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General Forex Discussion
Why demo performance is often better than live performance?
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[QUOTE="JoelKruger, post: 83435, member: 34321"] There is something in between that most young traders miss, which offers the same benefits of a demo account and replicates those returns nicely. That something is opening a trading account that is proportionate to what you can put up as risk capital. Too many traders assume either demo account OR an account much larger than they should be risking. Trading on a demo account is not a good idea, short of just figuring out how to use functionality, as you need to make sure you have skin in the game to really be learning. HOWEVER, this doesn't mean put a lot at risk. There are so many dreadful things about retail foreign exchange brokers that people forget some of the amazing advantages. One such advantage is the ability to take small position sizes. So go ahead and open a real money account with maybe $1000 and then go ahead and take position sizes equivalent to your account size. If you take a 1k position with a $1000 account, you are doing it right. This way, if you sell 1k EURUSD with your $1000 account and the Euro moves against you 100 points, you are down $10 or 1% of your equity. I think if you approach the market like this with a real account, you will find that you are not stressing about the trading, while actually learning and inching closer to what it takes to be a successful trader. Don't get sucked into taking huge risk and just trade for the percentages. If you can turn your $1000 into $1100 at the end of the year, taking 1k positions, this will be a tremendous accomplishment. And if you can do this for a year, you will have the confidence to take on more risk and keep building towards a career in trading. [/QUOTE]
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