6.6 Instructions for your first live broker trading account Video Lecture | Forex: Learn and Master Trading (English) - Business Basics

welcome back to capex forex trading comm
following a previous video on the
importance of having a demo account
we're now going to provide instructions
on what to do and what not to do once
you sign up to your first live trading
account now one thing that we'll see a
lot of fortunately is people getting a
little bit too eager so once you're used
to a demo environment and you are
comfortable with a platform that you're
using you're comfortable with your
strategies and eagerness is created to
get involved in the live markets now
that's fine there's nothing wrong with
that but this eagerness tends to guide
traders towards funding their account
with everything they've got because they
think they're going to make money
straightaway and they also think that
they'll be successful all week or all
month please refrain from doing this
because if you fund your account with
everything that you've got that's where
it ends for you there's no reserve you
don't know how many mistakes you're
going to make you don't know what you're
going to forget from what you've been
taught you don't really know a lot at
this stage yet because you haven't got
the experience of being involved in this
real live environment in the demo
environment there wasn't a risk so even
though you had the live markets in front
of you
feelings thought processes thought
processes sorry confidence and other
important factors change when you're in
the little actual live market for the
first time so you don't know how you
will react to really difficult
situations to prevent yourself from
losing a lot of money so make sure that
you fund your account by 10 percent of
everything that you've got to start with
and just do that on a monthly basis so
that you get used to the amount of money
that you could win or lose secondly you
need to control your emotions
now even though you've been taught how
to trade successful strategies what you
need to remember is that you may mistake
two mistakes to get to the point of
success and these mistakes can stay in
your mind unless you train yourself like
a robot so for example example let's say
that we have a trade with a
with a profit target that's 50 pips away
but as soon as the price gets to 40 pips
the market reverses and drops to
minus-10 pips so your stop-loss is it's
just a few pips away where it looks like
you will be taking out now most new
traders will exit at this stage because
they get very nervous and don't want to
lose money and in the end that trade
could possibly reverse again back up
into the original directions and hit
that profit target hit that original
profit target so just make sure that you
let your trades complete let your
runners run and minimize on losing
trades but let your stop-loss only
provide a losing position for you don't
move the stop-loss yourself and create
losing positions for yourself you need
to apply money management to every
single tray that you take there is no
exception to this rule
use your stop-loss and if you have
losing trades make sure that you never
double up on your investment in an x-ray
to regain that loss because mistakes can
be made in that trade also your
eagerness to regain losses could be the
culprit to losing the total capital the
total capital that you have but if you
only put for example $100 or $200 in
your trading account or whatever money
you're comfortable with and is relative
to your total investment you should be
okay and you will learn a lot more
effectively this way because believe me
when you start winning or losing real
money that's when things stick in your
head a lot better stick to all your demo
account rules make sure that every rule
is applied to in every single strategy
and every emotional rule that you have
mastered is here to stay now that you're
trading in live markets realistically
nothing's change but the main factor is
the use of real live money that's the
part that has changed so so stick to
everything you did in your demo account
and you should be okay always reference
your profit and loss at the end of the
day make sure that you know how many
trade
you've trade you vilasa for a start and
make sure that you know how many you've
won but most importantly make sure that
you know why you lost and one dose
trades always reference your profit loss
and learn from it day-by-day the profit
and loss will every trial every trading
platform is got one and it will display
the time and the place of all your
orders which enables you to find them on
a chart in an instant never go into the
next trading day not knowing what's
happened the day before through your
actions so you need to learn from your
mistakes because you will make some and
always reference your trading account
and your trading plan to make sure that
you stuck to everything that you know
and where you financially stand
currently in your trading account now
what we've done for you on our website
is create a list of forex brokers where
you can open either live or demo trading
at trading accounts so if you go to our
website which is capex forex trading
comm and simply click on is forex
brokers tab that you see here once
clicked you will see a list of various
forex brokers and each one of those
brokers has a link to open a live
account or open a demo account so just
have a little look around look at the
information that we provide on here and
simply click any of these links to open
an account and simply start trading so
this concludes this lesson as usual guys
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questions
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see you for the next lesson thank you