Good day everyone, my name is Bright Erhaboh. I’m so excited to join this great group. I have trade before now and i lost more than what i gain. Later lost everything. Hppe to get great training to master trading skills. Am currently trading on my demo account for now bc of fund.
I would suggest you dumb down your $XXX demo account capital to only $2,000, and only risk 1% (c.$20) on any one trade, and only have a maximum of two correlated pairs trading at a time.
Then trade in lot sizes of between 0.08 - 0.16, which gives your S/L breathing space on a 1Hr chart. Find out and do more of what works for you and less of what doesn’t. In this way, with the financial barriers erected you’ll have sound money management learnt.
I have found that $2k is an optimum capital for demo accounts as it restricts your financial freedom to the REALITY of what could be your minimum live account capital, and also I consider a live account cannot be successfully traded on less than $2k without taking excess risk, and/or maintaining discipline and patience trading micro lots.
There is also the psychological barrier removing ‘money’ from your winning/losing trades by replacing it in ‘percentage’ terms. A loss of 2% ($40) means you have forty-nine more same losing trades and no wins before running out of capital. The aim is to stay in the game, while you learn how to trade.
Best of luck.
Develop a system/strategy on demo. Don’t just trade on demo. Develop a good habit on demo. Open only most promising trades. Don’t open trade if you don’t find any set up. Along with demo trading, read different trading related books.
Hello and welcome. You have to practice more and more to become professional in the forex market.
I believe that you will be better off if you make it a habit to run your strategies on your demo account before you go live.
Hey Bright, nothing to worry about, just keep practicing and if you are done with demo trading try trading a small sum and see how it goes.