Lesson Time,
Today i want to talk about trading a demo account. There are many good sides of trading a demo account. However, one of the biggest factors in determining trading success is left out. That is emotion. A chart on a demo account VS the same chart on a live account will look different. When trading a demo account, you will look at the chart more objectively and see the buys and sell signals. You may see the same thing on a live account. but, if you don't have your emotions in line. You will start making radical trades resulting in losing a lot of money.
How can you fix this problem,
Trade on a demo account for no more than 90 days. Create a trading plan. Trade according to your plan. If you lose. You trade the next day according to your loss criteria. You set a curtain amount of pips each day you want to achieve.
I've read a lot of articles about how forex trading or day trading is impossible. Yes it is impossible if you don't have a plan, and execute that plan. If you fail to plan you plan to fail. Remember people. Its not about big quick gains. Its about small consistent gains.
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