You have been doing the right thing by taking enough time before getting engaged with live trading. Since you have traded on demo account for about a year, I assume that you may start live trading with micro account. See how you deal with it. Keep studying. Soon you will be an excellent trader.
@sharabelabd thank you for your comment I am still taking courses daily but my demo trading has not been consistent yet⌠So I guess I will start doing it consistently just to get a good statement before actually risking real money
I respect your common sense and patience. Why would anyone risk real money until they have a strategy which they know they can make work? Every new trader should follow what youâre doing.
Nail on head. Sadly it often takes doing it and experiencing this fact to acknowledge it.
We all pay our dues bud, donât worry about it. My entry into forex was EAs and hoping they would passively make me a mintâŚthey didnât.
Blown accounts, signal services, too much leverage and improper risk management, revenge trading, over trading.
What am I missing?
No I think you have them all covered there
I think you should try utilize your knowledge on demo to see how actually the knowledge you have gotten is applicable to trading and predicting markets. This should be like reality check that may point to the right path in your education and help to avoid spending time on something that is obsolete or even wrong.
@ontario Thank you for your comment yes I am already seeing myself try more demo trading than before. at least I think thatâs a positive move in the right direction
No, it is not your fault. We all search for perfect things, but in forex, there is NO perfect strategy. The answer is simpleâthe market is changing all the time. You need to be flexible and trade according to the market conditions. If you are confident about your trading skills, then you can start trading with a micro account and backtest your strategies to trade as per the market conditions.
@mindihilton thank you for your comment I am not yet confident about my trading skills and thatâs why lately I have started to consistently demo trade and see what happens
Absolutely.
You can start with demo trading asap. Although you should have started it long ago, there is no harm starting even now. It is just that you could have gained more experience. Start demo trading and see how much it helps you in gaining confidence about trading in the live forex market.
Dont bother demo trading something that doesnt work consistently enough during manual backtesting
@Spiflicate thank you for your comment this forum has helped me gain confidence to start demo trading consistently now. I am trading to see what works for me and what doesnât
Best way. People dismiss demo but what it is very good for is instilling good habits. Habits come from repetition. Also gathering large data sets provide a more reliable set of statistics to draw conclusions about a strategy from. If youâre seeing good results over a large time period and have the good habits nailed down you can approach your live trading with a degree of confidence when variance gives you a bad hand.
@cashisking86 thank you so much I really needed to hear your words and Iâm literally understanding what you mean because I am experiencing new feelings and ideas latety after starting demo trading.
By the way, if I become consistently profitable do you know how long I should keep working on demo account and not start real trade?