When traders mention “practice”. what should come into my mind? backtesing and demo account trading?
How can you define practice as a forex trader?
1 Like
Treat the demo as a real account ie position size same as your bank balance will allow
2 Likes
Practice in demo account until you have a trading strategy that will work for you.
1 Like
I spend a fair amount of time replaying markets. Not all platforms offer this feature but the more you practice the mechanics of trading and finding your setups in “real-time” the better. You can also do this by scrolling back in time and revealing one bar at a time and see if you can find entries at the bleeding edge (no cheating).
1 Like
Pretty much yes, take your strategy and apply is consistently whether thats back testing or live testing on a demo, execute a good sample size of trades and not just a handful, at least 25 minimum, but the more the better.
1 Like
“Practise” also means that you should get known the real market- what works on demo is no guarantee that it works on real account. So i belong to those persons who reccomend not only doing demo work, also go with a small amount real time to experience the differences.
Also in the learning phase.
Slippage, spreads,spikes, prices have a different behaviour. You will also see, what kind of guy your broker is.
1 Like
practice by planning sim trades on the right edge of the chart, not hindsight which is more useful for analyzing the mechanics of a setup or trade outcome after the fact.
2 Likes
Very good point