Making the transition from Paper Trading to Real forex trading
Making the change from Paper Trading to Real currency trading
Assuming that you’re feeling you are ready to delve into the currency market, take a step back at the moment and think this thru completely : do you have all the knowledge that you need? Do you have all 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 each preparatory step possible the truth is that there is more to come and the real learning process begins from the instant you make your first trade onwards.
For one thing, you’re now really dealing with real cash. Your cash. And that’s going to prove to feel different from back when you were just making paper trades with virtual money. Now you are really going to be risking something of value to you, and you are bound to probably feel slightly nervous.
Frankly talking, feeling nervous isn’t bad, so long as you be sure not to 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 had no wish to take a gamble on, then you’re going to end up having a lot of regrets.
Also, now that you are essentially 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 is not a bad thing, and can even help you to make sure that you’re not making the same mistake twice.
However if you let every loss that you make get to you, you may quickly find that you are at your wits end and everything that appeared to be so easy while you were paper trading suddenly winds up feeling that much more advanced.
All claimed and done, the core point that we’re driving at is this : Paper trading and real currency trading are two different ball games. Sure, paper trading is a very important preparation in terms of the talents that you require to play the currency market, but it is still just like a simulation, and doesn’t compare to the real deal.
But because you have gone thru that simulation, you should have the abilities you need right there with you, and the only thing that’s standing in your way is getting used to the emotions 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 match 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, sooner or later, you will find yourself beginning to profit just like you probably did in the paper trading run.
Once you have accomplished that, you would have successfully made the transition!
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