Hi there. I'm a newbie. I've been reading through a lot of posts and the consensus is to definitely demo trade before even thinking about using(losing ) the cash. For those avid traders, how long did you trade on a demo account before moving over to a cash account. I know I can't base my timeline on any other individual's experience....
One of the sites I was at recommends you demo for 30 days. I would say that is probably a pretty good time frame. I wouldn't even demo, until you have filled yourself with trading info. Make sure you are extremely informed prior to demo trading, just so you don't get discouraged. If you demo trade prior to becoming informed you are just setting yourself of for failure.
I plan to demo for a few months, I am not sure this is good or not. I think I will try out a few different trading strategies for a bit and see what works best for me. I would say demo until you are comfortable enough to do it.
Some online trading companies allow you to practice for 30 days but then, you can always find many other companies who are more than willing to give you a chance to try theirs, too.
My suggestion, practice as long as you want, take advantage of the available information that you can get, enjoy the practices and when you feel that you are capable, that is the only time you start.
FX-Men Zombie Assassin
Master Contributor and Member
demo trade for at least a year.
This will give you time to learn, practice and improve your skills. You will also get a chance to see different market environments. Every day is different, and the wild volatility that we've seen the past few weeks probably won't last forever. There will be periods where the markets barely move at all. Would your system and strategy work then? Would you be able to recognize a shift in trading environments and make adjustments? That ability and experience probably won't develop in only 30 days of demoing. Actually, I'll guarantee that.
There's a lot to learn, so don't be in a rush. Take the time to learn it right and make small improvements every day. Unless we go to a one world currency, there will always be opportunities to be there...k?
Also, please read my post on expectations. This may help you get your mindset right at what you should expect in your Forex education journey: