Ya agreed, demo hv to take it as real account also. Trade seriously as it your real money. Then from real account it will cut down your fear.
It is tough to treat a demo like a real account though. Easy to forget losses and remember wins
one of the biggest mistake a fledgling trader makes is opening a demo account to trade… if your not prepared to go live from the get go. you shouldnt try. its like saying "you know what guys, i want to open a fast food shop. but to make sure i will be any good i will open up a fake food place and see if it works??? either your in it, or your not. and if your in it and bomb out. clearly you were under prepared
Absolutely dont agree. Its not the same. Fast food business depends on different factors (especially, clients), forex trading depends only on your trading skills, your ability to analize and predict price changes. And it`s better to gain such skills, trading fake money, so you can try and test any strategies without risks.
If it was possible to open a fake shop and test how it works just like in real life, I would definitely try it!
Demo accounts are good for practicing and testing new strategies; nevertheless, they exclude psychological aspects of trading, and they’re of huuuuuuge importance. Once you start trading on a real account, emotions start affecting the process of your decision making. I believe that micro/cent account is a great alternative in this case since you trade with real money without serious risks.
forex market is a business, if you cant run a business. you will never succeed in forex.period
Hi Scmonds
Did you start off trading live yourself? Or did you demo or paper trade for a period first?
Your example doesn’t fit all business types, there are many where you cant just start out from day 1, where you need a period of learning, training, gaining experience, before you can go it alone
ok replied in wrong box…lol
business is business, only the product is different.
i went live from day one
So, how do you explain very successful businessmen failing when they try new ventures - I find it hard to believe Richard Branson and the like wouldnt fully understand any business they were considering entering prior to entering, yet they still failed.
i went live from day one
I’m sure you’ve said before that you paper traded for a year or more before you went live, maybe Im mistaken
This may be true when you are a salesman, selling a tangible product to real people - with the only variable being the product knowledge.
However, it really has no resemblance to FX trading as it FX trading fails to illustrate the characteristics recognized with businesses selling tangible products; other than knowing how to work on your P&L.
For mi until now I don’t see the amount I trade. I hide the amount. I don’t want the amount to district mi… I just focus on getting pips. Only look at the amount after cost the trade
just because your successful in one business dosnt guarantee your successful in another.
that would be like saying usain bolt would be successful in long distance running or throwing, just
because he is good at sprints. while it would help it dosnt guarantee.
live from day one in 2002 when it was first opened up to the personal retail market. in my neck of the world
the forex market is first and foremost “selling and purchasing a product, cash” thats what commissions and spreads are. you are buying a product “cash” and selling “cash” as well as paying for access into a market. in simple terms.
I ask you this. in your mind where does a bussiness start?
You buy nothing in the fx markets, it’s speculation. Hence, there really is no ‘hard’ delivery, it is simply a bet…
you didnt answer my question
The foreign exchange market is the “place” where currencies are traded…
definition of traded:
buy and sell goods and services…
definition of a business:
an organization or economic system where goods and services are exchanged for one another or for money
hopefully the above has cleared that up for you
You’re original statement that ‘business is business, only the product is different’ doesn’t stack up, and the above statement seems to contradict it. If ‘only the product is different’, then why isn’t success guaranteed? If success isn’t guaranteed, then ‘only the product is different’ is wrong, you can’t have it both ways.
live from day one in 2002
I knew I’d read this somewhere, and this is dated 2008 not 2002
And what exactly are you buying or selling in the FX markets, scmonds?
Neither goods or services - speculation.
A fine difference.
Would you like some help on this, I believe their are some lessons on it in the babypips school
hopefully the above has cleared that up for you
absolutely - we all know what is going on here…
The problem with ‘adjusting the truth’ based around what you want others to believe is that there will always be someone one step ahead.
Unfortunately, there are no lessons for this in the BP school, Scmonds.
Actually, if the broker is honest and doesn’t deceive the trader, then the demo account and the real one shouldn’t differ in any way in how they work. It’s purely a psychological issue when switching from one to the next.