How to grow your trading account: Steps needed before transitioning into a live trading account

A lot of people find it difficult to start trading live due to various fears. Some of the fears are true while others are very false. I will be talking about how to transition into live trading and steps you might need to take before you put your all into trading.

One of the most common things when it comes to trading is taking risks. Taking risk is an unavoidable phenomenon in any business and so it is only wise to accept it and face it heads on.

In this post, I will be talking about the steps needed to transition from being a novice to trading a live account.

Step 1

Know everything about the nature of forex trading This is the simplest and most important instruction. You need to know all that it takes to be successful as a forex trader. After knowing all that is needed, the next thing is to make sure you implement and apply every knowledge you gained in order to be successful. Having knowledge is not enough, applying it is the most important. So this means you need to know the pitfalls of the game, the opportunities the game presents, the time you should stay clear, and the time you should increase your risk for better rewards. It also involves the resources you need to make profits. The resources can range from books to mentors to seminars and tools. In summary, absorb all you can.

Step 2 There is a saying that practice makes perfect. It applies also in forex. This means that before you start trading live you should have practiced with virtual money. This will help you know some tricks in the market. it will also help you test your strategy. Never go live without demo trading.

Step3 There is a very popular saying that you don't test the depth of the sea with both feet. As a matter of fact, you test with different toes before putting one foot. If you are a beginner who intends to start trading with a thousand dollars, you can start with 50 dollars first. When you make a fifty percent extra on it you could add a hundred dollars, then 300 before you put the final amount to make it up. Note: when adding capital, you must make sure you are following your strategy and your risk management rules. If you are not paying attention to these things, you will eventually end up blowing your/ account.

So these are the 3 steps that I feel you need to take before transitioning into live trading