Newbie here: Okay so I have ran a few demo accounts with a few brokers in the past. This is one with fx pro uk with a initial deposit of 1000 gbp. Within a week it is now at 1821.92 gbp. Below is a picture of the trades. I have just placed them and then sat and waited till they are profitable. So now if this was a real account, would I be able to withdraw all that money including the opening deposit and the profit? Surely it’s not that simple?
haha well done rockywoof. you have been initiated into the thrilling world of trading! hold on to your horses though and don’t get overconfident. trading is a psychological game and you have to stay cool and balanced, without feeling invincible. Maybe you should try some of the demo competitions out there? you could win a cool prize.
THere is no reason for a broker to hold you profit or capital except they are scam. But demo performance is just a first step, make it real in live trading is not an easy thing.
Treat demo accounts as a way to learn how platforms work and to try different strategies, your mindset will change everything once you trade live.
For example, I entered the FXChoice competition earlier this month. Just a demo/bit of fun so no pressure and I decided to take risks I would never contemplate with a live account. Turned $10k into almost $40k in 10 days. If I’d traded like this with real money I wouldnt have slept the past 2 weeks.
i have also been practicing on a fxpro demo account for about a year. idk what is your system? looks like most of your profit was on one trade, and that looks like it was riding the us retail sales figures news release. with demo accounts i can turn 100,000 into a million or into a complete bust. if your system lasts the test of some more time on demo then maybe but trading a demo for a couple of weeks isn’t much of a test. strategy tester is even worse, i can turn 100,000 into millions but i know it would bust. i am still trying to figure out my own way of trading.
This kind of trading is pure gambling backed up by luck.
The key in trading is discipline (which is a totally different game with real money) and consistency.
If any trader follows all the rules and regulations of a broker in his trading, then there isn’t any restriction is withdrawing any money. But since this is a demo account performance and you can’t say you are a good trader by only 1 week of demo trading.
If a given set of trades can yield an 82% return in one week, they likely can also yield an 82% loss in one week.
-Adrian
You should be careful and needs patient till you become a good trader. It needs time and focus and indeed is the first step to be introduced in the world of trading.
I’m afraid it is not that simple. As it has been said demo accounts are just the first step and although they are a great tool to test your skills and strategy, results vary in live trading. Just keep trying and don’t get overconfident, this is one of the most common mistakes among newbies.
It not that simple as you are seeing. There are lot of beginners who do well in demo but entering into live account get the opposite. Going into live trading is a different ball game. While not open a live account by using a micro account and see how it goes before being confident of your trade.
Yes indeed once you start trading live things are getting more difficult and would be wise to start with a small amount to see how will go.
I am thinking about opening a demo account for the first time with FX Pro, they seem like a well respected broker across the forums.
As you guys are already testing out their demo accounts (and live services?) would you recommend them to newbies??
Thanks, Alpha.
Newbie should understand this that any kind of early good performance in demo account does not give surety about his success in real account as well.
Morning all , just my 2 pence worth .
I had 2 demo accounts 1 with $1000 and 1 with $50,000 starting out . Currently the small account is sitting at $8768 and the large account is at $147,576 . Wow I hear you say why aren’t you trading for real . The thing is I did I went in with £1000 and in 2 days blew the lot . I lost £870 in 1 trade . Over leveraging and revenge trading played a major part in what happened and I now know why . With a demo account you know even when a trade is going against you that you can relax its not real money and so what if you lose it but when you go live it’s completely different , imagine putting your balls on a table and your friend is swinging a hatchet back and forth and you are betting on what direction he goes , all the signs are there to indicate he might miss but there’s a small chance he won’t , I’m using this analogy because when I lost 75% of my capital in less than 10 minutes that’s what it felt like . Winning in a demo account is no indicator that you’ll do well in fx but learn from my mistakes and the guys in here and you will do ok . Don’t be afraid to ask for advice this is what this forum is all about
Happy trading my friend
i will start with the question is that easy? No it is not. Having some profits and especially on demo account almost means nothing. Do you follow any trading strategy? Do you have any enter or exit the trade procedure ? You should develop yourself on demo accounts and then start low in reality! Dont get carried away and stay focus to develop your trades through time.
YES!!!’ It is that simple!!!
However, I doubt you are anywhere near as good to sustain that sort of performance. You probably got lucky, actually tons of newbies do. More then likely you’ll end up blowing the account and then realize you don’t know as much as you thought you did. Trust me, I speak from experience.
I encourage you to demo some more and if you really are making those sort of returns consistently, open a small live account and don’t take too much risk on your trades. If you continue doing so, then add more to the account and see how it goes. If you continue making super high returns consistently over time, you are a god trader.
I think the most important thing to focus in is not worrying about losing your money. I recently sold my share in a business me and a few friends started and I always wanted to get into trading so I have dedicated all my time into trading and in the process of that the money I got from my share in the business I put away a year of living away so food, petrol, electricity, all the stuff I need to live on then I have 30,000 for if I need out within that year then I put 20,000 aside for trading in forex so if I lost all of that 20,000 I would be perfectly comfortable for a whole year without even thinking about money so you first need to be confident in the money you are trading. I had one person ask me what is the best way to trade, I am betting my rent money £500, I told him mate, go pay your rent and get a job and save up, the whole point of trading is to trade , so you need money that you could use and lose it all in one day and not be totally ****ed in life.
You need to have extra/spare money in your trading account. If you put your needy money and then lost it, then you will surely be in great dis-comfort.
Trading in demo account can give you profitable result but that does not make trading that simple . When you go into real live trading by opening a live account then your performance will tell if trading is simple. Demo does to give you the real trading experience that you will need to succeed.