It depends on person to person. There are lots of people who can learn this trade within 2 to 3 month and on the other hand there are lots of people who need 5 to 6 month to understand the basic of this market. From my personal experience i can say that maximum newbie can learn this market within 2 to 3 month if they are serious and committed to themself. Don't be so happy if you do well in demo trade. Keep in mind that real trade is different. The idea behind Demo trade is that it would help you to understand how Forex trade works. More importantly, you would also able to find out your mistakes in demo trading and that would help you immensely in real trade.
I find i treat my demo account as if it was real money, because then i take more realistic risks. i have only just started trading and have been using my demo account for just under a month. I would start thinking about converting to a live account within the next month or so, but use a demo until i become confident enough to use/lose my own money! Plus i want to enter some trading competitions and you have to have a live account...
I think I'm going to trade with a demo account until I can consistently make a profit with it...
Otherwise I would not put my money on the line. Do you think it is a good idea?
How long did you guys use a demo account before trading for real?
Depends on who you talk to. In my opinion it is a terrible waste of time as you do not learn anything, others view it as important so forget what others think. As long as it makes sense to you, do it. Just remember you can't and won't learn how to trade in a demo account, just like you won't become a golf player playing it on a video console. If you can't afford to lose $200 in a micro account while you learn how to trade then you should not bother to start. That's just my two cents.
Verified Analyst for Blue Point Trading
I suggest to trade micro accounts. I think you need to feel greed and fear. Paper accounts you will fool yourself too much and loose interest. $100-$200 micro account is not that much to lose. Then if you can trade three months well, then maybe up it to $1000 and grow slowly....
Use a demo account until you feel you are ready to take the risks, remember never use the money you are going to cry over if you lose it all, ie: use ur going out to party money or similar things you can cut n save.
how long you have been demo not really important, the most important how long you can make consistent profit on you demo, if you can make atleast 3month i think you are ready to open live acc. good luck