richardmarcus1509
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Donot invest till the time you are not 100% sure. Forex trading is quiet risky
This is an absolute MUST.I think will safely when first time tries in the real trading account is they still have another as main source income, so they can cover daily necessity, if then in real trading account good result, it will become additional savings, but if fail, not disturbed overall finance.
Nice experience, if you login demo account and real account use the same MetaTrader platform, better check when you switch from demo account to real account login, make sure if using appropriate size position, I have a mistake when use demo account and then switch real account but use position size too high because in demo start ith largest capital. But if using a separated trading platform for demo and real, the problem may not occur.When I first heard about forex, cfd's i demod an account for about 2 or 3 days and realised I wasn't emotionally vested..(whilst making positive trades with the little knowledge i mustered as quick as I could)..so dove straight in with a live account, over leveraged and position sizing versus available equity was degenerately shamefull. And surprisingly I held onto it longer than I should have. But I took blowing my 1st small account as the boot up the backside needed to actually educate myself properly so I believe it to have been valuable descision for myself to do so.
And to this day I allways have multiple live accounts, and a few demo accounts. As fore mentioned above demo accounts are great for practising a system, or strategy with no risk to your capital. I also use them as a test for new brokers. I'll demo them first....then trade a live account alongside. And I'll compare how they each coincide with one another.... iv spotted a few less than suitable brokers by doing this, presenting a beautifully stable trading experience on demo.... then when you go live the broker manipulation is most apparent and can be relentless
So overall I'd suggest practising a strategy/system on a demo account so that you are proficient in the method, almost robotic. And when doing so with live account... you will know what you "should" be doing and have a chance to separate any emotional thought processing as it will be the what wasnt there before hand (real risk makes thing real all round).... a good way is allways a micro account.... play for pennies...set your rules, stick to them. become efficient in "being right"....and managing your risk to an extent that if your wrong it doesn't matter, you knew your risk and accepted it before you even put in the trade... it should allways be an amount that doesn't matter.. (say 1%, can be wrong 100times in row, surely you can admit long before then that a strategy isnt working, or being applied correctly)
Forget about making money.... become profficient in a system..... by right of doing so.. making money will become a byproduct.... or this was at least the way I approached things...... truth is trading is a never ending journey of education, with never ending avenues of improvement that can be addressed