DEMO accounts set you up to FAIL
The reason i am so against new traders starting on a demo account is that trading is mostly about mindset and emotions, now trading on a demo account takes all the emotions that come with trading real money. As you will know trading real money can leave you a mess when you take a loss when you 1st starts out, so forget the demo accounts and dive straight into a real account and get these emotions into play as you can then learn how to control them.
Now i am not saying open a live account and instantly put your life saving into it, open a live account and put £100 or whatever you can afford to lose into it and trade small, you will soon see that even losing £10 will have a strange effect on your emotions, something you never got from the rubbish demo account.
The brokers offer these demo accounts so you can get a feel for the markets, but they are also there to make you FAIL! Any new trader who hits a few wins on a demo account will feel on top of the world and think it is EASY, this then makes them deposit real money but because they are not ready for the sh@t storm that trading real money brings they quickly lose everything.. This is just clever mind tricks from your broker, and fair play to them as they make a killing from it.
How many of your mentors give you this sort of information? None? And you are paying them?
Now i have given you a wealth of information lets look at the chart, Again a SIMPLE setup, price broke out our lower resistance zone, then came back down to test it as support before bulls pushed price higher (as i predicted in my last gold chart) 2013 is my next area of interest where i will be watching to see how price reacts, a break of this area will see more upside moves but if this level is respected bears could push price lower. For now i am still holding longs.
If you would like to have a chat about trading or my unusual view on the market then just send me a message :)
Now i am not saying open a live account and instantly put your life saving into it, open a live account and put £100 or whatever you can afford to lose into it and trade small, you will soon see that even losing £10 will have a strange effect on your emotions, something you never got from the rubbish demo account.
The brokers offer these demo accounts so you can get a feel for the markets, but they are also there to make you FAIL! Any new trader who hits a few wins on a demo account will feel on top of the world and think it is EASY, this then makes them deposit real money but because they are not ready for the sh@t storm that trading real money brings they quickly lose everything.. This is just clever mind tricks from your broker, and fair play to them as they make a killing from it.
How many of your mentors give you this sort of information? None? And you are paying them?
Now i have given you a wealth of information lets look at the chart, Again a SIMPLE setup, price broke out our lower resistance zone, then came back down to test it as support before bulls pushed price higher (as i predicted in my last gold chart) 2013 is my next area of interest where i will be watching to see how price reacts, a break of this area will see more upside moves but if this level is respected bears could push price lower. For now i am still holding longs.
If you would like to have a chat about trading or my unusual view on the market then just send me a message :)
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TP1 hit. 2nd position running