Today I want to share a very funny incident that happened yesterday in church... looolzzz.... we finished rehearsing a song for sunday service on
saturday... I am the major Pianist of my church so We did all the rehearsal we could on that song. And guess what?
it was an awesome rehearsals... So good that we became overconfident that we were just going to kill that song on the Sunday morning. Note: That was a rehearsal not a live performance....
When the choir were invited to do their song; the drummer started playing to the north; I, the pianist was playing to the east and the entire choir and lead vocal all started singing to the west.... Oh my God; I couldn't get angry, so i was just laughing. Then it dawn on me that I could relate this incident to my trading career and teach it more to my students on this blog.
LESSONS TO TAKE HOME.
Live trading is not the same as demo trading.
I remember when I first started trading. Mehn like it was yesterday in church, that was the same way I felt the first time. We think most of the time that after being very successful on a demo account, we have built enough stamina to help us trade the live account.
We forget to note the most important thing involved in the trading environment. It is not the technical analysis in placing a trade that matters but the attitude or psychology behind your trade that makes a winner or a looser.
Demo trading is where it must all begin. But dont just use that time to simply just learn how to place trade, but you must learn to use your demo time to learn how to be mentally collected and disciplined. Being too confident on a demo account is a mirage on the live account... At the end of this post I will give link to some suggested article on this blog that fits this point here.
Now my question is this: What are you learning in your demo process? are you just only learning how to trade?.... dont misconstrue me; learning to trade on the demo account like I said before is the first place to start. But what are you learning in addition to that?
Forex is not just about trades... No! No!! No!!!
it's not just a business. Forex has a lot to do with your entire personality; how you react to wins, how you react to losses, how you think about a trade contrary to professional setup advice, it has to do with how disciplined you are. And how confident you are on your judgement (note; i did not say 'how overconfident').
Your mindset about trading no matter your trading edge must not exclude the fact that you can not lose! Didn't we rehearse that song very well on Saturday? why was it a flop on sunday? Note that no matter your edge, how disciplined you are during the entire process is what will guarantee the victory on a live account and not the whole demo trading rehearsal you had. or haven't you seen someone who is good on demo only to flop on live account. The principles I knew about psychology not trading, helped me grew my account from a $30 dollar no deposit account to what it is today. i.e. I did not invest my money to trade forex, I used their money applying what I knew about the market.
How do I know all that I knew? I studied for at least 3 month before starting anything about Forex. Nothing can replace your education in this business. And most of the complaints I have heard from many of my trading students and friends alike are: they gave money to someone to trade for them and the person either blew the money or even made the money and ran away with it... This is because, Nigerians are lazy readers but want to make millions.
on this blog, I will never stop saying that nothing can replace your education on this journey.
now here are the links to some three of my articles on this blog I will like you to read in case you haven't read them.... there you go!
12 trading wisdom from famous Mark Douglas
do you have an edge over market?
forex trading is psychology
I am Wealth Peters
Saying: Be a great trader.
Talk soon!
saturday... I am the major Pianist of my church so We did all the rehearsal we could on that song. And guess what?
When the choir were invited to do their song; the drummer started playing to the north; I, the pianist was playing to the east and the entire choir and lead vocal all started singing to the west.... Oh my God; I couldn't get angry, so i was just laughing. Then it dawn on me that I could relate this incident to my trading career and teach it more to my students on this blog.
LESSONS TO TAKE HOME.
Live trading is not the same as demo trading.
I remember when I first started trading. Mehn like it was yesterday in church, that was the same way I felt the first time. We think most of the time that after being very successful on a demo account, we have built enough stamina to help us trade the live account.
We forget to note the most important thing involved in the trading environment. It is not the technical analysis in placing a trade that matters but the attitude or psychology behind your trade that makes a winner or a looser.
Demo trading is where it must all begin. But dont just use that time to simply just learn how to place trade, but you must learn to use your demo time to learn how to be mentally collected and disciplined. Being too confident on a demo account is a mirage on the live account... At the end of this post I will give link to some suggested article on this blog that fits this point here.
Now my question is this: What are you learning in your demo process? are you just only learning how to trade?.... dont misconstrue me; learning to trade on the demo account like I said before is the first place to start. But what are you learning in addition to that?
Forex is not just about trades... No! No!! No!!!
it's not just a business. Forex has a lot to do with your entire personality; how you react to wins, how you react to losses, how you think about a trade contrary to professional setup advice, it has to do with how disciplined you are. And how confident you are on your judgement (note; i did not say 'how overconfident').
Your mindset about trading no matter your trading edge must not exclude the fact that you can not lose! Didn't we rehearse that song very well on Saturday? why was it a flop on sunday? Note that no matter your edge, how disciplined you are during the entire process is what will guarantee the victory on a live account and not the whole demo trading rehearsal you had. or haven't you seen someone who is good on demo only to flop on live account. The principles I knew about psychology not trading, helped me grew my account from a $30 dollar no deposit account to what it is today. i.e. I did not invest my money to trade forex, I used their money applying what I knew about the market.
How do I know all that I knew? I studied for at least 3 month before starting anything about Forex. Nothing can replace your education in this business. And most of the complaints I have heard from many of my trading students and friends alike are: they gave money to someone to trade for them and the person either blew the money or even made the money and ran away with it... This is because, Nigerians are lazy readers but want to make millions.
on this blog, I will never stop saying that nothing can replace your education on this journey.
now here are the links to some three of my articles on this blog I will like you to read in case you haven't read them.... there you go!
12 trading wisdom from famous Mark Douglas
do you have an edge over market?
forex trading is psychology
I am Wealth Peters
Saying: Be a great trader.
Talk soon!
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