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    Thread: Can you really master money management without exposing yourself to live trading?

    1. #1
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      Default Can you really master money management without exposing yourself to live trading?

      Most people often believe demo account is all that we need for securing our future success in live account, this maybe true, but I haven't found the evidence for myself, I have done very good demo practicing with practically 70% win rate, but when it comes to doing the same in live accounts, it is never the same. I often end up losing the trades I normally wouldn't lose if it was on a demo account

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      No actually I don't think so because real account is the real test. We can trade in the demo account for as long as we want bUT it can never provide the feeling of trading in the real account so there is no question if learning money management in the demo account so it is learned well when we are trading in the real account with all our emotions.

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      Whatever you want to do on the live account you have to practice it first on the demo to know if it can work on the live account, if after practicing I don't see any reason why you shouldn't become better, because that is what demo account is meant to be.

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      Quote Originally Posted by onome View Post
      Whatever you want to do on the live account you have to practice it first on the demo to know if it can work on the live account, if after practicing I don't see any reason why you shouldn't become better, because that is what demo account is meant to be.
      I think these days people tend to overhype the significace of a demo account, yes, it is free which is the main benefit, it is safe, but this exact safety is what indulges traders to be more impulsive in their decision making process and carry their hopes into real trading, but the two can not be compared really

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      Money management can be mastered, it all depends on how far we are willing to go in terms of discipline, if you lack the basic self control, it is a mathematical certainty that you will never attain the height Intended, please ensure you know what you seek from this business and pursue it vigorously.

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      Quote Originally Posted by adewale View Post
      Money management can be mastered, it all depends on how far we are willing to go in terms of discipline, if you lack the basic self control, it is a mathematical certainty that you will never attain the height Intended, please ensure you know what you seek from this business and pursue it vigorously.
      yout assessment applies very well to live trading but I doubt you would have the same opinion on demo trading. Even though people initially pretend to be making every trade based on sound discipline, there is a feeling of safery that makes them fearless towards losing money so it will be a huge difference in real account

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      I think this is important for trading with both demo account and also with live account to get the real experience about forex trading business. The demo account is for the basic level of understanding but they need to prepare their mind set by using live trading account.

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      I believe the only way for any trader to master and be sure he is able to manage money in trading is when trading on live account, this is because you will need to also learn to control emotions in trading for you to fully have a good money management which may not be well control in demo trading.

    10. #9
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      Quote Originally Posted by debren View Post
      I believe the only way for any trader to master and be sure he is able to manage money in trading is when trading on live account, this is because you will need to also learn to control emotions in trading for you to fully have a good money management which may not be well control in demo trading.
      that's what I was talking about, but many traders seem to have completely dfferent thoughts regarding the matter. Nobody likes to take a loss on a real account, if they do, that becomes quite a psychological issue, but traders on a demo account do not have that problem and that's the reasonf for different performance on two accounts

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      There is no difference between real and live accounts.Every thing you want to do on live account you can equally do on demo account, the only difference is just that you cannot withdraw money from demo account. So you can practice money management on demo account.

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