Every one on social media is saying the same thing. Most says this period of Covid19 pandemic is the best time to position businesses online, I totally agree with that. Now as a financial trader that we are, how do we think this present situation could affect us positively because our business is already online based? Personally I think this is the best time to test the validity of our trading strategy on demo/small account. If we can grow our account despite this present situation of our world be rest assured that our strategy is top notch. Untilse this Covid19 pandemic and stay safe🙏
My forex trading is providing a nice buffer while we’re in lockdown. I feel sorry for those who lost their jobs and have no side gig. Everyone should have a Plan B in case things go wrong.
I do agree with you @Kevin_Lacoste. Having a plan B for side income is always good to face any unexpected financial crisis or economic changes.
That is in case they were into Forex before the pandemic. Otherwise the “FX” plan B won’t be such a profitable idea to begin with
Yeah, you’re quite right. I personally complied with the same conception back in the times when the corona hit our world. It’s really a nice time to train on demo, if you have no desire to try yourself on volatile market (or you just don’t like to be dicey), then it was perfect time for you to test your strategy, elaborate a new one or just edit the existing one. It was the time when vast majority of traders dumped their accounts suddenly or sharply moved to demo accounts in order to prevent tthis dumping. I believe that in such cases traders would better wait a little bit in mainly because it’s the safest way to save your account.
Not just during the prevailing conditions, but demo accounts are all-time saviours when we don’t have a way to go. They give us confidence and help us get better at our strategies without the risk of losing money. I never apply a new strategy directly on my live account fearing the failure of strategy.
We keep learning and grinding…
I’ve heard people cribbing about how demo accounts are very different from live accounts but that doesn’t make demo accounts less useful. These are great for backtesting strategies.
Anything that works for you works for you. I don’t think it should even matter what other traders are saying or doing. The same is the case with demo accounts. I agree that they don’t give the exact live market conditions. But it is far better than losing your money in the live market even before you realize it.
and then one day, we make a profit.
Demo accounts are indeed a blessing all the time, not only during the times of a Pandemic. They help in backtesting your strategy while they represent trading conditions that are almost identical to the live accounts provided by many brokers.
Agreed, even I tune myself on demo for better trading strategies along with trading forex on live market.
I can partly agree with your here concerning online business and COVID. However, we shouldn’t forget the fact that everything is constantly changing and markets are extremely dynamic. So, I remember I invested is broadcasting companies and I thought that their shares will definetely go to the North because I believed that more and more people would start watching the movies online and the market would definetely appreciate it. However, it happened the other way round. The stockprice actually increased a bit, but not as I expected. So, even now there is no such a situation when ‘everything becomes clear’. Even online businesses have so many pecularities that you should bear in mind because even small details may affect your income and business success greatly.
I actually agree with the position of some people who claim that pandemic is the best time for starting something online. Pandemic opens lots of opportunities for those people who had already business online by the time of its beginning and for those people who considered starting business online but something stopped them. I believe that pandemic is a disastrous things, nevertheless we always should see something positive in things in order to stay mentally healthy. To my mind, the best option for starting an online business are the best conditions for it. Fortunately, pandemic offered such conditions.