FX trading shock for newbies

[JRamos]

I would definitely agree that demo accounts are important. They are a great way to learn different strategies without loosing all your money.

 

[Black Bird]

Mark Douglas disagrees that trading on a Demo is not beneficial. In his opinion trading on a Demo successfully while failing on a live account - as it is the case for most of us - is telling us that when we are CAREFREE we can make money, and I think he is right!!

Watch all 7 videos here:



You may learn few new useful things like I did.

Good Luck

 

[RahmanSL]

I would compare Demo Trading and Live forex trading to wanting/a desire to climb mount Everest.

We watch others doing it on documentary TV (Demo trading) and think to ourselves, "I think I can do that".
But when we undertake the physical climb itself and totally unprepared, we come to realize that it's much more difficult and challenging than we had though and what we had watch on TV, and, of course, we fail miserably.

But if we watch & sturdy carefully how others tackle the many problems & challenges, and we conditioned our body & mind before undertaking the actual challenges, our chances for success will be very much higher.

Preliminary climbs on other much easier mountains (Demo trading) only prepares & conditioned our physical body to tackle the actual much harder Everest (Live trading)....and successes on these less demanding mountains (Demo) does not mean we can conquer Everest (Live). No doubt the feat do help, but still no guarantee of conquering Everest.

But bear in mind that some local portals/guides do go up and down most of Everest on a daily basis and don't even thought much about it...but then, they have been living in that type of environment all their lives! : )

 

[The Prophet]

I would like to add a little knowledge to the whole conversation. I am the Prophet and my Bible is the Technical analysis of the Futures Markets by J.J. Murphy. I have carried this Bible with me since it was published in 1986.

This book, together with passion and determination will help you find your own system for trading. To get to the stage of a competent trader who understands the market, a demo account is the perfect match with the Bible. Without the correct knowledge, demo account and discipline which derives from the passion and determination within, the probability of success is severly diminished

 

[Pharaoh]

I would compare Demo Trading and Live forex trading to wanting/a desire to climb mount Everest.

We watch others doing it on documentary TV (Demo trading) and think to ourselves, "I think I can do that".
But when we undertake the physical climb itself and totally unprepared, we come to realize that it's much more difficult and challenging than we had though and what we had watch on TV, and, of course, we fail miserably.

Personally, I'd rather at least get a view of the mountain, climbing techniques, and gear, etc. on TV before suddenly setting of for the mountain to climb with no clue about what equipment I might want to carry or how to use any of it.


I'd also want to start out practicing on one of those fake rock walls with safety ropes and a nice padded surface to land on before putting my life on the line.

 

[RahmanSL]

...or, take a helicopter ride to the roof of the world, take some photos as "proofs" and make a quick exit....mission accomplished! : ) https://www.forexpeacearmy.com/forex-forum/images/icons/icon10.gif

 

[Pharaoh]

Hey, you said you wanted to get to the top of the mountain. You didn't specify how.

 

[RahmanSL]

"Hey, you said you wanted to get to the top of the mountain. You didn't specify how."

Precisely! : )

 

[itkraze]

For newbies it is necessary that they should focus on learning first and spend proper time in demo account so that basics of Forex trading will be easily understand and trading can be done properly in real account.