The most fundamental guideline is that you should start by learning how to utilize the platforms if you’re new to trading. If you’ve been using the venue for a few years or a few months, you should be familiar with the ins and outs, but that’s essentially where you’ll be utilizing it.
The first recommendation would be to understand the platform, for example learning the AvaTrade demo account platform, the ins, and outs, how it works, how you can utilize it, how to place a trade, and how to change your stop loss. How can you adjust your take profit? How much do you know? What do the terminologies signify, and what do the numbers on the side indicate?
The second thing is to learn how to evaluate correctly. This is a fundamental thing. The bread and butter of forex trading are analyzing the market and understanding how the market structure moves. Now, remember in trading; what we see on the AvaTrade demo account charts is just mass psychology of people reacting in a large group to specific events, so we see patterns repeatedly, and that’s just how the human mind works.
We see history repeat itself repeatedly, so we tend to see similar sorts of structures and patterns on the charts because it’s something that people are familiar with, and people tend not to let go of things. So this is why everyone is trying to do the same thing, sell high or buy low. Everyone’s trying to do the same thing, so we advise our readers to learn how to analyze the market.
To understand how the AvaTrade demo account market moves throughout that period and which pairings will be the most effective to trade. Let’s move on to tip number three, which entails the critical concept of finding yourself a premium setup. Check what configurations perform the best; what kind of structure do you perceive in the market before the market gives you a move? You can see the candle structure that the market offers you before the initial action, whether it’s going to be a break out of a resistance zone or a pattern like a triangle or a flag.
You can utilize this analysis to discover when the market starts to move; thus, Fibonacci retracements channel patterns. Look for the structure that you see time and time repetitively again, take a screenshot of it when you see the market move, and eventually start to pick up patterns in the AvaTrade demo account. There are so many ways to make money on the market if you spend a little time figuring out which one works best for you, but that’s what we will look for.
I’ve got a head and shoulders, and the market creates a specific candle structure around the zone, which I see. The market tends to drop after that, so that’s something that I pick up on. I see this pattern repeated over and over and over again. We want to see repetitiveness and consistency in the market, so let’s move on to tip number four guys which are to build your chart.
So we need to figure out whether it’s going to be candle confirmation where you’re going to take your entry and stuff like that or a certain kind of wick structure that the simulation gives you before you take an entry but figure out where you need to take your signal into the trade as well.
Okay, so we’re going to look at the internal structure. Anyone can put their stop list below because every time the market hits a support or resistance zone, more buying or selling power is kicked back into the markets, and every time we come in here, buyers try to pick it back up again.
So there’s a lot of interference in the market before it needs to hit that stop loss, so you have to figure out the optimum spot to put a stop loss in your AvaTrade demo account.
Okay, now we need to figure out where to set up our take profit. It is critical to utilize your stop loss and take profit because these things help you get out of the market when you’re wrong and also help you take money off the market when you’re right.
Okay, we can’t just let a trade run forever and ever, and Let’s say you took a purchase. Look at potentially, you know it supports that resistance zone to the market could run up to or even if you want to see a three-to-one risk ward ratio or two-to-one risk wars ratio, uh you know that’s kind of how it works now this process is a little bit longer because you’re trying to figure out what trades work best for you.
On to the final tip, tip number five, so this is the last step you need to take before moving on to the live account. It’s crucial that you follow these steps and then start moving on to a live account again from the AvaTradedemo account because a demo account can only teach you so much, and there’ll be very little learning on your account; really, there’s not much you can learn. Think about it this way; if you want to study to be something done, you will be minimal learning on your account.
You’re not going to be studying and studying and studying forever, right? You will have to research and ultimately put yourself in the real world, where the real world will teach you things you’ll never learn or experience in university, right? You’ll eventually have to take that step into your professional path or decide what career you want to pursue. It’ll simply take action and start developing as a successful you know whatever you want to be correct. It’ll be the same with demo training vs. live training.
For this particular purpose of wanting to now move on to the live account, we would suggest our readers take a total of thirty trades. You will have to make 30 trades, and if you’re profitable at the end of 30 trades, it’s time to move on to a live account. So essentially, what you want to do with these 30 trades is you want to take them over and over to see which ones are profitable, obviously, if you’re profitable by the end of these trades, move on, but the other thing you want to do is you want to be able to take these trades and cash them out at their utmost potential.