Yesterday I set up a sub account on my Oanda demo and transfered the exact amount I want to start trading live with and set up the indicators I’ll be using. Today I watched the market and the news for half the morning(1100 GMT - 1400GMT) then started trading. Psychologically, I found it harder to pull the trigger on trades with the smaller amount than with the $100,000 they give us. It’s going to take some time to get used to but I think this is the only way to truly see how well I do and see how the psychology plays apart. I’d like some input on this.Am I stupid for trying such a stunt?
It happens to everyone when they start out, you should really read “Trading in the zone” I hard many great things about that book and Ill be able to start and finish it this week, it deals with psychology of a trader
You should really set up a demo account with the actual amount of money you will trade with(you can even do it with Alpari which offers MT4 and you will be able to select the same leverage as your broker), it will feel more real and if you can make money for the entire month you will probably be successful… some seasoned professionals say that people should paper trade for six months and by the time they switching over to real cash will be a breeze and it will feel the same as trading with funny-money
on the other hand it would really be beneficial to demo trade with the same broker to get a feel for their platform, executions,charts etc… plus if you are using 4hr and/ or higher charts there might be a time zone difference
You’re doing it exactly the way it should be done. That’s also how I demoed.
Most people don’t get that, though.
What is the point of trading with a $100,000 demo account, when you know you only have $500 to put into a live account?
Anyone can make money with a $100,000 account, but it takes a lot more discipline to make money with a $500 account.
Trading with the amount that you’ll be putting into a live account will show you better how successful (or unsuccessful) your strategies will be. Once you’re making consistent profits, you can go live and not have to change your strategy because you’ve already been working with the right account size.
Thank you all for the input. I have been working on this for two days now with some success but not as much as with the big account. I know what In2Blues means about anyone can make money on it. I thought I was so good until I’m trying this. I think I’m going to lay off trading for a few days and hit the school hard. I really want this more than anything and I’m willing to work and study hard to do it. I’ve been trading 16 hrs a day so now I’ll study and learn that long for as long as it takes. Thanks again for all the good advise and suggestions.
