BASIC FOREX MISTAKE – FORGETTING TO MAKE DEMO ACCOUNT
Every Forex career in trading must necessarily begin with a practice Demo account. “Training well gets you out of hell” – you could lose everything if you do not train. What makes this Demo account so special? Read on and find how the best traders began as ‘ball boys’.
Forex Cleaned Me Out
Learn demo account indispensability
Forex trading has complexities, which not all people understand. In fact, this world of high commerce simply stumps some people through and through. Hey, everyone cannot be a Formula 1 driver! That is right – some people can crack crossword puzzles while other can make a violin weep. One had a good vocabulary while the other has good skill. Both have application. Both strive and seek to do something. Likewise, you can become a good trader if you keep practicing with a Demo account. The Demo account is your rough book that helps you work out the methods and understand the principles.
You are riding wild without your Demo account
Shorts and sleeveless tops
You cannot ride a bicycle without some practice. Even people who know levitation would find some difficulty keeping their cycle under them. I mean you have to fall down a few times before the fear of falling becomes a spur for you to maintain your balance. Cyclists have to cross this stage before they can ride “without hands” or show off their slow cycling stunts. The Demo account in Forex trading helps newbie traders learn what the pitfalls are and how to “get up” when they suffer losses. You can begin your training Demo account without investing any money. In Demo account, you practice with virtual money – you do not lose any real money. Get the feel of Forex with the Demo account and find out if you are cut out for this trade.
No! There is no dress code for traders – not that I know of anyway – the shorts and sleeveless tops is an allusion to the way some people have very fixed approach to everything, including Forex trading. Sure thing, you can cool off if the weather is getting too hot and maybe the style will also grow on you. But, you must have some appetite for suits and formal dress wear too, if you want to attend the ball and mingle with elite in society. In order to reach the high echelons of trading sector, you need to be a leader. You need to lead by example and become a leading trader – one that will inspire the new generation of newbie traders. And it is slightly difficult to achieve this status in your underclothes – er, shorts and sleeveless tops. To master the Forex, you need the Demo account to teach you how to handle big numbers, what the margins are and how to predict the swings on the trading floor.
Do not lean on the Demo account too much
People who ride with practice wheels become dependent on them. They will leave their cycle when they disembark take off their hands and walk away – and let their cycle crash to the ground. You can use the Demo account to find out how to make your trade but on the psychological side, you always are protected by your “practice wheel”. You are not using real money and so you will not feel troubled when some change occurs on the market. Only when you begin to lose real money, you begin to lose control and get emotionally involved. The Demo account will keep you isolated emotionally and you might get to like this feeling – the real trade will begin to frighten you. Very often, newbie traders have shown phenomenal progress with their Demo accounts, at times making millions without any hiccups. Yet these very same people, trip over their feet when they begin trading real money. Remember that the Demo account does not allow you to participate fully in trading activity in the sense that you do not feel the pressure of losing money. This pressure is an important aspect and forms one of the cogs of the trading activity on the Forex market. However, you can only learn this if you use real money. Meantime, get familiar with the ropes of the Forex scene with your Demo account. You should poke around with different currency pairs and explore various devices that help you while trading. These would be the real time analysis charts and prediction tables that you use with your Demo account.
Going Live is Exciting
Get your Demo account and start making money – virtual that is. Double your money and then begin all over again. Repeat this at least thrice. By then you will start to learn how to tackle the difficulties and how to make money. Wearing shorts and sleeveless tees may have some particular charm but wearing a suit tells the world you are there with it ready to do what it takes. When you begin your live account – that is trading with real money – you will have some initial shock especially when you lose money. But once you are acclimatized to this feeling, your inner training with Demo account will take over and you will do great.