I turned 50000$ into 70000$ trading on forex practice account in two days, is that good?
The reason I am asking is because it’s kind of hard to believe that I was able to make 40% profit in just two days. I am wondering if the demo account is even legit, in the sense that it works exactly like a real account with the only exception that it’s not real money? Is that true?
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8 Responses to “I turned 50000$ into 70000$ trading on forex practice account in two days, is that good?”
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Just remember, in Forex you loose money as fast as you make it.
The problem with stock simulations and practice accounts is you succeed by doing exactly the opposite of smart long term investing. Unless you feel like you can out time and out think the market I would not use demo account returns as a guideline. You make the biggest returns by investing in penny stocks on demos but it is easier to take chances when it is not your money. It is also like gambling, one payoff makes you forget 10 losses.
You can also try trading forex online website like http://tradingforexonline.info/ ,etc .
lol yeah I made lots of profits on demo and lots of loses on real forex.
I’d agree with Jared. Every word of it. The critical difference between a demo account and a real account are your emotions. I guess you slept well over the two nights while you made that money, not sure if the same would be the case if you had your real money on the line to achieve that kind of profit. As Jared says,expert traders do not invest more than 1-2% of their available capital. That way you are always in the game, which is the key.
It is difficult to equate demo account trading results to real world trading profit potential. As others here have pointed out, the use of real money may have a way of changing your trading behavior.
One way to combat this is to find and use a forex trading robot with your demo account. If you like the results in the demo account, use the same robot and exact same trading strategy in your real account. I would also recommend you trade in small lots until your system proves itself.
Remember, the forex market moves very fast, and you can lose money just as quickly as you can make it. Learn how to control your trades to maximize profits and minimize losses (this is the promise land for forex traders).
Hi,
Yup i agree with most of them that its easy to make profit but its easier to loose money as well. I think your risk management is little to be taken care off.
I think you are taking too much risk… I would suggest you to educate yourself, learn money and risk management, diversify your portfolios and this will give you long term results.
Regards
Results shows that you under stood what is fores is all about? however you are in the better position to escalate what is your actual position in trading. All the users have given great suggestion as forex is a very risky market and you can loose money in a flash of a second. so be cautions and alert whatever you do……….