want to become a good trader but it is hard .
Have you read any of the school here yet.
Can you be more informative? It’s still too common and we can’t help, I am also new like you and get struggle with demo, I just don’t get how to make profit consistently.
Of course it is hard. however, if trading on demo account for you is hard despite the fact it is not the best way to learn how to trade than trading on live account will be impossible. I will recommend you to start learning about forex trading which means lot of hard work for at least 2-3 years and in between open some small live account and trade. Through your mistakes you can learn lot.
You will never become a good trader in a demo account.
The thing about demo trading is this.
Demo trading I feel has two parts to it.
One is to test out different strategies on different timeframes til you find the best chart and strategy you feel is right for you.
Eg: Daily chart swing trading, 5min chart scalping.
Two is, after you’ve decided on what kind of trader you are and how you want to trade, then demo accounts are for you to train yourself to trade that particular strategy only, til its mechanical.
Mechanical in the sense that your eyes are trained to see a particular setup, market condition or pattern only.
Being mechanical means writing down all conditions you’ve set out to trade.
That you’ll only trade when you see your edge present.
When you start trading, the millions or possibility of making millions totally clouds your mind, which is the enemy.
Having your emotions in check, a proper strategy you swear by, and sticking to a definite plan is what’s gonna make you successful and profitable.
Once you’ve gotten that in check, next thing is to work out a money management plan to trade along with.
When trading on the demo, once you see your chosen strategy working, you gotta have rules to help you psychologically as well.
As in how to deal with ‘X’ number of losses or wins.
Lots of losses in a row will make you feel like crap and discourage you to trade anymore and lots of wins in a row will make you feel like you’ve conquered the markets and make you overconfident and that’ll start the losses coming in?
So a good strategy that gives aggregate profit, money management and how to deal with wins and losses are key!
Once you can harmonize all these aspects then you’re good to go with a live account.
But only after you’ve traded enough on a demo account that you’re like a robot, only trading that one strategy.
Hey niceday ! i have a strategy that i would like to share with you we can practice on a demo together and see how well it work
If someone is new, lets start by understanding that you can divide trading into two skill categories. One is the analysis of where price will go from points a and b, and the other is managing trades. There are many sub categories below, but starting with a demo account will take away the stress of loss, to help you develop skill and performing analysis. Saying a demo account is not helpful is like telling a pro golfer not to play practice rounds; it’s ridiculous. There are great Forex testing programs that allow you to simulate live trading, and manage money, without exposing you to real loss.
Once you do build a foundation and have some confidence, then trading micro lots and growing your trade size with real money does make sense. But, you don’t need to blow an account to learn to trade.