hello everyone, I’m new to trading, I took all the babypips courses and I also read 2 books by François Baron to learn price action: chartism and Japanese candlesticks. but the problem is that I only lose, I was advised instead of opening a demo account is better to open a small real account and that’s what I did with $ 100, and now I am at 95, surely thanks to my risk management otherwise i will already be ruined i imagine, so i badly need a mentor🙏🏼, speaking english or french (french that would be the best) i am super motivated to succeed
That was bad advice. Where did you get that advice? From a broker? Open a demo acount and practice. In my beginning - Even though I understood what I read, performing in the heat of the action forces quick decisions and emotions come into play. Trade every day you can for at least 2 months and see if you can make a winning track record. Do not spend money until you prove to yourself that you can win.
Agreed. A demo account is free of charge and has no risk: it should be used to its maximum potential.
Which is, to learn the mechanics of a simple objective strategy to the point where it makes consistent profits.
Then go live with small positions.
in demo there is no real money , for that reason the experience we took from demo not works when trading in a real account.
Thanx for your answer BeeTrader, but i was on demo for 1month nd i was profitable just using the key levels and the candlestick pattern
Where there is no real money involved there are no emotions involved so trading on live account is so different from trading on real account.
I have to disagree with the majority here. I think opening a small, live account is the best way to learn and gain real experience. You’ve lost $5 and you recognize that your money management is what kept you from losing more. You are now asking for help because this is a live account and there’s real money involved. You are on the right path.
Don’t let a few losses discourage you too much, keep a journal of your trades so you can learn from your mistakes. Cut your position sizes in half if you can so that your stop losses are wide and you’re only playing with very small amounts of money, loose change, until you’ve developed a strategy that works for you.
Many brokers allow both a live and practice account, so it might be beneficial to have both.
Also feel free to post a chart or 2 here with your analysis. Perhaps someone can tell you what you could have done differently.
Always have a Demo account(s) available to trial strategies or ideas (without risk) that may interest you but the psychology of trading is one of the hardest components for new traders to learn and master effectively, and this is very hard to experience on a Demo account…
I do see FX “Marketeers” waffling on about wasting your time being underfunded, but not all newbie traders want to risk potentially damaging losses… So, starting out with a minimum account size (~200) and trading minimum lot size (0.01- 0.03) positions is a good way to experience how the market really behaves…
Note: Demo price feeds and LIVE price feeds usually vary… I had a “sales” call from a well known Broker earlier this week (Broker desperation has set in… I get 2 a week atm) asking why I had opened a Demo account and a Live account. I explained that it was to confirm price variation on the two accounts… he was surprised (apparently!) that they actually varied and was going to check with a supervisor if that was the case…
FX Brokers aren’t in the Trading business… They are in the eroding deposits business…
There is no reason other than fear of losing (emotion) why your trading should be any different in a demo account or an account with real money. If you trade the same why, you will get the same results. Nothing changes when money is involved except possibly the trader.
The reality between live and demo has a big gap in results. Demo trading that is the good of patience (if you win that patience).
If the maintenance of the demo account for 6 months is profitable then think about live.
You must understand that you need to learn to apply what you read in books. The fact that you have this information is excellent. But it is very desirable to be able to work with her.
I dont think the question here is whether you should be on demo or live account. What you’re actually worried about is losing trades. This comes down to your trading psychology and confidence in your strategy. As you have done the babypips course you must have statistics for your strategy. What is your win %, loss %, max drawdown and risk to reward? The answers to them will tell you if your strategy is not profitable or this is just normal variance.