I also faced this problem. No matter how hard you try to trade on a demo account as realistically as possible the mental pressure that you feel while trading on a live account is completely different. It is only then that the possible reality of losing your money hits you right in the face as you know your real precious money is on the line.
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I just read your post from July, and thatâs a great piece of writing! Just reading it took me through the emotional rollercoasterâŚ
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I am from Kenya bro, been trading happly here in Africa
yes letâs keep the conversation going?
Well, I am currently trading demo, just started. I think trading demo in some kind of apprenticeship is not just about the trades, itâs about the whole environment⌠what does it feel like, how to integrate watching the chart into your day, when to sit one out because youâre going to have distractions, and above all dealing with those emotions!
I love Trendswithbenefitsâ post because it described so well what happens. You canât stop those emotions, but you can learn to recognise them and deal with them.
Somewhere in the School of Pipsology it says that there are many systems that will work, but following them is hard. Well, my first reaction to that was, how hard can it be to follow a mechanical system? Now Iâm finding out itâs plenty hard. Iâm also finding out that if I trade my plan, my likelihood of success is greater than when I allow myself to do something a little different because it seems to make sense at the time.
Everyone (just about) says that things change when itâs real money, and I believe them. But the only way I know of preparing for that is to be able to handle the demo trading. I figure if I canât deal with the emotional roller coaster, the fear, uncertainty, doubt and greed in a simulated environment, then I donât have the proverbial snowballâs chance in hades of dealing with it in a live environment.
So itâs demo for me for a while!
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keep up and shoot for the sky the world is urs for the taking
Right it is hard to make money in forex but also it is not impossible, keep going with consistent efforts you will surely become a successful trader.
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Its very good we have good mindset if we can succeed in forex business, keep learn and never give up hopefully we will get succeed eventually,
every business actually is opened for all people to get success, but all succeed will depend on how hard work for each of us if we believe and seriously hence we will get
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Most traders start off with this expectation that theyâll be playing in a pool of money right after a few months. Then they face the painful reality. Forex is tough business. Youâll need to analyze it from so many different angles to make sense of it. A good number of such traders are not able to cope with the stress of forex trading and are compelled to quit in the beginning itself. It is important to keep your expectations within reasonable bounds and prepare yourself for the hard battle that lies ahead of you by equipping yourself with correct knowledge, skills and mental resilience.
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OK, so, Iâve been researching this for a couple months now. Going through the baby pips school, not quite ready to start demo trading. One thing Iâm working on is setting reasonable expectations. Before I came across babypips I was reading on thebalance.com and vantagepointtrading.com. Based on several articles I read I compiled this:
- A successful trader typically earns 15-18% profit per month off his capital base.
- It takes 3-6 months of study before being ready to begin demo trading. After that, you should demo trade for at least 6 months before going live. You should not go live until you have demonstrated consistent profitability in your demo account for at least 3 months.
- Once live trading begins, it takes 6-12 months to achieve a level of profitability that could allow you to earn income from trading. Assuming your capital base is large enough, that is.
After following some different topics in the Forum here I have since cut my profit expectation down to 10% and doubled all time frames.
Anyone whoâs made it through to the other side and is earning his or her living this way care to comment? I know a lot varies from person to person, but generally speaking, is this estimate or my amendment thereof accurate?
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Awesome reply! Thatâs the reality; there is no shortcut way of money making; Forex is always challenging.
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When i first heard of Forex Trading, i thought this could be the way to being Rich fast but then reality kicked in when the fear of loosing money came in mindâŚand i gotta say that i ve been trading for a year now but emotions still take over most of the time but i know am on the right track to being successfulâŚ
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Many times you canât get according to the expectations. You should have to do work hard to get more profit in the future. You should have to be realistic and also you have to give some extra efforts to the trading if you wants to get more in the future. Think about it. Thanks
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am loving the discussion guys keep engaging so that we can empower people who are starting out,
intermediate guys and those
who are experts but feel confusedâŚkeep it blazing:boom:
So, I started to think of something lately, what if after entering a trade using the support and resistance levels; the bounce method and then a breakout happens, you automatically will be experiencing loss at the moment, so you adopt the conservative style and hope it would get right back on, then you remove the stop loss since you know no matter how long it goes in the other direction, it will always come right back to your entry and possibly you still make a profit. What about that? Cos with this strategy, out of 20 trades on my demo this last week, I won 18 and lossed 2 due to stop loss.