September 18, 2015 at 6:14 pm
Who knew that trading with a demo account would be so “complicated”. I absolutely agree that people do not take up their demo accounts seriously. I also fell into the same trap when I first started.
I was doubling my demo account every other day and I thought wow I am going to be the richest man alive….. Well, well, well, let’s just say that I lost the money in my live trading account as quick as I could say “I am going to be a millionaire” haha. I could not even double my account once. I thought heck, it must be bad luck or something. So I decided to fund my account again, this time with more than the first time. I actually managed to double the account in 2 days and I thought aha here we go, I knew it was just bad luck the first time.. Unfortunately after 1 week I went and wiped out my second account.
This really took a toll on my psychological side. I then realized that I need to start doing something different. I started using the demo account just as you explained and I started getting consistent results. I made an attempt on a 3rd live account and I am still going strong.
It just shows you the power of using a demo account the right way. I wish I knew about trading simulators a while back. It looks like an awesome tool to use instead of a demo account.
Happy trading guys