Do you think trading on live account is as simple as trading on practice mode I don't think so.
For many people switching from trading practice mode to trading live account has a big impact. They panic, they fear to trade because they know their money is at stakes. Everyone knows that you can make a lot of money trading and in a short time but the same thing is available for losing money. It doesn't have to be more than 5 minutes to lose your money
I would like to talk a little bit about trading on practice mode. Don’t get me wrong it is a good thing to check out a strategy only. I guess every trader, newbie or pro has traded on practice mode.
There is a first good feeling that you don't actually trade your own money. After you create your account and chose to have a £50 tick size then you start trading.
When they take the first trade obviously many of them overstake. They trade 10 markets on a £50 tick size and that is just wrong but the thing is we don't realize because we don't feel anything on practice mode They think just like that "There's no problem if I lose this money. I will create another account and then I will be very serious about trading meaning they will strictly follow their trading plan, not overstake ..." but they will do the same thing again and again.
. What we need to do is fear the practice mode because we aren’t making any profit, and in live mode feel nothing because we have spent the money already at betfair, hence the term only invest money you can comfortably afford to lose. (not the bills, the mortgage, the rent, the childminders cash etc)
In my opinion that is one of the factors that many beginners fail in the markets because the mindset is wrong from the off. Thats why Mugsgames post the other week was very spot on about people wanting BA adjusted etc etc. BA team have made a very powerful bit of kit it doesn’t operate itself the person who uses it makes it do what the so called fancy videos do, they are very real, one has to put the hard work in to making that reality
Trading live when that all blue banner is at the top of your software is the real thing. This is where you prove yourself your skills. You MUST be very disciplined You will start to feel fear turn it around, the money has gone already,. Trade with no emotion, write a note and put in on your screen with something like "I trade with no emotion" or "I don't feel anything when I'm trading", it will really help you.
Good luck all
Practice Mode can damage your trading health
I've used practice mode for fine tuning a couple of automation strategies. However, for newbies I'd recommend keeping practice mode activities to a bear minimum. It doesn't replicate the reality of being part matched, or large stakes distorting the market, and it definitely doesn't replicate fluctuations in your pulse rate, and how that impacts upon your decision making.
