May I join your community?!

[ChadPowell]

Hello there,
I have a question that may seem a little funny, but I’m genuinely curious: is there any difference between Forex and cryptocurrencies? I’ve lost a lot of money in the crypto market and I don’t want to deal with the stress of trading anymore.

Could you please tell me if Forex is a more stable market for investing, or if it’s just as risky as the crypto market?

Thank you in advance for your help.

[greenscorpio]

If you lose money in crypto you lose it trading Forex too, without a winning strategy and mindset.(self discipline and patience ect)

Maybe people get involved with crypto because it has
some mistque about it , exciting, fashionable no cieling regarding profits,boring old Forex can just be as devastating (especially with leverage) with no plan .

[dushimes]

@ChadPowell

I’ve lost a lot of money in the crypto market and I don’t want to deal with the stress of trading anymore.

Perhaps you should consider a demo account. In case you’re not familiar, a demo account is trading the real market with FAKE money. You can trade, make mistakes, revenge trade, bet the farm, etc; and there are NO consequences because it’s imaginary money. It’s a great account for practicing and studying. Most brokers offer them.

Is demo important

A number of individuals find they can trade profitably on demo but not in real life. Hence demo success means little in the real world. However if you cant make it in demo then you have no chance with real money. Demo is about nailing down every aspect of your approach so that you can do it in your sleep and in my view is a critical part of trader development. Do you think surgeons go into the operating room for the first time without any prior practical experience under safe and supervised…

Demo VS Live Accounts

I found demo accounts and live accounts exactly the same technically to use. The difficulties are with your head once real money is on the line. In my opinion using a demo for 3-6 months to get used to the technical side of trading and then opening up a small micro account is the way to go. It’s probably a good idea to get some practice in real money management before too long so you don’t pick up some bad habits (like I did originally).

Demo Accounts Verse 'Real' Accounts

Because of the psychological differences which are incurred due to risking ones own money people tend to start to invent reasons why they are now losing which can manifest itself as slippage, stop hunting, lag, etc.

[ChadPowell]

Can you explain it a little more?
I mean can you introduce some books or even websites for trading strategies?

[ChadPowell]

Thank You sir!
But are they free to use? I mean should I pay an amount of money in order to use them or they are totally free?
And are everything similar to real trading platforms in these demo accounts?

[greenscorpio]

Anyone can win money trading, though not consistently over a period of time and most end up blowing their account.It can time consuming and expensive.You need to start gaining more knowledge as it easier than yesteryear with access to the web ect.As the above post says open a demo.

Effort usually leads to improvement in life even regarding trading

[dushimes]

@ChadPowell

But are they free to use?

Yes

@ChadPowell

And are everything similar to real trading platforms in these demo accounts?

100% the same. Unless, some platforms save some indicators for live accounts; but I doubt that.

[Elliotrades08]

@greenscorpio

If you lose money in crypto you lose it trading Forex too, without a winning strategy and mindset.(self discipline and patience ect)

Maybe people get involved with crypto because it has
some mistque about it , exciting, fashionable no cieling regarding profits,boring old Forex can just be as devastating (especially with leverage) with no plan .

Actually, Crypto’s last year price hike drew a scratch in the minds of traders and that’s why they are trying to avail of the chance.

[greenscorpio]

Good to see that they are so enterprising

[silverf466]

@ChadPowell

As a friend, I want to give you a hot tip… and this is only for my close friends… I don’t give this tip to just anyone… there is a not so well known company that provides trading services for the handicapped and the mentally challenged and they are fully insured by lloyds of London to protect you from any unexpected losses… are you following me so far? When I saw you show up in the forum I had an idea that you were a sophisticated investor that isn’t going to tolerate this nonsense of taking losses, am I reading you correctly?

Just tell Bernie Madoff that I sent you. /s

FTMO® - Forex Traders Wanted - 2021

[ChadPowell]

Thank you, sir!
It was really helpful!

[JRB48]

Hey, I get it. Crypto trading can be a rollercoaster. Forex is generally considered to be more stable than crypto, but it’s not without risks. Have you considered trying it out with a demo account first? I can recommend some brokers if you’re interested.

[ChadPowell]

Hello My friend!
Actually yes, I started demo account, thank you btw.

[Luke_Ronchi]

sounds good that you8 have started demo account , but the main problem is when we trade in a real account this demo experience not works actually.

[TomCooper]

right now crypto market is too much confusing to predict the real faction , BTC price going with $27,000 to 28,500. dont know when bull season will start.

[ChadPowell]

Can you provide some guidance on the appropriate time to move from demo trading to live trading? How can I determine when I am ready to start trading with real money?

[PrestonRiver]

In my opinion, the appropriate time to move from demo trading to live trading is when you have a proven track record of consistent profits, can manage your emotions and risk effectively, and have a well-defined trading plan. It’s crucial to take the time to ensure that you’re fully prepared before making the transition to live trading.

[ChadPowell]

As I understand, managing emotions is a crucial aspect of this trading journey. Do you have any recommended practices for doing so?

[PrestonRiver]

I completely agree with you that managing emotions is crucial in trading. Based on my own trading experience, I have two pieces of advice to offer:

1. Set realistic expectations: It’s important to set realistic expectations for your trades and returns. This can help you avoid disappointment and frustration, which can lead to emotional decision-making.
2. Take breaks: If you’re feeling overwhelmed or emotional, it’s a good idea to take a break from trading and come back when you’re feeling more level-headed. This can help you make more rational decisions and avoid unnecessary losses.

I hope these tips are helpful. Remember, managing emotions is a continuous process.

[ChadPowell]

Thanks! I’ll try them for sure!