I feel when you've tested out multiple strategies and you have understood how they would perform in real trading, you can switch to the live account. But don't close the demo account right away, keep it open to test out more strategies.
Newbie here! When to switch from demo to real accounts?
- Thread starter lucie_fxtrader
- Start date
- Watchers 19
-
- Tags
- demo live account newbie
While demo trading, sticking to the supply and demand level worked best for me. I used to combine those with volume analysis and EMA 20/50 for confirmation. It wasn’t perfect but at the initial stages it used to help me understand the price movements without overcomplicating things.
Good approach- Are you still use the same strategy or you have tweaked it over time?
The base is the same but yes, I keep adjusting the strategy according to how the market is performing.
I just stick with the support and resistance levels at that time. Seems to work for me. How about you?
I do the same, but I also keep my eye on patterns. Also, Do you combine them with indicators?
Yes I do. I often end up combining them with moving averages to confirm the movements.
Switching from demo to real accounts depends on your confidence and understanding of key concepts like pip value, tick value, and how pending orders work. It’s essential to familiarize yourself with the market's operations and take advantage of different trading strategies. Also, following high and medium-impact news releases is crucial, as it helps you understand market flow and makes you better prepared for key events that could shift the market.
Keep in mind that geopolitical events, especially surprise news, can be unpredictable. For example, in March 2021, oil prices spiked after concerns that a giant container ship blocking the Suez Canal could disrupt crude and refined product supplies. This type of news can be volatile, especially if it happens over the weekend.
