How to Master Trading Psychology Skills in 7 Steps
Author: Sergey Ostapchuk, Founder of Business School
So, the first step.
Practice with a Demo Account.
I have a friend who has been studying the market for 3 years. No matter what you ask him about the market, he knows everything, has read a lot of literature. He knows all the indicators: Willie Andrews, Gann, Fibonacci. Lots of trading strategies and systems. But in 3 years, he has never entered the market. Not even on a demo account. He says, “I’m afraid” and “I’m not ready to trade,” “I still don’t have enough knowledge.” But the key point here is in psychology.
I recommend everyone to start with a demo account.
A demo account is our friend, the beginning for a trader.
You choose a trading pair that suits you psychologically. How is that? You understand and feel it, it’s less volatile. You choose a convenient time for trading, volumes, and start developing and practicing your trading system.
At the same time, I want to highlight special attention to the Navigator button in the terminal. With this tool, you can always switch to the account you need. Why?
I always strongly recommend having your own real account during training.
Why is this necessary?
Very often during training, there are amazing entry points. And right in the lessons, some of the trades under my guidance are made immediately on a real account, and you receive real income. All other trades and tasks are practiced on a demo account.
When I myself was refining my systems back in 2011, the USD/JPY pair was at a historic “low”. They offered me to “enter – this is a unique moment”. But I didn’t take advantage of this situation. I knew little, hadn’t read all the books, hadn’t made enough trades on a demo account, and so on. In the end, the market gave a colossal opportunity to earn from a historical minimum, and I missed this opportunity.
You can and should refine your systems on a demo account, but when the market offers opportunities, you need to implement them and earn real money.
Read more in the next article.
