We don’t deny the fact that knowledge of personal development is essential. But the more you spend time reading and talking about it, and you will lose the grip of your goal. You will not get closer to your goal. This is similar to learning and talking about demo accounts without actually trying it. For example, an experienced trader in the United Kingdom wouldn’t have been able to succeed in trading if he or she didn’t try to use the demo account. You have to understand that trading demo account is as important as learning it. Most beginners spend more time in learning what demo account is and how to trade it. Even though it is good, there should be a limit to it because practice is more important than theory. Let’s understand more about why practice is more essential than theory.
Practice makes a man perfect
Without practicing you can’t learn something new. Think about doctors and engineers in our society. All of them have worked hard to understand how this market works. They never relied on emotions to execute the best possible trades in this market. Instead of thinking about the profit factors, you have to work hard to develop your trading skills. Some of you might get bored with demo trading the market but this is the only way to learn without risking any real money. Those who buy an expensive trading system from the trained professionals will also lose money in Forex. Unless you understand the nature of this market, you can’t make real progress in this profession. So, be prepared to work hard.
It is time to think of practicing
If you want to develop your trading skills, you must practice. When we speak about practice, most beginners think it is about learning. Of course, it is learning how to demo trade and how to apply that practice into the live trading account and more. However, you shouldn’t limit your practicing journey to learning; you should reach the next level. You must start focusing on the demo trading account. You must convert your learning into actions through the demo account. The primary requirement of practice is action. Without it, you’ll be in trading stagnation. This is not the right step for a beginner. For example, Gary Vaynerchuk became a specialist in Wine through practice and experience; it was not by reading books on Wine. You should never theorize your practice session because it will not help you succeed or to reach your goals.
Paralysis by analysis comes into the picture
If you have heard of this theory, you’d know what we are trying to say. This basic theory is about having too many options and not being able to make a decision. When you are piled up with different choices, the mind is confused about what to choose and what to give up. When you learn the trading industry, it is the same story because you will gather information, but nothing will make sense in the end. Instead of adding more and more information, you can use what you learn in the demo account.
Only if theories work
What is the use of collecting theories and information if you don’t follow it? What if those theories don’t work? Theories are valuable only if they are practiced. You might know different trading strategies and techniques. You might have information on how to trade the demo account. But what’s the point of collecting that information if you are not going to practice it on a demo account?
As a beginner, you will need a demo account to get through with trading. Without the support of a demo account, you will not be able to reach your goal. Hence, you should learn about demo accounts, but you shouldn’t stop there. You must use everything you learned in the demo account to check whether they work.