Money Management & Demo Accounts
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Money management is the art every trader needs to master. However, this can rarely be done with the help of a demo account, especially if you are not patient enough and are not used to following a strict list of trading rules. The reason why most traders cannot learn how to manage their money properly while working with a demo account is, because they are trading with virtual money and they assume that it does not matter whether they will lose thousands, or not. This is why many traders make a mistake by using their demo accounts to trade with enormous amounts of money. For example, if you are planning to deposit $500 in your account, then try operating with just $500 in your demo account. This way you will make the trading experience more realistic and learn how to control your money.
We have uploaded several lectures on our YouTube Channel regarding Money Management
https://www.youtube.com/channel/UC220CmkLHzZ0nFaI4N2ajqQ
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