Fake It Till You Make It

over 2 years ago

When I started FOREX, years ago, I remember the biggest gift I got was the demo part of a certain platforms, that came with some credit, that could be cashed out in case you were able to met a few conditions. It looked like a real treasure at the time, a real gift as even $5 would meant a real fortune to some.

Back in those days transferring fiat was not as easy as these days at some parts of the world and having a small credit could meant you trading, or not trading. So with that little that was given to you, you could make more, or get rekt the first day and then go home as the doors closed behind you.

I was one of those who had to close the door on my way out at one of those demo platform (big smile). As usually happens, I made $16 out of the initial $5 put at my disposal by the platform, which was quite a performance for me at that time. Then the Lehman brothers did what they did, all hell broke lose and I (and million others) got rekt. Was it their fault? Come on, let's be serious, it's never other people's fault, it is always your own fault and if you're trying to blame others for your own failure, than you have a huge problem.

Was it a failure for me? It depends how you look at it. It was a huge slap on my face for sure as I got rekt. But I needed it, because if I would have used risk management, I would have not get rekt. The good thing was it was just demo, the initial capital was not mine, not borrowed either, it was just paper trading, but it was a very good lesson. These lessons are needed for people to understand the riks of what they are getting into, if they are not well-versed in trading.

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Crypto came much later and as it was brand new, needed time to get adopted, which is still in progress as we speak. I suppose millions got rekt as soon as they started trading. You know, there's the the 90-90-90 rule.

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Tradingview has a feature called "Paper Trading", that allows you to trade on paper. It's not new, it's been available for some time but I suppose not everyone knows.

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The best thing about it is that it's free. You have a huge amount of starting liquidity at your disposal, for equities as well. You can start paper trading day and night, 24/7 and test your knowledge, see how good or bad you are.

In this case no matter how profitable you are in trading you're not going to take your profits out as this is just for learning, but if you look at the advantages, it is more than what you can ask for, for free.

The idea is always to learn from other people's mistake and not commit yours, but in crypto trading you can't avoid making mistakes. Even the best traders get stopped out quite often, you just don't see then talking about it. So in trading you also have to make your own mistakes and learn from them.

They say you can earn the most by applying a good risk management. There's a lot of material to learn from, you can use a bunch of indicators (if you know how to use them) and you can test your knowledge paper trading. So before you jump in both feet, do yourself a favor and see if you're ready.

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History has the habit of repeating itself, things like this can happen all the time. It doesn't mean you have to let others take your tokens. So fake it till you make it on paper, till you're ready.