Demo-Trading and Why Should You? - Part 1
New traders, beginning day traders and want-to-be day traders should look at day trading for the first time in the same manner as many other professions.
Someone who wants to be an airplane pilot doesn’t simply get the urge to fly a plane, jump in the cockpit and fly away.
A person who wants to be a surgeon doesn’t decide they want to operate on a human, walk in the operating room and start chopping away.
These are both dramatic but, very comparable to an individual who wants to become a professional day trader. The advantage of a person who wants to become a day trader today compared to several years ago is the fact that demo-trading is a very common, priceless tool.
Just as a want-to-be pilot does not get behind the wheel of a plane that may cost hundreds of thousands of dollars, neither should the want-to-be day trader who may have several tens of thousands of dollars of their own money, at risk.
Even if that want-to-be pilot owned their own plane, they would be foolish to risk the cost of the plane alone, without extensive training including on the ground training lessons.
The want-to-be day trader is foolish to not take advantage of the tools available for them to learn to day trade, successfully. Demo-trading on a demo-trading platform is the next best thing to flying lessons in a simulator for the want-to-be pilot. Neither the demo-trading platform nor the simulator can compare to the real thing. They can however, save the one behind the wheel or in front of the trading platform a great deal of money by practicing.
Just as the want-to-be pilot can participate in training, so can the want-to-be day trader. Training Programs are available and should be utilized by the want-to-be day trader. For the newbie day trader, it is probably a common occurrence for them to lose say $750 or more, on one bad trade. Simply put, when that losing trade is over, the money is gone and there is nothing but grief to show for the bad trade and the loss.
The serious want-to-be day trader is wise on spending the amount of money they may experience on a loss on one trade. They decide to attempt to improve their day trading skills and seek the assistance of professional Training. Using money potentially lost on one bad trade with little or no trading knowledge shows a great deal of professionalism for the want-to-be day trader, who seeks professional Training.
By demo-trading, the want-to-be day trader is able to develop their own individualized trading strategy. And, the key to this is that this can be done without risking one penny of real trading capital. Demo-trade with the same amount of trading capital limitations you would set if you were trading with real money. Only demo-trade in the same block of trades or on the same stocks you would, if you had the limitations of your actual trading capital.
Utilize a professional day trading service while demo-trading just as you would if you were trading with real money. Avoid foolish demo-trades just as you would if you were risking your own real trading capital. Follow the experts at Millennium-Traders while demo trading stocks, futures and Forex markets.