Introduce Yourself

ronjw

Newbie
1 0
Hi. Ron here. I just happened onto this site looking for some reviews on a certain site and got lost. I'm glad I did get lost. I am 68 and retired and want to learn about trading. I haven't done anything like this before and want to try just to keep myself busy. I will try in demo account first and see how I do. I can imagine the outcome and hope I learn quickly.
 

CityTrader

Established member
665 26
Good luck Ron. Personally ( and as trading teacher) I think demo accounts only lead to dashed hopes. Without the phycological stresses from trading with your own money, a demo trading account add's nothing of any value
 

alexaherself

Established member
560 149
Without the phycological stresses from trading with your own money, a demo trading account add's nothing of any value
Under other circumstances, I'd feel a longer post coming on, listing all the numerous advantages of practising on demo accounts before funding a live one.

But not today, as I don't have time <space for sighs of relief all round>. Not even for the otherwise mandatory wisecrack about algae.

So I'll confine myself to saying simply that I'm shocked to see someone who teaches trading offering this opinion, and that I hope Ron appreciates that it's a very unorthodox, unrepresentative and "extreme minority" perspective. :(
 

CityTrader

Established member
665 26
yeah, that's me a wild, crazy unorthrodox, & extreme guy! :D
I really do believe that demo accounts lead to a false sense of security, they don't "stress test" the individual, and there isn't any sense of loss when a trade goes wrong- it's just a video game effectively!

Under other circumstances, I'd feel a longer post coming on, listing all the numerous advantages of practising on demo accounts before funding a live one.

But not today, as I don't have time <space for sighs of relief all round>. Not even for the otherwise mandatory wisecrack about algae.

So I'll confine myself to saying simply that I'm shocked to see someone who teaches trading offering this opinion, and that I hope Ron appreciates that it's a very unorthodox, unrepresentative and "extreme minority" perspective. :(
 

dbphoenix

Legendary member
6,952 1,244
I really do believe that demo accounts lead to a false sense of security, they don't "stress test" the individual, and there isn't any sense of loss when a trade goes wrong- it's just a video game effectively!
Only if one does it wrong.

Db
 

tomorton

Legendary member
7,458 1,010
Hi. Ron here. I just happened onto this site looking for some reviews on a certain site and got lost. I'm glad I did get lost. I am 68 and retired and want to learn about trading. I haven't done anything like this before and want to try just to keep myself busy. I will try in demo account first and see how I do. I can imagine the outcome and hope I learn quickly.

Welcome Ron.

Trading's a fascinating game. Be prepared for it to try to take over your waking life. Just some very broad-brush tips I would humbly offer -
* trading isn't just daytrading
* there are no shortcuts to competence through mass seminars or expensive academy courses
* money management (partly through risk management) is key
* in the early days, keeping in the game is your objective, not profits: always use stops to limit your risk
* make a trade plan, keep it objective and simple, but always follow it
* be aware of news but ignore news commentators
* be guided by what you could lose in a trade over what you could win

I hope it goes well, that you enjoy it and that you will visit back here as you develop your trading.
 

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