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Cryptocurrency Trading / Re: Are you using a Demo account to practice trading?
« on: May 15, 2024, 10:59:23 PM »Emotional management is the main thing that you cant be able to learn up on doing demo trades.Whereas, you cant really be able to enhance your emotional aspect considering that you arent that risking real money on here and this is why you wont really be that serious that much on this one because you cant lose money.We won't get risk and emotional management when using a demo account, because in a demo account we won't feel the fear of losing the money we have, so that makes us better when doing analysis.Yes, I don't think traders should use real money to buy lessons on loss and emotional management in this harsh market. A more effective and economical way is for investors to trade for months with stable profits on a demo account and focus only on analyzing the market as objectively as possible instead of being swayed by negative emotions. In my opinion, emotions are not really necessary in this market. A successful trader is one who views trading as a boring and technical task: he is willing to cut losses and miss out on opportunities, as long as there is a steady growth in balance.
On the other hand, in a real account we will feel fear and that is actually what makes us doubt the results of our own analysis. However, as time goes by, we will definitely be able to suppress that fear and become even better when trading.
This is why on the time that you are already familiarize with those basic principles then it would be better that you should be switching up into real live account.
The rest of the learning would really be learnt through this field because you would be really more serious specially on making use of real funds.