Hi All,
I am a complete newbie who is really enjoying his fx learning journey so far!
I am currently looking to open a demo account which will best prep me for the real world. Some traders have told me that a lot of demo account’s price movements isn’t an accurate reflection of the real price movements, which I think will disadvantage beginners like me.
So if you know any reliable demo accounts then let me know!
Much appreciated!
You cant emulate emotions that comes with real money$$
This is a good step for you. Demo account is good for beginners. I remember starting with Profiforex MT4 demo account. It helped me a lot to make progress in my trading ability.
Very good step to get an idea about how market operates, trading platform,etc. But you cannot get psychological experience by demo trading. After get some experience from demo, try to open a love account to do real trading. I heard that Hotforex, Oanda,FXCM good platform to do demo trading.
I have tried out several brokers, before settling down with tradersway, fxcm and alpari. I can tell you right off the bat that demo accounts do not reflect real trading conditions, contrary to what the broker may spin out…
You can opt for a small account…
As you can see, different traders have different opinions. The important things to remember that these are opinons not facts and are based on their experiences and situations not yours.
So here’s my opinion. Trading is much more than learning how to control your emotions. It’s about employing a trading method that has the potential to give you more positive results than negative, then applying a proper money management plan so that while you can grow your starting capital, at the same time protecting your start up capital. Once you have this then you work on applying your plan with patience and discipline.
It will not do you any good to spend time learning about trading, your broker, your trading platform etc. if you don’t practice. As matter of fact you should learn practice, practice and practice then learn. Example, If I told you a great and profitable strategy is to use the fib retrace tool on a 30 minute time frame entering at the 50 -60% level put your stop loss at 65% level and your 1st profit target at the 0 level how would that help you if you don’t know what I just said means, and since the key is to draw your tool on nearest support and resistance lines. Doesnt’ it make sense to you to practice how to draw retracement levels before you spend your money? Support and resistance lines, indicators, candle patterns, your trading platform and money management are in principle the same whether demo or live. There are some things that are different from demo to live. But the basics are not.
Trading is a tough business and you want to have as much on your side as you can. Make the silly mistakes everyone makes when first starting out on a demo. Practice and practice while learning the basics, in addition learn your platform so you know what you can and can’t do.
The number one thing you need to know, demo or live, trading method, money management, patience and discipline have to be base on your experiences, personality, financial situation, social situation and your home, not anyone elses. So like I said what you have got are opinions, not facts; doens’t mean one is better than the other, it means you should measure them against what you want to accomplish based on your situation. Hope this helps
Gp
Most of the brokers will offer you a demo account for sure and trading is going to be pretty much the same like on live account. My recommendation is to open a mini or micro live account and get your experience with live trading, because the strategy what you are going to develop on demo trading will not work on live trading since you are not trading with real money and there are not emotions included.
Just find a respectable broker and you should be able to find a decent demo account to practice on.
It’s going to be as close as you are going to get to trading live without actually using money.
+1. No matter how many posts you will read telling you that you took a great first step, in my opinion you did not. There is no substitute for psychology which you will never experience in a demo account. You can’t and won’t learn how to trade unless you trade and those who claim that a demo account will give you everything with the exception of trading psychology often ignore that it is this one ‘tiny’ part about trading which makes and brakes traders.
I guess almost all brokers comes with demo accounts, just look for a good known broker and practice on their demo, its hard trading with playmoney unless you have a mind set to treat it as real money, and make sure to set the account initial investment to the amount of money you are willing to invest
Demo accounts are good for new traders ( I don’t expect you to learn what a doji is on live account environment). However due to reliance on live market data, your learning progress will be slow. A good alternative is to use a Forex Tester or other MT4 emulators to load historical chart data candle by candle. You can cover an year’s market data in day. Therefore you will learn faster and more accurately.
Most brokers demo accounts are pretty much same as real accounts. I think main difference is that on demo account you will not get any slippage. Some brokers also offer a campaign account where you can test Real account conditions.
Demo account is good for new traders are in forex trading. And if we do not use demo account, we will use higher amount for learn for trading and trading with real account. Demo account will be useful for us to get trading experience. Try to start with small amount first, because it will teach us how to manage our money.
No such thing… Open a micro account each pip is worth 10 cents. Trading real money will effect you differently then demo.