Posts Tagged ‘demo account’
Do you often take part in lotteries, prize raffles and other events of which the result does not depend but on your luck? If you think that these are wonders impossible to happen in real life, join contest “Real Scalping” by InstaForex Company! And now we are ready to proudly present you the jammy fellow favoured by Lady Luck this time – Teh Soon Seong.
IFX: How long have you been working on Forex market? What did attract you in trader’s profession?
TS: I have been trading on Forex for about 2 years already. I believe Forex provides plenty of opportunities for everyone.
IFX: What is the most frequently occurring reason for deposit discharge?
TS: Normally I withdraw half of my funds once a month.
IFX: Do you ever feel scared? How do you handle emotions?
TS: Yes. Usually I close the position if I do not feel confident.
IFX: How did you know about InstaForex Company and what did prompt you to take part in “InstaForex-Sniper” Contest?
TS: I came to know InstaForex during my training seminar. Participating in InstaForex contests improves my skills.
IFX: How soon did you manage to reach the top? Is it your first victory in an InstaForex contest?
TS: I have participated in InstaForex contests for a couple of months. I have been here for 5 months and this is the first time I won.
IFX:What is the secret of success on the currency market?
TS: Discipline and patience are very important elements.
IFX: Could you please tell more about your winning strategy?
TS: I trade only when I feel confident.
IFX: What do you usually rely on while making decisions on deals opening?
TS: MT4 (5-minutes charts), current trend, and forex news.
IFX: What are the main things which are worth paying attention to by the beginning traders?
TS: Learn from others mistake before other learn from yours.
IFX: Thank you for taking part! We wish you the same grand victories in future!
Occasionally we have a chance to talk to prize winners of our contests, and for many participants such an interview would give much food for thought about. Winner’s experience can be replicated by traders at different InstaForex contests. Today we have a chance to meet Gennadiy Doroshkevich from Vasilievgrad. Gennadiy took the first prize in the “One Million Option” contest which was held from 31 October to 5 November.
IFX: When did you learn about InstaForex Company and became its customer?
GG: I learned about the company and became its customer nearly a year ago. Looking for companies that held contests for demo accounts, I found InstaForex and was surprised by a variety of contests. Since that time I have regularly taken part in different contests.
IFX: Are you a regular participant of InstaForex contests, or is it the first time you tried your hand in a competition with other traders?
GG: I have been a regular participant since I became InstaForex customer.
IFX: What are your major competitors in contests: traders, you and your emotions, or unpredictable market?
GG: My major competitors in contests are other traders (yes, I monitor the rating), myself and my emotions and, finally, the market which is quite a difficult to compete with.
IFX: “One Million Option” is a relatively new contest compared to other contests. Why did you decide to participate in it? What was the key factor?
GG: “One Million Option” is my favourite contest, and I regularly take part in it.
IFX: From the very beginning you have been seen among the leaders. When did you understand that you were to win?
GG: Despite I was among the five leaders, I was not sure I would take the first prize. Once I already took a prize in this contest. A day before the end I was not satisfied with my third place. I risked and was lucky, although chances to lose were 50/50, I won.
IFX: We understand that you may not like to reveal your secrets. Nevertheless, we dare to ask: what is your recipe for success?
GG: I cannot say that there is a recipe. I use standard set of indicators in MT and sometimes test new ones (there are lots to test and so little time!). Discipline and psychology are my personal formula.
IFX: Did you use monitoring at the contests? Did you watch your competitors’ trading? If yes, what conclusions did you come to?
GG: My profession does not leave me time to monitor the market all the day long, I spent five minutes a day on it and I think it’s worth it. I got the first prize and initial deposit for trading on a live account.
IFX: Would you like to further participate in InstaForex contests?
GG: Yes, I would, with great pleasure. I would like to take the prize in “Real Scalping InstaForex” and “InstaForex Great Race”.
IFX: What would you wish to current and potential participants of InstaForex contests?
GG: I wish every participant to feel a triumph, and I also wish InstaForex Company success and many good days.
IFX: Thank you very much, Gennady. Please receive our warmest congratulations. Let this victory open the gates of further success!
What could be added to Gennady’s words? We guess nothing. We wish our customers good luck and splendid victories. Should you like to see your name in a list of winners and show traders your talent, should you be like to be listened to and heard, take part in InstaForex contests and win! Do not miss your chance!
