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RE: Trading Strategy #2 - "You should stay on a demo account until you're profitable"
Interesting thoughts. The psychology part of trading does not come into effect on a demo account for sure.
That being said, without learning to be profitable on a demo account and developing a working strategy it will never be possible to do it on a live account.
Start a demo, learn to be profitable and then move to a live account and work on your head.
Fun exercise, try to lose money on a demo. It is difficult to do. If you are able to figure out something that works consistently in losing money reverse the principles and you may be on your way to building a working strategy.
That sounds like fun! Totally going to try that! =D
I get that a lot and still don't agree because the profitability has hardly anything to do with strategy. It is how you apply whatever strategy and how you are able to manage your emotions to stick to it. 'Learning to be profitable' is something you just can't do on a demo.
Haha this exact thought went through my head a million times when I was struggling. I'd do the exact opposite thing and I'd still lose money overall because of whipsaws.
Getting your money management right is key to becoming profitable, not your strategy.