chesterjohn posted: How long did you spend on a demo account before going into real trading?
I've been trading 3 weeks on demo accounts. It's 2 different accounts because I started a new one to replicate exactly what my real account will be, the other is now a mess about account to play with.
I've got 3 consecutive profitable weeks totalling about 16% with 6% dd. I'm keen to get started, but still making to odd silly mistake. How does my record sound to people who are experienced?
Demo you can run it your trading system without any loss of money, Actually most people seem misconception of being trader, Trader is not depend how good your make a money, but a REAL trader is he know how good he manage the risk.
For me, loss is our enemy and profit is our friend, so you must overcome the enemy when your test ur system. I usually use a Demo account for testing my trading system and I make a challenge to Try as best as I can to Margin Call the demo account.. Not by taking how much i get money from it. Believed me, when your system are being tested and difficult to get MC, profit will come like a Magic.
Its different for the different types of trades. I believe there is no a unified period that should apply for all. To be honest I still keep my demo and test there my new EA on some new symbols that the broker is releasing – like the new cryptos ( I still can’t fully understand them ☹ )
TiffanyK posted: Its different for the different types of trades. I believe there is no a unified period that should apply for all. To be honest I still keep my demo and test there my new EA on some new symbols that the broker is releasing – like the new cryptos ( I still can’t fully understand them ☹ )
I have been trading for almost a decade and I still occasionally use my demo account too. Any time I want to test a strategy or examine a trading instrument I haven't used before, or just to train myself I turn to that account.
I traded in demo for almost a year. Then I opened a live account with 50 dollars in it. I traded 0.01 lot size until i was comfortable enough to trade higher. I still use my demo account for practicing new strategies. When I lose a trade I go back to demo and practice for at least a day before I open a new trade in my live account.
I give one tips to be a professional trader. Try to master and learn about Multi-timeframe... believe me, you will become profitable trader soon. Multi-timeframe is so mandatory and so Importat. Trader must know it. Learn candlestick behaviour and observed their reaction every timeframe and one more tips: Focus sell GJ until 140.3xx. Tq
To analyze multi-time frame, you got to decide the order (buy/sell) after you analyse on not one time frame, but multi-time frames [15M, 1HR, 4HR, 1D etc]. doing this helps confirm the trend against the deceptive 5M timeframe.
Use longer one for general direction, use smaller one for entry point.
The demo account is the master place for a beginner to acquire all basic fundament information which is very supportive to continue a live account in a proper way. But practically most of the beginners don’t believe the importance of this trading place at all. In my trading career, I use all my trading strategies in demo trading to see the performance how it works.
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Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
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