Methods to perfect practice fx trading

Starting currency traders are suggested to trade on a practice account as opposed to staking cash on a real account. Article gives you a couple of methods how you can perfect your practice trading experience:

Imagine you are trading for real money

What if you were trading your hard earned cash and not some fake demo money? Imagination will make you treat this activity as a business, not as some gambling experience. And you will not risk so much as bankrupting your account right away.

Trading with fake money gives you an illusion that trading is easy, this is really not. You have to change your mental attitude to make your demo trading work.

Some traders do that by using various punishments on themselves. They might force themselves to put significant amount of money to a saving box when they lose on a demo. This would sober them up and make more careful next time.

On the other hand you can self indulge if you win on a demo trade. Allow yourself to do something that you really like when you have a few consecutive winners.

Evaluate yourself.

Although trading is not some kind of university, you can make it similar to it. At the end of the day try to give yourself a grade. Chose the scale of your evaluation: A, B, C, D, E. Or any other way you want. Then give yourself an evaluation if you made a trade that day. See if you get better at your trades after some time.

Remember that this business is a never ending learning. You need to improve all the time. Do not forget that you will always have losses and those will be changed by profits, so make the most of it by continually perfecting your trades. Work about your mistakes till your profits become much bigger than your losses.