So, you’ve been practicing your trading skills and you’ve been feeling pretty confident about what you’ve been able to do so far. This means that it’s time to jump into the real world of trading, right? Well, not exactly. Here are a few things to keep in mind before you make the big leap.
The Only Constant is Change
The most important thing to keep in mind is that, unlike demo accounts, the markets are constantly changing. World affairs, political events, and the rules of economics may all at some point or another impact trading patterns. The same level (and intensity) of change cannot be experienced with a demo account.
No matter how much you’ve prepared yourself in a demo setting, there will still be a learning curve. There are many possible scenarios that you will encounter when making actual trades that are not present in a demo setting. This is also part of the learning experience that will make you an accomplished trading whizz.
Be Good to Yourself
It’s all too easy to be hard on yourself when you realize that you’re not doing so well in a real context. It’s a bit like doing really well in a mock-up but getting a lower mark in your exam. Preliminary preparation is always an important step but it’s also not a failsafe. You are likely to make a trading decision that will not have the desired outcome. In these instances, it is important to keep in mind that is also a valuable experience from which you can learn. In other words, don’t be too tough on yourself when things don’t go according to plan.
Beware of Emotional Trading
Trading through a demo account comes with a built-in safety valve: you are not risking actual capital. Once you switch to a live account, the element of fear will consciously (and subconsciously) creep in. Our emotions are part of our wiring and fear is an instinct that we all have. It can also make us have a fight or flight response when making a live trade: on one end of the spectrum it can make us refrain from trading or on the other end, it could make us take swift decisions without thinking them through properly.
The essential thing to keep in mind here that the feeling of fear will subside the more you practice your trading skills. We also recommend keeping track of your trades so that you can analyze your patterns and how they were impacted by emotions.
Doing your first live trade is an exciting milestone and the beginning of a rewarding experience in the trading world. While it may seem a bit daunting to put yourself out there, we know that you’ve got what it takes to make it happen. We have created different account types to suit your needs and we’re continuously providing you with the latest industry updates and round-the-clock support from our awesome customer team. Ready to get started?
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At Hey Forex, setting up a live account means you will have access to global market and the opportunity to earn real profits. Take what you have learnt trading demo and ace it in a real trading envioronment.
Enjoyed reading our Demo to Live Guide? Then get going on your financial goals, start your trading journey right now with Hey Forex.