Kunle Adeyeri is a trainee of the recent online trading training. During one of his classes, he was taught about going live rather than using the demo/paper trading platform; and gladly, he took the advice of his trainer. He learned that demos and live accounts are the same. However now that his money is involved, he has just started to understand the market better with confidence and discipline.
Live Account versus Demo Platform
An active live account trader for one month is actually better than a demo tiger trader for three years. Not that demo trading is all bad, but it should only be used for only a short while as a means to hone your skills and perfect your strategies. The truth is you will neither grow nor be successful if you don’t involve your money into forex trading. With demo account trading, you can do trials and experiments; however, with live or real account trading, you need to be trained and skilled psychologically. It allows you to learn faster from your mistakes and grow from them — get matured and disciplined in the forex market.
Being a beginner in a trading live account, you’ll be working with money on the table. Thus, you’ll have this fear of losing and you’ll just sit down, wait, and watch as the market moves in the trend that you might have foreseen or analyzed. If it were a demo account, you’d go for anything. You’d normally take risks that you wouldn’t dare of doing in a live account; you’d make money, yes. But it’s another story when we talk about trading with a live account.
Although a demo account is almost a perfect simulation of what happens in live trading, the emotions and fears of traders are completely different. It has been the tradition for new traders to start with demo trading first after training; however, it is highly recommendable for you to go directly to live account trading. It is important to note that most successful traders succeeded because they’ve lost in the market; with loss came realizations of how and where you made a mistake.
Unsuccessful Forex Traders
Per experience, most traders who lost their money through forex trading (and therefore hate it) are those who spent too much time dwelling in demo trading without really preparing themselves psychologically for the real or live forex trading. Aside from that, those who lost their money initially to improper and inadequate education of the forex market trading are a herculean task. Their initial losses easily discouraged them and they’ve never gone too far beyond overcoming the trauma and their fears to look for the right answers; rather, they blamed much of their experience on the market itself. If you analyze their account history, it will definitely show where they went wrong.
In conclusion, ensuring that you get proper market education and having a fearless attitude early on during your entry to the forex market are just two of the sure ways to becoming successful and having a profitable trading.