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Stop using demo accounts right now. You’re told it builds confidence, helps you master your strategy, and teaches risk management.
But here’s the truth: demo trading does much more damage than it helps you.
It doesn’t boost your confidence; it inflates your ego.
Risk management? It leads to inaccurate risk assessment.
Demo trading may mimic live markets, but it lacks the emotional punch. Losing on a demo feels different from real losses.And most importantly it builds all the wrong programs in your mind, making you form all wrong habits which once formed can be very difficult to get rid of.
SOLUTION -
Follow this 2-Step process instead
1) use replay feature on trading platforms like tradingview to backrest the strategy. Doing this will make sure that you are getting used to with the strategy and are able to spot your entries properly.
2) Use a small live account - Put $10-20 in your live account and test the strategy with that.
Doing this will help you understand the risk assessment better, it will bring out emotions in you and you will find out ways to deal with it before it becomes a bad habit and hence no impulsive decisions, finally it will provide you with perfect conditions to trade in and you will know if the strategy really works or not.
It won’t give you any false hope, like strategy works on demo account but fails on live account.
That won’t happen to you.
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Thank you
Daksh
#trading #forextrader #forextrading #forexmarket #forexeducation
16 окт 2024
