Ultimate Demo Account Guide: Learn Trading Strategy RISK-FREE — Transcript

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1. 0:00In 2 minutes or less, I'm going to show you the  most important thing that you can do as a new day
2. 0:03trader. The most important thing that you can do  as a new trader is create a demo account and only
3. 0:09trade that one account. Don't go and open up  a demo account and then have some wins, have
4. 0:13some losses, and then ignore those losses, close  that demo account, and then open up a new one.
5. 0:19I want you to trade the same demo account over  and over and over and over so you can literally
6. 0:25scroll through your entire demo account and see  your own track record. Have the actual results
7. 0:31and the actual statistics of trades that you've  actually taken. And then with that amount of
8. 0:37data and testing and using the same strategy, you  can see concrete evidence that you in fact are a
9. 0:45profitable trader. Even if your account isn't  growing astronomically, like you start with a
10. 0:50$100,000 demo account and then you're at $550,000.  No, I want you to practice trading the smallest
11. 0:57lot size possible, which is a 0.01. I don't want  you to focus on the amount of profit that you're
12. 1:04making. I want you to focus on number of trades  won and number of trades lost. If you can focus
13. 1:10on this and actually be consistent and trade the  same demo account every single day systematically
14. 1:18with a strategy, you can have four, five, six  months of data that you can look at and see, okay,
15. 1:25this is the amount of trades that I take per week.  This is the amount of winning trades. This is the
16. 1:30amount of losing trades. Now, I have everything  that I need to make an informed decision whether
17. 1:35I'm good enough to actually put real money into  a live account and trade that full-time. Now,
18. 1:4190% of you that just heard that are like, "Nope,  I'm out. I need to make money today." When you
19. 1:47put your own real money into the market, you're  competing with the best in the industry. And I
20. 1:52promise you, they've had a demo account open  for over a year, proved their consistency,
21. 1:58proved their strategy, and are violently  dominating the market. This isn't just
22. 2:03some side hustle for people. This is life and  death for their banks, financial institutions,
23. 2:09and hedge funds. Think about it this way. If you  decide to put real money into the live markets,
24. 2:14it's the same as you stepping foot on a  basketball court with the top players in the NBA.
25. 2:19Can you dunk on LeBron James? Probably not. But if  you have a demo account that shows that you have
26. 2:25a 70% win rate with a 1:2 risk-to-reward ratio  and you've done that consistently over 6 months,
27. 2:31that's proof that you can dunk on LeBron James.  Now, what I recommend is getting a demo account
28. 2:37on the broker that you want to trade with.  I personally use Gates FX because I like the
29. 2:42spreads. So, I'm going to show you really quickly  how to open up a demo account. It's absolutely
30. 2:46free. All you have to do is go to the first link  in the description, click on this start trading
31. 2:50button, fill out this registration form to get  an account, and yes, they take US citizens. Then
32. 2:56once you log in, all you have to do is click on  this open demo account. Select whether you want
33. 3:01MT5 or trade locker. For most people, I recommend  Trade Locker. It's a way more friendly interface.
34. 3:07Click continue. Select the account type that  you want. For most, I would suggest the raw ENC
35. 3:13account 1 to 500 leverage. Now, keep your currency  at USD and then set your initial balance close to
36. 3:19what you would deposit in your own personal live  account. So, if you're only going to have $5,000
37. 3:24or $10,000 to trade with, start with that. Click  continue. Then click continue again to confirm all
38. 3:29the information and it will give you your login  details for that platform. Then it'll prompt you
39. 3:34right here to download the trading terminal. Now  again, this is very, very important. If you are
40. 3:39new, I want you to only set every single trade,  total amount trade, 0.01 lots. You are trading
41. 3:47the smallest lot size so that you can get the  reps in. This is your practice phase, and I want
42. 3:52you to put off putting in your own money into the  live markets for as long as possible. I want you
43. 3:57to have a proven track record so that you can  come in with confidence and actually dominate
44. 4:02the markets when you're ready. I know this  tutorial went way longer than two minutes,
45. 4:05but it's extremely crucial that you understand  the importance of a demo account. Me personally,
46. 4:10I have one open all the time because I  practice on it. It's like my punching