Hi @Crownempire, I’m new to the forum but have a little input to share. I traded a demo account for 2 months before going live.
At first, with the demo account I just sold when the price “looked” high and sold on the opposite. I only stayed in trades for a minute to around twenty minutes and it worked great.
BUT then the market of the pair I’d been trading went into consolidation (I didn’t even know what that was at the time) and I lost most of my balance. I done the stupid thing and just reset my demo balance and went at it in the same manner and increased this balance again. RIGHT I thought, time for a real account. I went ahead and lost my whole balance in a month!
Moral of the story is that the psychology of trading demo and the psychology of trading real are completely different. I am back to a demo account and have been for the last 3 months. Can’t see me opening another live for another few months at least. Stick to the demo, trial different strategies in different markets. When you’re confidence is solid then maybe try a live account with small positions to start.
I’ve adopted the a new goal set. I want to just make sure I gain PIPS not profit. That way I can concentrate on success instead of greed. This has drastically changed my approach to trading and I think, my ability to stay in the game.
I’m sure you’ll get lots of help along the way on here and I hope you enjoy learning as much as I do.