Making the change from Paper Trading to Real currency trading

Assuming that you’re feeling you’re prepared to dig into the currency market, take a step back now and think this through fully : do you have all the knowledge that you need?  Do you have all of the tools that you need?  Have you at least gathered some experience with paper trading? 

If you answered ‘yes’ to all three of the questions that we just posed, then you most likely are prepared to start trading in reality. 

However even though you’ve taken every preparatory step possible, the truth is that there is more to come and the genuine learning process begins from the moment you make your first trade onwards. 

For one thing, you’re now actually working with real money.  Your money.  And that’s going to prove to feel different from back when you were just making paper trades with virtual money.  Now you are actually going to be hazarding something of value to you, and you are bound to probably feel a little apprehensive. 

Honestly speaking, feeling apprehensive isn’t bad, as long as you don’t let it hamper your decision making process.  If your apprehensiveness just makes you extra-careful, that’s’s fine.  But if you find that you’re ‘chickening out’ of making trades that you knew were good but did not need to take a chance on, then you’re going to end up having lots of regrets. 

Also, now that you are actually trading cash of your own, when you do make a loss the frustration factor is also going to be amplified tenfold.  Once again, disappointment in itself isn’t a bad thing, and can usually help you to ensure that you are not making the same mistake twice. 

However if you let every loss that you make get to you, you’ll quickly find that you are at your wits end and everything that seemed to be so simple while you were paper trading all of a sudden winds up feeling that much more complex. 

All said and done, the core point that we are driving at is this : Paper trading and real foreign exchange trading are two different ball games.  Sure, paper trading is a crucial preparation re the skills that you require to play the foreign exchange market, but it is still just like a simulation, and doesn’t compare to the real thing. 

But because you’ve gone through that simulation, you should have the skills that you need right there with you, and the single thing that’s standing in your way is becoming familiar with the emotions and pitfalls that come as part and parcel of trading for real . 

Trust yourself and the experience that you’ve built up while you were paper trading.  Imagine like you were still doing that, and remember how successful you were at it.  Then, try your best to copy precisely what you were doing formerly. 

Sure, you may still fail here and there, but in the longer term the particular mechanisms of the trades are no different, and so, earlier or later, you’ll find yourself starting to profit just like you did in the paper trading run. 

Once you’ve accomplished that, you would have successfully made the transition!

 

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