Im finding a demo account hard to be interested in, i haven’t been using one long but i am finding it hard to get the motivation to just trade on a demo account, is this normal?
You should trade on demo account for at least three months for experience. You can test your stretc=gy and plan with demo trading and which can be helpful for you in real trading.
I’m also trading demo and I’m having the same issue. I’m losing motivation to trade demo but on the other hand I don’t think I’m ready to trade live.
Yes very normal! I ended up trading live after just a few weeks demoing, it’s not the same. I say go live with just a small amount of money, it changes a lot of things knowing you’re dealing with your actual money.
I felt like this when I started too. I am still at the beginning but I find it fun because instead of looking at the figures and thinking about how much money I would have made I am really just speculating the charts trying to bet on what’s going to happen next based off of the techniques I’ve learned so far… kind of like when you play bingo in school and your only reward for winning is a sense of accomplishment. Hope this helps!
True, demo trading is boring because the profit is not real therefore there is no thrill. At the same time, you would probably have a hard time if you skip this vital step. The sacrifice of time and effort on demo practice is small compared to an actual loss in real trading.
Demo’s are my best friends. I have 3 live accounts going but I probably have over 50 demo’s going. I long term trend trade so I am constantly open new accounts call them something like Summerlong term Weekly\Day Trend Open 10 to 15 pairs trending same direction and just forget about it.
I started a a journal here called My Proof Profit Strategy where I screen shot one of Demo’s starting at $250 going in $450 in profit in less than month. Using .01 lot sizes.
Going to start a demo for next week called Babypips weeklyDay trends for Month of July
Tabiuslee
Obviously, a demo account will be less interesting than a real one. You do not feel the tension of unreal trading money, and it may seem boring to you. But in fact, a demo account is very useful, and you should get the right experience to trade it. Once you feel confident in your trading decisions, you will be able to move to a real account with small investments and trade with great interest.
Keeping emotions in check and being objective is the thumb rule that you need to follow in trading. If you think you have the required knowledge or have been trading demo for a couple of months, then and only then, start live trading. Better to be safe than demotivated.
The purpose of demo account is not just making profit. Demo is for testing your strategy. You can not use a strategy directly to your live account. Find your winning odds and risk reward ratio by trading on demo. Along with a good strategy you need to know how to manage your risk. In demo account, take a balance equals to your excepted investment. Then make a winning system. You can’t make profit by opening random trades.