Killer Forex Demo Account - In their endless attempts to attract new traders to their platforms, brokers offer what they call “demo accounts” to those willing to leave their email addresses. a plus.
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Brokers do this officially to give new forex traders a chance to familiarize themselves with their trading accounts before depositing. You have come across dozens of dummy accounts before.
VILLARREAL VS REAL MADRID
SABTU, 7 JANUARI 2023
Pukul 22.15 WIB
The demo account uses the same data feed and offers the same tools as the real McCoy, but it's a very poor replica for a very important reason: emotions, or rather the lack thereof. Live trading evokes strong emotions in almost everyone.
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These feelings, such as greed, exhilaration, fear, relief, and exhilaration, need to be tempered through experience. Leaving it unmanaged can lead to negligence and lead to an empty forex account. Unfortunately, demo accounts cannot trigger these feelings in new traders if they don't risk anything.
As a result, profitable demo account traders move to real trading with a false sense of confidence. When they suffer their first loss and become greedy and fearful, there is a slight subconscious shift in their trading style.
An ugly cycle of self-sufficiency can occur as traders constantly react to these strange emotions and make poor trading choices. It creates more negative feelings. In contrast, professional traders build up a barrier between their emotional reactions and trading decisions over years of live trading.
In addition, using a demo account for an extended period of time can lead to very bad habits. Ignore stop losses and focus on individual trades rather than proper money management. Most forex experts agree that stop losses are an integral part of a profitable trading strategy.
However, many demo traders do not mind a stop loss because they believe they can manually close the trade at any time. However, in real market conditions, when real money is at stake, such a casual attitude can be daunting, especially during economic news releases, when prices drop by hundreds of pips in a matter of minutes. And a moment of inattention can lead to great results. losses. .
Demo account traders are not concerned with account balances and are more likely to focus on whether or not a particular trade is profitable. However, in a real trading environment, the focus is on the performance of the system as a whole rather than individual trades.
The law of variance and mean ensures that all systems will experience drawdowns from a series of losses, but systems with the advantage that are guided by strong money management will bounce back.
It places too much emphasis on mechanics and leads to traders ignoring all important concepts like money management until it is too late.
New traders are encouraged to use the broker's demo account to get a feel for the features of the broker's software, but it is recommended that traders draw the line there.
By the time they are comfortable with opening positions, they have mastered the software and the demo account has served its purpose. To test the system further or gain some trading experience, you must experience the intense emotions that live trading creates.
A financial compromise would be the mini accounts offered by most of the big brokers, and traders can open these accounts for as little as $50. That's enough money to get your blood pumping.