Awareness #5- Lack of Psychological Preparation
When a trader is using a live account he pays more attention to the results, the cause and effects, or at least he should. This gives psychological feedback to the trader. In demo accounts the ability to learn from emotions during trading is limited. In fact, they are often non-existent because traders are not accountable for their actions. They have nothing to lose so they think. They are losing valuable time because they are forming bad trading habits they will need to overcome if they get that far.
We suggest that you become accountable to someone else for your trading both live and demo. Have a review of your trades at least weekly, see what you did right or wrong, and see if there were any improvements