If you’re a new trader, you should start with a IQ Option demonstration account. Also known as the ‘demo account’, this type of account allows beginners to try and test trades without risking their money. Experienced traders recommend that traders should on shift to the use of real-money account only after they have realized successful and consistent results using the demo platform.
However, one must temper his expectations when shifting to the real-money account. Your success rates in the free demo platform don’t automatically go to the real-money account. These are unrealistic expectations and this thinking may only pave the way for more disappointments.
As a trader, you should know the difference between the two platforms. By understanding the difference between the two, you can confidently shift from one platform to the next.
Risks are constant
The demo account is fun and educational to use since no money is involved. If you lose your trades online, you can learn from it without worrying about the bankroll. You have the option to replenish the account if you wish to continue trading using the platform.
But trading It’s a totally different thing with real money. Since you’re using your own money, losing trades can be emotionally and financially draining. Losses can also impact your confidence and can lead you to irrational trading decisions. As a responsible trader, you should acknowledge the importance of risks in trading.
Demo and real money account requirements varying psychological preparations.
When you trade real money, you’ll experience a wide range of emotions. There’s excitement, some apprehension, and a rush of adrenaline if you’re about to hit a winning trade. There’s frustration and anger too if trades don’t go your way.
If you want to take trading seriously, you’ll need to properly manage your emotions. If your tested strategies in the demo account are no longer working, just cut your loses and adjust accordingly. Don’t try to be eager to replicate a strategy that’s no longer working in your real – money account.
Markets are dynamic
As an informed trader, you should know that the market conditions are fluid. Before you jump into real-money spending, make sure you know how to handle volatility. You should always prepare for changing market conditions and know that the trends may not always fall according to what you have planned.
If you’re a beginner, you can start with smaller investments. Invest an amount you are willing to lose. Once you have achieved consistent gains, then that’s the time you can boost your investment. Remember all these tips before you make that switch.
Start trading today – Read our IQ Option review!
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