As I already mentioned, I am trading on a demo account. I had set the demo account to 250 euros 2 days ago (December 2).
Today I made about 350 euros profit ?! I did take risks that I wouldn’t take with real money anyway! The intention is that I learn how everything works from this demo account.
The broker I am with says that the demo account contains live data from both the stock market and the currency market. So I would like to ask how is it possible that I can make such a huge profit in 1 day? I don’t know a lot about strategies yet and really only use support and resistance!
Hi and welcome
You have got off to a good start. Please don’t let one day be an indication of future performance. When you have reached 10 days, then 100 days, do the reassessment over again. Best of luck
Do not fall into the trap that you have to make a profit every day. Look at the monthly return. And look at it as a percentage, not in terms of cash.
Your monthly percentage of profit does not have to be huge. If you only make 6% profit per month you will double your money in a year. And if you can keep making 6% profit per month year after year you will be financially secure.
Being lucky one day is easy, but never stops being impossible to repeat day after day after day. Being a good trader day after day after day is hard at first - but gets easier.
Sometimes a trade works in your favour and you make a good profit. Start live when you will make profit by following systematic approach. There should be some valid reasons to open a trade or close a trade.
Hahaha! It wasn’t the case! My broker had set the leverage to 1:500, I didn’t notice back then. I think they do that on purpose so that poeple (like me) think they made a lot of money…
Making profits at such an early stage of your journey is definitely motivating. But let’s not get carried away and let your emotions rule your next bet. I’d say keep going with the strategy you followed to see whether it works. If yes, you’re surely on the right track, if not, you’ll simply have to practice more and analyze what changed. It’ll be great to know your next experience, so do share and hopefully you make more profit
