10 of 10: Demo Trading To Feed A Trading Addiction
Awareness # 9- Demo Trading To Feed A Trading Addiction
Traders need to remind themselves of why they started to trade in the first place. If it is for fun then never open a live account for the market will take all of your money. I have seen traders literally lose millions of dollars in a [...]
9 of 10: Lack of discipline and Patience
Awareness # 8- Lack of discipline and Patience
When demo trading a trader should be developing discipline and the ability to wait for a trade to come to them. It is easy to say “This doesn’t count; its only a demo account.” This type of attitude and thinking will cause you to give up on a [...]
8 of 10: “A Go-for-Broke” Attitude
Awareness # 7- “A Go-for-Broke” Attitude
Demo trading can be fun and we believe it definitely has its place when you are learning to trade the Forex markets. It’s also appropriate when practicing your entry and exit signals.
BUT trading forex in a demo account is NOT a video game where the entire purpose is all “fun [...]
7 of 10: Discarding Demo trading Forever
Awareness #6- Discarding Demo trading Forever
One very important part on a trader’s path to success is to continue to demo trade. By all means trade it like a live account.
In our opinion demo trading works when it prepares a trader to become skilled in identifying the proper set-ups, and allowing the trader to uncover their [...]
6 of 10: Lack of Psychological Preparation
Awareness #5- Lack of Psychological Preparation
When a trader is using a live account he pays more attention to the results, the cause and effects, or at least he should. This gives psychological feedback to the trader. In demo accounts the ability to learn from emotions during trading is limited. In fact, they are often [...]
5 of 10: Lack of Performance Analytics
Awareness # 4- Lack of Performance Analytics
Traders have the account history to monitor what they have done on their trades but they lack the discipline or knowledge on how to use this information.
We like to suggest that you take blocks of 20 trades to analyze. Once you have completed the first block keep track of [...]
4 of 10: NO-RISK Control
Awareness # 3- NO-RISK Control
Examples of no risk control are: jumping out of an airplane at 10,000 feet without a parachute, going scuba diving without air in your tanks, or going bungee jumping with out a bungee cord. Trading with out any risk control will have the same disastrous out come. To have a positive [...]
3 of 10: Let’s See What Happens Trading
Awareness # 2- Let’s See What Happens Trading There is NO penalty for just putting on any trade at any given time in a demo account. Because there is no penalty when demo trading a trader can fall into the habit of not putting on a stop loss, not managing the trade, and just [...]
November 24th, 20082 of 10: Trading The Big Dollar Moves
Awareness #1- Trading The Big Dollar Moves
When trading, how does a trader know which move is going to be the big move. They don’t. Trying to catch the big trades alone to get rich quick is a destructive habit. A trader should take all good signal trades. By doing this, they will make a lot [...]
1 of 10: Take Demo Trading Seriously
We are about to begin a 10 post series that we are really excited about. In this series we will go over the importance of demo trading as part of a traders educational process. We will release one post on it for the next 10 tens. Demo trading should not be taken to lightly. [...]
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