Retired in January and need to make money still, since I have a 17yo under the roof - Did the Demo til Mar 15th and did ok so I’m looking forward to putting some real money in it.
Likely the wrong reason to enter the market - unless you have a few years experience.
The difference between demo and live lies exclusively within the quote text.
Best wishes on retirement - just after hearing “slow and steady wins the race”
Appreciate it – seems my problem is courage, keep making 40-50 bucks when if I would’ve had some confidence could’ve made more.
Aye - figured that - that’s why maybe why the slow and steady thing -works wonders.
The market will take the courageous money every time and encourage yet some more - but see these cautious guys - different story.
An old timer once told me to think like this - after taking some profit never ever look back on what could have been - focus instead on what’s next.
How long did you demo for?
Try this emotional control technique:-
Treat every entry trade as being a loser and let the market prove you wrong. That eliminates fear of losing during the trade’s journey towards the S/L - or T/P zone.
Cut losing trades (which should be obvious) - use the savings to fund another trade. There’s always one awaiting. I hate losing but I hate losing big, more so.
Top Pros with $100K accounts let winning trades run to an identified profit zone, then they add another trade at 50% of the first. Bring the S/L up to breakeven, and the most you could lose is half of the original trade, and the most you could win could obliterate the ones that you lost.
Alternatively, for small capital accounts, you could close c.50 - 75% of your trade when you have made a chunk of bucks, and let the other half /quarter continue its run to the next profit zone. IMO, that removes the Fear of Missing out (FOMO).
Best of luck.
To go along with point 1.
This is why you always trade with money you can set on fire and not care about.
If you don’t need the money at all, you will be a lot better at handling drawdowns.
You are your own worst enemy at trading. Trader psychology is paramount.
Trading forex is a difficult but practicable way to grow an account, but that job will take years before the account is large enough and trading income small enough in comparison that profits can start to be siphoned off as income for spending. If regular income is required during the early years of trading, some other business venture will meet that purpose better.
First step from demo, keep the live account small and make sure you can manage your emotions and still be consistent before going for bigger accounts.