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2007-04-08 09:17:23
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Article by Kelly Price |
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Many traders make money on paper and with demo accounts yet when these same traders open real trading accounts 9 out of 10 lose their money, despite the success they enjoyed in paper trading.
Why?
The big myth is that if you can trade and win on paper you can trade and win with real money.
This is simply not true.
My view is paper trading and demo accounts are simply useful for learning order placement and that's about it.
Why do paper traders fail so often?
Quite simply trading is all about making and losing money and you don't feel this on paper.
The major reason people trade has been removed.
There is no emotion and of course with no emotion, it's easy to trade.
Controlling emotions is the key trait that can make a great trader.
You have heard that discipline is one of the keys to successful trading and it is, but you won't fully understand this in online forex trading until you risk REAL money.
When money is on the line your emotions of greed, hope and fear kick in and it's a whole different ball game.
When moving from Demo Account to Live Trading tips
1. Understand that your emotions are now coming into play and you need to stop emotions interfering with your real trading.
Yes, it's the real world now you're on your own and against the market where 90% of traders lose.
Most lose because they lack discipline.
To stop this happening to you make sure:
2. Make sure you execute your signals EXACTLY as per your trading method - with no variation.
3. The major error novice traders make is not setting stop levels or holding a stop mentally in their heads.
This is the major mistake traders make:
They think:
"It wont matter the stop has been missed it will come back" Of course, in the highly leveraged forex market this ends in disaster.
They end up getting wiped out.
Holding your discipline is the key!
The key to making money in FOREX Trading is holding your discipline when confronting your emotions.
The above of course is absent in paper trading and traders are no prepared for the reality and lose.
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