After a year of trading the prediction markets sometimes you win, sometimes you lose. Regardless of what side of the fence you’re on, one thing is certain; money is within grasp. You only need to find out how to make it happen. What you can do is try many different strategies and keep records of them. Thus, you can continue working on the methods that are working and get rid of those that aren’t.
We believe these are the secret steps to success at Valuenetwork.live.
Treat a demo account like a real one
There is one great advantage that the practice account has over the real one. It is obviously the fact that you do not trade with your own money and what it further means you do not lose your own money in case of failure.
That is the reason why you should always practice strategies on the demo account. It does not involve high risk so your funds are safe.
Every time you want to see if the strategy is effective or not, you should shift to a demo account. Try the specific tactic more than once. And only after you are sure it works as intended, should you move to the real account and use a given strategy there.
Moreover, you should try not only strategies on the practice account but also different financial instruments or the investment amount for a single trade. Try different possibilities and when you know what works and what doesn’t, switch to the real account. And without hesitation, choose the market, the strategy, and the investment amount.
Many beginning traders use the practice account as a playground. They invest huge amounts, they use random strategies, they do not think much. It’s not their money after all. But this is wrong. Do not get used to such thinking. Treat a demo account like it was a real one. Otherwise, it may cost you real money in the future.
Using a demo account the way it was a real one boosts your confidence and trust. It helps you to distinguish the good moves from the bad ones, you get to know the strategies that work well and you become confident it will work on the real market as well.
Spend considerably long hours of training. Imagine you are an athlete. You spend hours in the gym before you are ready to show your skills. And no matter you lose or win, you go back to the training.
You should do the very same thing in the trading field. And the great news is there is a free demo account on valuenetwork.live that allows you to trade using testnet coins, hence you’re not risking any of your money.
Check the trading history frequently
The principal rule for every trader is to minimize losses and maximize winnings. It will be much easier when you get the chance to review your past trades. The first traders held a handwritten transaction log. Every day they were checking which transaction brought a profit and which a loss.
Good news? You don’t need to do it. Value Network provides a Bet History feature where you can view the history of your past bets/transactions.
Now, what can you deduce from the trading history? First of all, if you made a profit or a loss on that particular day. Second, financial instruments generated the highest number of profitable trades. Then, what strategies work best, at what time you made the best investments. You can, for example, discover during trading candles on the BTC/USD currency pair that the highest payouts you receive between 10 am and 11 am. And thanks to having this piece of information you know when to trade this specific currency pair.
Build and follow the trading plan
In the beginning, most people don’t work on any money-making plan, most just wanted to earn profits trading so they pick random markets and if one doesn’t bring benefits they swap to another. It did not work. In the end, you lose more than 80% of your money. Following the steps of successful investors, you will discover that they all had a trading plan. That was exactly what I was missing.
Let’s look closer at what such a plan should include.
The first thing to do is to specify the time you want to spend on the Value Network demo account. It should be long enough to find out which markets and at what time will bring the highest profits. Another thing is to set the amount of money you are ready to put into the trade.
As was said before, reviewing the trading history is very important. Analyze every single trade. Write a detailed log where you specify the time, strategies, indicators, instruments, and timeframes used.
Make a trading plan that covers details like:
- The amount of money you would put in the deposit
- The amount of money you would invest in a single trade
- Charts and indicators you would use
- Markets and times you would make transactions
- The moment to stop trading (for me it was 3 subsequent losing trades)
- The moment of profits withdrawal and the percentage of the account balance to withdraw.
This is just a simple example of a money-making plan. We advise that you create one that best suits your trading style. And above all, make sure that you follow your money-making plan.