I had a brainwave and decided to blow my IG demo account down to £500, from the £12,450 I had in the account.
Reason for this, is simple. I am planning to start with £500 for real and want to simulate the real account, to an extent.
I actually made quiet a few heavy losses at first but then… I started gaining pips and increasing my account.
Has anyone tried to do this intentionally and found their account increasing?
Thanks,
Willie
No.
I set up a system on a demo account that would be identical to a live account when I transferred. All my eight months energies were directed at trading the demo account as if it was a live account, so that I could transition without any change. Fortunately, I have the subconscious mindset that can accept this strategy, but it was damn hard work keeping control over my emotions - which in my mind were real !!
While I understand your scenario, I suggest it won’t work when trading live because you didn’t really care about making gains or losses on your demo account. No emotional turmoil to overcome, and that is critical to learn how to control.
For example, the forex market will hurl countless issues for you to resolve every day, and you’ll be subject to revenge trading, overtrading, gambling, Hulk scenarios, and not knowing when to cut losses and/or profits on a small $500 account - or managing risk and money management.
Okay, a little dramatic, but you get the picture hopefully.
Hi, yes I tried something like that, I came up with this insane strategy where I was placing larger order every time previous trade didn’t go my way. I was confident that eventually the market will turn. On some instruments market turned my way giving me enormous profit. Remember I was increasing the lot each time market didn’t go my way. One morning I woke up and my account was like 20% up. I thought to myself that’s it, why bother with planning, risk management etc.
In next couple of days I was placing insanely large orders. After week or so I switched to my real money account with the same strategy and guess what. The fear and excitement got hold of me, I simply could not repeat what I was doing on demo. Why? Because demo account is not there for you to learn the psychology of trading. It is there fir you to learn mechanics of platform, navigation, placing orders, using indicators etc etc. I strongly agree with @steve369
Anyway I think it is really good topic worth continuing so other beginning and unpatient traders can benefit.
In my whole trading career, I have seen that what we expect is what we never get. You might be really sure about a particular trade but when you actually enter the trade, there are some other possibilities. I do set goals but don’t really expect to reach them every time I trade.