Making the transition from Paper Trading to Real forex trading
Making the transition from Paper Trading to Real forex trading
Assuming that you are feeling you are ready to dig into the currency market, take a step back right now and think this thru fully : do you have all the realization that you need? Do you have all of the tools that you need? Have you at least gathered some experience with paper trading?
If you answered ‘yes’ to all three of the questions that we just posed, then you almost certainly are ready to start trading for real.
However although you have taken every preparatory step possible the truth is that there’s more to come and the real educational process starts from the instant you make your first trade onwards.
For one thing, you’re now actually dealing with real cash. Your money. And that’s going to prove to feel different from back when you were just making paper trades with virtual money. Now you are actually going to be risking something of worth to you, and you’re certain to doubtless feel a little apprehensive.
overtly talking, feeling apprehensive isn’t bad, while you don’t let it hamper your decision making process. If your apprehensiveness just makes you extra-careful, that is’s fine. But if you find that you’re ‘chickening out’ of making trades that you knew were good but didn’t wish to take a gamble on, then you are going to end up having a lot of regrets.
Also, now that you are actually trading cash of your own, when you do make a loss the frustration factor is also going to be amplified tenfold. Once more, frustration in itself isn’t a bad thing, and can often help you to ensure that you don’t make the same mistake twice.
However if you let each loss that you make get to you, you’ll quickly find that you’re at your wits end and everything that looked to be so easy while you were paper trading all of a sudden winds up feeling that much more complicated.
All claimed and done, the core point that we are driving at is this : Paper trading and real foreign exchange trading are 2 different ball games. Sure, paper trading is a very important preparation re the abilities that you require to play the currency market, but it is still just like a simulation, and doesn’t compare to the real thing.
But because you have gone thru that simulation, you need to have the abilities that you need right there with you, and the single thing that is standing in your way is getting used to the feelings and problems that come as part and parcel of trading in reality.
Trust yourself and the experience that you’ve built up while you were paper trading. Imagine as though you were still doing that, and remember how successful you were at it. Then, try your best to copy exactly what you were doing formerly.
Sure, you might still fail here and there, but in the longer term the actual mechanisms of the trades are no different, and so, at some point, you’ll find yourself starting to profit just like you did in the paper trading run.
Once you’ve accomplished that, you would have successfully made the transition!
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