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In my opinion there are three skills that every trader has to develop in order to be a succesfull live trader. 1. Technical skills and awearness of the environment that he is in.2. Mental skills (those are most  difficult to obtain because you can develop them trough experiance and self evaluation).3. Concentration (treating your trading as a business).The differance betwean trading with your own money and paper money is huge. First of all when you are trading paper money every desition that you make is widout any stress or fear. The desition that you take with real money is under pressure and fear. That makes a huge differace in the end results. I will give you my persona experiance as a live trader. I ve been trading forex for 4 5 years mostly with paper money. Lately ive been acheaving some consistant results in the trader contest and i decided to open a live account. I must tell you that troug the first week i made every rooky mistake that  a trader can make: overleveraging, not following the trade plan, not being abel to wait long enough so my position can unfold, placing too tight of a stop. I couldnt sleep some nights due to stress, i had sweaty palms almost always. Those mi…
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RobertBric avatar

I think there are a few more skills required. However, your description of the transition from demo to live trading is spot on. I suggest to novice traders to trade live (once they mastered the platform and their strategy) with the amount of $1000 i.e. 1 pip is around $0.1 depending upon the pair. This way one graduates slowly without being exposed to too much emotion. Plus, demo trading doesn’t have slippage which can substantially affect trading results (of course, depending upon the strategy). All the very best with your transition to live trading.

alifari avatar
alifari 19 May

When I entered the world of forex trading, I committed same mistake and opened a live account without having proper training on Demo account and guess what blew up several times +1.

doctortyby avatar

Good advices for beginners... But the article is a little too short

scramble avatar
scramble 19 May

i agree: real and demo trading are 2 different worlds into the same constellation. 'demo contest' trading is the 3rd one.
your article is really a summary of important things, why not explain them deeper?
good luck :-)

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48/67
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Focus on your skill and physical approach to the system. Pressing the wrong key or clicking the wrong trading instrument can lead to significant errors and significantly reduce your deposit because of a simple accident or carelessness. Before introducing the system of the application and open positions, think for a moment and appreciate their condition, make sure that nothing prevents you to trade, you are calm and focused on trading. Typically, sophisticated electronic platforms allow trading in a demo mode to see how it works and get comfortable with all the buttons and functions. When the work becomes familiar with the system, it will be easier to maintain concentration and accuracy.Successful e-commerce requires a certain skill in each of these moments. The more you know, the better you are prepared for unexpected market situations. Your preparation begins long before you sit down in front of the terminal and open positions. It requires attention to the market and the current situation. But it begins with things that can be formalized as your trading mindset.No matter how well an investor savvy about economics, technical analysis and mathematics - the knowledge in these areas o…
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RobertBric avatar

The article will be easier to read if you format it nicer. Also, the title is Psychology of Forex which is a very important topic. But a lot of the text doesnt cover it directly. It is only implied. I suggest you make your point clearer. All the very best with future articles.

scramble avatar
scramble 11 May

i agree with robert,would be easier with some corrections in the format to make your point clearer!
good luck

doctortyby avatar

Too bad it is very hard to read. The article could be interesting :)

alifari avatar
alifari 18 May

+1 for your effort. I too had problem while formatting my article.

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14/68
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The results of the first quarter
The first three months of 2012 will be remembered traders with conflicting
economic data. On the one hand, the U.S. economy continued to recover. On
the other hand, there have been alarming news from China, as well as disappointing
news about the economic state of the eurozone. Among the main drivers of
financial activity in the first quarter were also geopolitical risks and
concerns associated with sovereign debt crises.
U.S.
stock markets have shown impressive results, approaching levels where they were
before the bankruptcy of Lehman Brothers: the S & P gained 14% while the
NASDAQ rose by 18%. Brent crude was trading at around $ 125 per barrel. Price
increases contributed to the tense situation in Iran, and constrained them to talk
about the possible opening of the strategic oil reserves. High oil prices have
a negative impact on global demand and the economies of developed countries.
To begin to say a few words about how to develop the economy of the United
States, the eurozone and China since the beginning of this year.
USA
U.S. GDP growth rate rose
from 0.4% (q / q) in the first three months of 2011 to 3.0% in the last quarter
of last year.
So…
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