I have been in forex for a year now. However, I am still loosing money, not sure what to do.
Should I go back to demo until I make 1000 pips?
Thanks,
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If you are loosing money again and again then you have to use demo account but start study FX also. without study FX you can never gain even with demo account. so get readdy yourself for FX study and demo account.
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Yes, get back to demo trading and use a simple strategy until you understand it completely and can run it blindfolded and are making profits consistently. There are not many free gifts in the world but demo accounts are a brilliant free gift.
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We all know what is our ENTRY,
The question is about the EXIT.
When should we stop using Demo accounts?
True that!
Is not every single time, but the balance at the end of the month is negative for about 10 dollars, this is still a negative ROI.
It all depends on timeframes you use. If you are daytrader, you can introduce the rule to use demo the next day after reaching daily max.loss.
If you strategy does not work well, use demo until you find the problem, or you can use backtesting software to check all points to find the issue.
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Nice, very good answer.
I’ve heard it explained that when we start, we take small gains and big losses. THAT’S for the demo account. Then, when it starts to become small gains and small losses would be the first time you should
think about transitioning into a real account. Certainly when it becomes good gains and small losses, you should be there!
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I’d suggest going straight into a live accoount with a small affordable balance - sure use a demo account to understand platform functionality, but thats where (in my view) the advantage stops. Hit the ground running, learn the tough way and you certainly won’t make the same mistakes twice.
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You got some great advice above. You should stop when you can answer your own question without help
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Then STOP losing Real money !
Go to demo - until you are making sensible amounts - Then go real with tiny account until you are confident that you can think better than the likes of ME ! 
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Demo trading ot means just trade without any target, cause and calculations. When trading is done with all purposes then demo is useful . For how much time it can be continue that our own results tell us. Losses are alarming and profits with continuity are encouraging to go to live trading after some more grip on trading.
Basically, the demo account is just to get familiar with the system, so we can say that 30 days of demo account are enough.
And then we can transition to real account by opening a real small account.
instead of demo account i sometimes prefer cent account for live experience, it works greatly than demos experience.
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demo accounts should be used till you feel like you are ready to take risk on your money. if yes, start with micro account first.
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demo is just first step before using micro account , i think one should use 1 month for that and after he is more appropriate for cent account.
There’s so many reasons why you could still be losing money but a few are:
- Not following your strategy consistently
- Not exercising the right Risk/Reward ratio
- Not backtesting or studying your strategy enough to continuously improve
My advice would be to stick to one solid strategy, backtest it each day, look for entries and exits you would’ve taken and analyse whether they would’ve been profitable.
It’s not easy to just find a random strategy and profit consistently. You need to be willing to really study what you’re doing and work out why you’re making those mistakes. I used a demo account for around 7 months and cycled through several different strategies before finding one that suited my style best. It takes quite a lot of discipline and drive to analyse for hours a day to ensure you’re making the best decisions.
What sort of strategy are you using and is it consistent?
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Hello,
What you mentioned above are actually my mistakes.
Thank you!
This is what most folks don’t realize they need and what a lot aren’t willing to do. How long have you been live trading?
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