Foreign exchange market enables everyone to make substantial profit. However, it implies much hard work. Becoming a successful trader requires taking well-thought decisions on the market. Once failed, beginners tend to put the blame on the market peculiarities, hindering earning money. It is not the case though. We are going to deal with some stories of traders who wasted their deposits away and the ways to avoid mistakes.
The story № 1.
I started my work on Forex with learning the related literature and then I opened a demo account to test my trading strategy. Little time has passed before I was able to successfully conduct my own strategy on the market. This is when I opened a real account. My initial deposit was but USD 10. Having spent a month and half trading, I boosted it up to USD 50. And so the day came when I decided to put at stake my whole deposit and clicked “Buy”. But the very moment I closed the deal I got a message that read “the price has changed, would you like to close the deal for the present price?”. This situation occurred to me more than once. I decided to wait some time, though there was not much to expect. The price changed its direction and started to move downwards, destroying all the positive experience I gained, my self-esteem and the deposit.
Any trader should keep in mind the following rules:
1. Not to open a deal for the whole deposit and observe the money management rules;
2. Not to forget to place stop orders.
3. In order to start trading on real accounts, it is necessary to train trading on a demo account.
The story №2.
Having worked some little time on foreign currency market, I registered a demo account and began to gradually get to know forex processes. At first, my demo trading was rather successful and so I decided to start real trading. I registered a real trading account. My initial capital of USD 100 was not sufficient to cover losses, but I carried on. To cover the losses of one unprofitable deal, I opened another one. All the deals I made caused losses. The market appeared to me absolutely unpromising. I lost an awful lot of money and abandoned Forex once and forever.
The main mistakes of the most beginning traders are emotional inexperience and covetousness. In order to succeed, a trader should not only follow certain risk management rules, but also learn to control emotions and avoid getting consumed by them while trading. It is important that a trader does not let avarice be responsible for trading decisions and is able to close deals in time to avoid losses.
The story № 3.
As most traders, I began my Forex experience with a demo account. I opened one for USD 5000. I started trading, everything was quite good and in a couple of weeks I decided to open a real trading account. I used to enter the market when I wanted, without following event dynamics and taking into account the schedule of trading sessions and releases of major economic news. What I did was turn on the computer, draw a trendline on a 1-hour graph and simply buy or sell currency according to it.
After this I turned off the computer and checked the result after some time. If the price moved along with my expectations, I got profit; if it did not, which happened in most cases, I suffered loss. Eventually, such trading ceased to be profitable at all. This is how my Forex trading ended.
In order to trade on Forex one should possess theoretical knowledge of major market mechanisms. In this respect, before real trading you should spend enough time training on a demo account along with reading Forex literature, which will give you the basis and explain the peculiarities of forex trading. All decisions should be analyzed and weighted up. Only in this case your trading will be profitable.
Added by Yana Krupko,
Undoubtedly, everybody who now trade on the currency exchange market Forex settled his first deal on demo account. However, there is significant difference in operation on demo and real trading accounts. Gaining trading skills, newbie, as a rule, is doing all right: every deal is more successful than the previous one, profits are going up. But as soon as things came to the real trading on the real market Forex, the situation completely alters.
The difference between demo and real trading accounts consists in real money being invested in trades. Demo account implies using virtual money. So, as a rule, a trader does not think about the responsibility for his decisions when changing demo for real account. Working on demo a trader drops a guard as he will not lose a penny. Memory quickly deletes all failures and the only thing a trader remembers is positive experience. Here is the danger, because trader feels self-confidence and desires to open a real account as soon as possible and start trading with real money.
It should be taken into account that differences between operating on demo and real accounts consists in such emotions as fears, doubts and greed which trader should overcome as they usually prevent trader from confident trading on Forex. It should be mentioned that time of activity on Demo account should be strictly measured – according to experienced traders, two or three months is not enough but long time without real trading can also lead to the negative consequences. The best way to get used to real trading and, at the same time, gain experience of understanding the market is start up a real trading account and continue working on demo. The situation on the market which you understand and forecast perfectly will bring you profit from real account and self-confidence on Forex.
The realization of holding a real account will stimulate trader to get into the analysis of the market. Of course, everybody has ups and downs, nobody is exclusion. Eventually, trader feels professional changes; experience will bring him a profit.
Nobody will force you to open demo account first, but you should keep in mind that real account reckons high level of knowledge and experience of forex trading, so if you are a novice trader it is better start with demo account.
Added by InstaForex Staff