opening LIVE without proper practice means “GREED” has already set in.

    Have a wonderful day

  5. val says:

    i didn’t know about demo accounts when i first started to trade i jumped into the deep end and funded 3 different accounts and my trading felt like gambling because i was just jumping into trades didn’t even use stop loss i managed to blow all three accounts its not a good feeling.
    fast forward 10 years i trade much better but have no money to trade. thanks for your post LuckScout.

  6. Danken says:

    I really love to get up and read your article in every morning.

    it’s very helpful.

    Thank you so much Chris. Thank you.

    Happy Trading.
    Sunny day and a little bit cold here from Bangkok, Thailand

  7. Richard Cherry says:

    Hello Chris,

    I opened a live account about a year ago and have been funding it for that time. To date I have not traded on my live account only on my Demo account. My confidence and abilities are still lacking and until i’m making money consistently on my Demo account i will not touch my live account. Am learning daily and am attending webnars. Hoping this will be the year i go live.

    • LuckScout LuckScout says:

      This is really good that you have not traded with your live account. Be patient and don’t rush. Market is always there waiting for you and your money. Just make sure to become consistently profitable, and then start trading with your live account.

  8. Biju.K.C says:

    Hai Chris,
    I started reading your articles very late… unfortunately after trading in live account for more than two months. I lost around 25000USD and now I stopped trading. I wish to study properly and do it properly…. I had done with XFOREX.

    • Sandy says:

      Hi Biju,

      thats scary! $25K is a LOT of money to lose. I opened my $1000 accnt today and have taken 3 positions. I have been demo trading for a few months now. I am trading small lot sizes and hope to grow my account slowly but surely.
      I have a full time job, but with Forex income, I can take more time off and fulfill my dream of travelling the world, pursuing my hobbies and giving back to a good cause. Good luck to us all.

  9. Michael B Michael B says:

    Another great article Chris , I’ll be honest I opened a live account after only being in profit with a demo account for 3 months , but the live account is trading in micro lots only. My risk therefore is very small, things are going well so far and I have taken a number of profitable trades using LuckScout methods and mindset. All learned here from your articles. I will keep you posted and God bless you for your generosity and time.

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