Have you made an analysis of your previous trade, what actually went wrong and what are the signals that were there and you did not observed. Maybe it can help. You can also continue with Demo account and try some other strategy like using trading signals or similar?
Thank you !! I will check it out!
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Even when i go live ,I will retain a demo account or three ,You can always use the practice .
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I think that you need to understand why are you losing money. What were your perceptions of market movements, based on what assumptions and analysis, and what had actually happened on the market. See if there is a pattern and use these information to improve your future deals
Go practice again in Demo, test all strategies you decided to follow there. And also be sure that the demo environment is the same as the Live one.
That is how you accumulate enough experience and you will feel yourself more confident to get back in Live.
Or maybe use the demo and live in parallel on 2 different platforms.
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Until you consistently win money by taking trades based on a strategy that you master.
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Did you end up opening a live account yet? Howâs it going if so?
âThe problem is your trading strategy/setup. Please take your time to review your trading journal,trading result. This will help you find out what are your mistakes. You can take this to a trader and ask him/her to help you.
For the demo purpose, you can anytime to test new stategy/setup.â
Use demo until you are achieving what you want with demo for a long enough time to be valid. So lets say you want to make X amount of % with X amount of risk and X amount of drawdown⌠do it until it shows itself as valid⌠if you canât demo it you canât do it live⌠demo is a precious toolâŚ
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Demo trading has got no limits, it all depends on the trader. You end it or go real when you feel ready, and progress varies with traders, some learn faster than others. So donât copy others, be at your own pace and decide when best to go real.
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It will entirely depend on how a forex trader can utilize his trading skills that he has gained from his demo account practice. If a trader is confident enough to move in real account after few months, then it is fine. Again, as you are losing money, then you may try smaller trading lots if you wish to trade.
It can take years to master metatrader and if you have youâll know for sure youâre ready to go live. There are easy bot and active manager plug ins to make profits in the meantime.
how accurate is the last sentence? Iâm a new trader trying to start by using minimal indicators/elaborate techniques and just focus on price action, trends, levels, and probably practice with EMA. I want to start using real money ASAP (i may have an aptitude for this type of trading from analytical skills im gifted in) especially knowing i will have to practice trading without emotion.
I would think if one day im on a demo and the next im on live, there shouldnt be such a major shift whether it was 6 months or not. However, i recognize my position as a relative NOOB
I would say there is no exact time period on how long a beginner should trade in a demo account; it mostly depends on the personâs focus and interest in forex trading.
Some move at an early stage and do well in live, but some fail because they started early.
I am in your boat. I have stopped actively trading for a while and have been studying strategies egies
And watching lots of videos again.
It may help to get a mentor as well but for me I am going through a busy patch.
Good luck in your trading journey.
Unless you have a huge capital, there can be huge difference between demo trading and live trading.
The difference is the psychology. Losing in a demo trade does not mess your psychology as losing your hard earned cash.
It may do you well to trade live with very small amounts.
I think that is the best option, especially for newbies, when they eventually move onto a live account.
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I try my best to trade on demo as if it were live
Some people can learn FX on their own, while some people need to purchase FX course to know what strategy is needed and how to be confident in trading. After some lessons, either from course or researches, you get to know when to execute positions on pairs.
When you think you are ready for the live market and prevent losses, you can stop using a demo account. But if you keep making losses on your demo account, you need to spend more time demo trading.