So many trader might canât maintain account more than six month and if any trader want to practice at least six month I think as good early preparation before start on real account, if any trader directly start on real account without practice in demo account almost them will fail I think, like as me at first time in real account only practice demo around a week
Sorry mate I am not agreeing with you , 6 month is a long time for continuing demo trading , even though demo trading is valuable for the newcomers but I have never demoed for a long time in my trading career, I just have acquired the policy how to trade accurately then I kicked off my live account with a small balance.
I look at it very differently from you: I usually advise that as a bare minimum.
Specifically, I usually suggest that people shouldnât switch from demo to funded accounts until theyâve done both a minimum of 6 months [B][U]and[/U][/B] methodically collated the outcomes of a minimum of 300 [I][U]consecutive[/U][/I] trades without showing an overall loss.
I think itâs a very worthwhile (perhaps even âessentialâ) part of instilling and maintaining the patience and discipline without which no aspiring traderâs going to be able to make steady profits without encountering accidents or even disasters.
Edited to add: [I]most[/I] people, of course, move from demo to funded accounts far more quickly than this, and in a field of endeavour with such very low overall success-rates as forex-trading, Iâd suggest that itâs fairly clear that doing what â[I]most[/I] peopleâ do is probably something to be avoided.
i agree on this one, how ever, you should demo trade long enough for you to fully understand the platform and all itâs features and buttons.
Took me about 2/3 months before my learning curve flattened because the demo money did not provide me with any motivation or excitement (thought like: who cares, its not like itâs actual money)
At that point i switched to a small 200 euro account and its slowly moving.
Also, make sure you have some sort of strategy in place for your trading.
I agree! It varies from individual to individual. You should trade on demo account as long as you become comfortable and decently consistent and feel confident about your own strategy. It doesnât matter if it takes you 1 or 3 or 6 months to get to that place. Once you feel comfortable enough, go for live trading with an amount you can afford to lose because the trading psychology is different when you trade live which is somewhat lagging in demo environment.
Learning to deal with the emotional pressure when trading with real money isnât really lagging when oneâs using a demo account, itâs outright non-existent if you ask me. Itâs something people have to learn from scratch once they do open a live account.
my suggestion is to use a demo account until you learn and master one good entry⌠and then use smallest lot size on real account.
Why just one good entry? A sample size of one could just be a fluke, rather than proof for good decision-making.
I think Blaiserboy meant âone good type of entryâ: he wasnât suggesting a sample-size of one. He did say â[B]master[/B] one entryâ: that would surely imply practising it a few hundred times?
Four and a half years since starting, I still use demo trading, because if you want to forward test risk free then there is no other way⌠I do not see a difference in the way I respect demo money or real money, because if one leads to the other then there should be no difference in how you protect your capital through conservative risk exposure, for exampleâŚ
I share this perspective and experience [I]completely[/I] (though I think itâs a real minority perspective!): there has never been [I]any[/I] âpsychologicalâ difference to me, at all, between demo trading and real-money trading. I see hundreds of people saying the exact opposite, doubtless all entirely honestly, and that somehow makes your comment above unusually welcome, to me.
(I traded on demo for 4 years before opening a funded account. :8: )
Right! It would be like flight pilots going crazy when using simulators and going for
wild, risky moves because, well, itâs not for real⌠Of course they would treat it
seriously because even if risk-free it would be preparation for the real thing.
My plan was only for 3 months, but I needed fully one year to make a professional trading skill on technical and news trading analysis! Basically, it depends on traders quality! Yes, I see many traders are doing well in their live trading but they have few monthâs demo trading experience! Whatever, try to spend your time in demo with your best concentration!
i will suggest to demo trade until u can gain 1000% of your original margin⌠n repeat it until u really comfort, confidence with your system,âŚ
your answer may be helpful to him, even though he asked the question over 12 years ago (some people are slow learners)
For all you know he may have profited 1000% of his original margin by now.
Hi,
I would trade demo until Iâm making constant profits in demo, have my strategy tested day in and day out, stop loss, feel comfortable with trading all together and know what you actually need to know. And then, I would consider moving to real money.
There is a right path of doing it, but timeframe is highly dependable on person, how much time you are investing to learning and understanding, how quick of a learner you are, etc.
Hope it helped,
Regards
I couldnât agree more. Trade on a demo for as long as you feel you need and donât compare yourself to others, every person learns at a different pace.
I have been trading for a few years. I have a demo account open almost every day for experimenting and replaying past activity.
When I blow a trade, I want to retrace what happened so that I can make adjustments in my approach.
each person is different. There is a fast or slow. It all depends on an understanding of that person.