Thank you Martin for nice reply. Hope it will continue.
good luck with it, it’s worth investing time on
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We generally like to advice for beginners to trade demo first of all before entering live account. But when our own trading we don’t trade seriously in demo. It’s a reality. Easy to provide advice but hard to use practically.
You will not get away from the emotional part of trading. The best you can do is make it your friend. Forget the Demo, trade live with a few hundred bucks until you get profitable. As you get better you can add more to your emotional pile and grow.
Demo account is very helpful in learning and improving trading skills so first of all we should spent three months in demo account it will lead us to understand the basics of Forex trading so after we get positive result from demo account we can switch to live account which involves real money.
to keep things short, ANYTHING IS POSSIBLE lol I’ve seen a lot of ish in my 27 years lol and trust me, you can succeed in trading with or without a demo account. It’s all up to the individual. As long as you have a strong desire to be successful & profitable at it? then nothing can stop you…not your emotions…not other people telling you you can’t…nothing! Just keep going til you figure it out
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Demo trading is simply to know how the trading component functions. Step by step instructions to open and close a trade. The most effective method to utilize MT4 for trading. Be that as it may, the genuine learning starts when you begin to trade with genuine cash. Trading with genuine cash includes feelings that reason a large portion of the mix-up. You can likewise utilize demo to test your trading methodology.
Both accounts are different from each other first we had to spend time in demo account it will help us to get more knowledge and experience so in real account we will be able to trade properly and risk will be in control and profit will be maximized.
There is no fixed time to spend in demo 3 months or others. It depends on your trading ability. Newcomers should trade in demo according to pips school knowledge and after successful minimum 70-80 trades it is more appropriate to start on a real account.
It relies upon you, you may take only 2 months on a demo record to prepare for the genuine exchanging, and perhaps you will require 1 year, also, for beyond any doubt it relies upon your opportunity as well
Its okay . how much time you took to finish the demo practicing as a newcomer ?
As a newcomer I continued 3 months in demo. But honestly speaking the knowledge I have gathered from here not worked in micro account. this is my worst experience about demo.
I started off trading on a demo account, but I soon found that it was of no value to me first of all because I was willing to risk a lot more and ultimately I would place risky trades because I wasn’t scared of loosing. I know this is really defeating the object because you are supposed to try out things you have learnt, but in the end I just tried and see how much money I could make risking higher amounts. The second thing I found was that I am too impatient, I want to make money out of Forex and I wasn’t making any on a demo account!
So I opened a real account and deposited 100$ at the end Of December 2017. Since that time I have been a lot more careful with my trades, trying to stick with my plan because I don’t want to loose my real money. I don’t know if it is beginners luck or what, but by 31 January my account was standing on 167$. So in the end it’s a case of jumping into the deep end to learn to swim!
Generally when trading in demo there is no emotions and we can trade here freely but we can’t avoid emotions in live at any faction. That’s why instead of demo sometimes we can practice in micro account to ensure live trading experience.
NO…
it’s a case of Jump in the Deep end and swim
but…
you didn’t notice the scuba diver tying a chain to your ankles that is connected to a concrete slab
so… you proceed to drown while attempting to swim to the surface.
Mate. … seriously… $100
and you think the advice is… JUMP IN THE DEEP END
good for you for getting $67
you may even make it to $300
THEN… You’ll lose it all
what can i say… this is how it works
Feel free to prove it wrong
Wow thanks for the encouragement! Perhaps that is the way it works with your trading system?
@GLTrader
hehe.
Believe it or not mate, i’m actually trying to help you.
Encouragement is one thing , and i could say to you… "Right on mate. Exactly right"
but… that’s bloody useless
because all that encouragement goes down the toilet when you lose your money
Truth is more constructive that Encouragement in forex.
I’m telling you the truth
don’t mean to put a shadow on your party mate
but seriously
$100 ??
you want to be encouraged… OK
I wish you the best bloody trading in the world
I hope you become a millionaire and come back here and tell me that i’m was bloody wrong and you stick in my face and brag about it… i would love that mate
good luck to you
but. Reality is Reality
but like i said… Prove me wrong mate
and lastly
seriously consider what i’m saying… ok
Thank you mate, I am sure you are really speaking from a lot of experience! Just how exactly is it that you are trying to help me? By telling me that starting off with 100$ is ridiculous, or that there are risks involved in trading and I am going to loose all my money? You only loose money if you do stupid things and that’s why I am saying trading with real money (even just 100$, which is actually ZAR1186 in my currency), makes you more careful.
During January I made 39 trades of which only 16 were winning trades and 23 were losing trades, yet I increased my account by 67%. This can only be achieved by careful money management, knowing where to place your stops and when to take profits. Now is this only possible if you have huge trading account or does that apply to all sizes of accounts?
I am definitely not under the illusion that this will happen every month, I am not yet an expert trader…very far from it actually, and I know that somewhere along the line I am going to loose, but I am definitely going to do my best to try and minimize my losses.
But thank you for your comments, one is never too old or too wise to learn.
yes, that’s one thing
yes this is another thing
that’s right
and RESPECTFULLY
what you are doing is stupid
Here is how i’m going to help you
I"m going to get you to understand that Newbies
- Do stupid things
- When they do stupid things they DO NOT REALIZE THEY ARE DOING STUPID THINGS, that’s why they do them
- When someone alerts them to it… they take it personally
SOLUTION : Don’t take it personally and stop doing it .
minimizing loss IS STILL LOSING
since you KNOW YOU ARE GOING TO LOSE AT SOME POINT
do you have an avoidance strategy so that you don’t lose ?
if not… THINK ONE UP
Respectfully, I don’t know what I am doing that is so stupid? I enter a trade, after I have analyzed the market to see if there is a trend up or down, am I near a support or resistance line, are there any recognizable chart patterns, are there any candlestick patterns in place, in other words I minimize my risk of making a losing trade…oh and yes I do have the stochastic in place too to tell me whether it is oversold or overbought. All of this stuff I learn of sites like Babypips, unless they talking rubbish?!
Then I will place a SL and a TP according to what I specified in my trading plan, so that if the price moves against me I minimize my loss, but if it goes with me I make a much bigger profit…not rocket science really, just basic money management!!
I do not take advice or even criticism personally, as long as it is good advice coming from somebody who really knows what they are talking about. If you can honestly tell me that what I am doing is stupid then RESPECTFULLY I think you don’t have a clue what you are talking about.
I suppose you are always winning? Or do you have a strategy in place to prevent you from winning? I would like to get my hands on that strategy, I will become that millionaire you referred to earlier and that with only 100$!