How to convert a demo account to real money
How to Seamlessly Transition From Demo Trading to Real Money
Conclusion Switching from a demo to a live account is a relatively straightforward process. Depending on your broker, it could be as simple as clicking on a webpage a couple of times to fund an account, and start trading live.
Ultimately, most brokers are trying to get you to trade live, and the demo is the first part of the process in taking a new client on. One of the biggest things that should be noted is that trading a live account is much different than a demo account, at least from a psychological standpoint.
Deposit and Withdraw to/from Demo Account
After all, now you are starting to lose money and that is much more painful than being wrong on a trade. If you are wrong in a live account, your pride AND your money are on the line.
Documentation When it comes to opening a live account, you will need to provide a certain amount of documentation. In general, you are typically offered a live account only after you can prove your identity, your residency, and any other legal documents necessary for the regulatory entity that the broker needs to deal with. Overall, you are looking at some type of government identification, and some type of utility bill from the address you are living at. There is probably going to be some code of conduct agreement, as well as settlement put more if there is such thing as a social trading platform.
Funding Funding will vary from broker to broker, but most of them will accept bank wires, checks, and various types of electronic payment such as PayPal, Skrill, and many others.
How to Transfer From a Demo Account to a Live One
It is the funding part that the proof of identity is so important to the brokers, as there are stringent anti-laundering laws internationally that brokerage accounts used to be used against. Funding can take as little as a few minutes, or as much as a couple of days depending on the how to convert a demo account to real money and the form used.
Happy Friday! Gets it out of my system and I can watch it and hopefully learn from it. However, my demo account is growing, and my live account is dropping… FAST!
The psychology The psychology of going live is a bit of a mix. Suddenly, losing mattersand you will notice that you are much less comfortable trading than you are when it is all paper trading.
The psychological part of trading is without a doubt the most difficult, but it is also the most important. It is your psychology that will get you through the rough times, and keep you grounded during the high times. I cannot stress this enough: your success lies within the realm of psychology, and of course money management as well.
Money management As mentioned previously, Money management is a huge part of your success or failure. The reality is that random trading can be profitable if you use the proper money management, and the psychology that is necessary.
This is why so many traders can use the same system as another and come out with completely different results.
It comes down to being able to keep your losses small, and let your winners run. Established Our rating Compare Brokers Our Forex broker ratings are based on real-life testing of over 10 criteria, including regulation, trading platforms, assets offered, customer service and more.