I didn’t practice on demo account too much and I went straigth to real account. Now I know it was a big mistake, because I lost half the money I invested. However, I have learned a lot about my emotions in trading, which is a good lesson, too.
I think there is really no need to hurry with risking real money and certainly not when you have no plan. And once you have a plan, it is good to test it on demo before going real. You can also try trading simulators. They let you trade historical data and it saves quite a lot of time.
Now I am already start with real account but still use bonus from my broker, if any trader they want to willingly spent practice in demo more than six month, hence will good because they will faced any kinds market condition and they can learning better from teir xperience
For sure a new trader (or even an expericened one) will need a demo to familiarize with a Broker, placing trades, execution, strategies, etc. Most FX brokers offer free demos so it would be wise to play around with demos at the beginning before someone invests $ to a broker. Before opening a real trading account it’s good to ‘clean’ some demos to see price moves, news announcements and spikes, Stop-Outs, etc in practice.
Brother! For a new trader, demo account is everything! if you dont practice and start trading right away with a live account, you will “zero” your account even before knowing what’s happening! Do not ever thing of going live directly. take your time, learn how the platform works with a demo account. then you can go for it. good luck with that.
It’s so important to get yourself started on a Demo Account, if I’m trying out a different strategy I’ll use a demo account before I even think about using it on a live account, a demo account if you can treat it right should be your bread and butter.
The demo account is an essential tool for both beginners and advanced traders alike. The former should have a safe way to learn, as investing real money when you still don’t know what you’re doing is simply a bad idea. The latter use it to test strategies, ideas, various tools and indicators, also in a safe environment. As such I cannot imagine trading without a demo account.
The demo accounts are really very essential. Usually traders think that demo is right for practicing because you cannot understand the value of money when you are trading in a demo account. Therefore, you lose discipline while trading and when there is no discipline, the trader tends to lose.
Now, making profit can be done through: 1. Trade seriously in your demo account. Understand that you can easily be blown away in your demo account. 2. Repeat your trading success and then opt for Live Account 3. Demo account deposit should be equal to the live account deposit which will help you to take your demo account seriously.
That’s all. Do take these steps with discipline and read about the articles very carefully.
Demo is really good tool how to familiarize with your broker and his platform. To try and find out all features it has and which it does not have …
But from trading point of view, it is so different mentally to trading with real money, that it do not help you to establish any trading behaviour (discipline, focus, etc…) For me “demo” and “real” money are so different categories, that your approach to trading is totally different
Yes in fact treat on real account usually will involved emotion and felt fear to losing money, but in demo account usually will free from emotion pressure and although facing loss floating still enjoy and not fear to losing money, but if trader using demo for learning and backtesting it will better for them
Demo account will save you money from losing if you trade directly in a real account. As demo account saves your money so its very important for every single person starting trading in forex market.
Although some trader said demo account can’t giving all environment on trading but this still useful to backtesting skill, if treat demo seriously it will help much for trader making early preparation before start in real account.
I believe it depends on your ability to treat the numbers on the screen as a real money or DEMO… I traded in the DEMO account for almost a year and was doing well, went to a live account and in a span of 8 months lost $50,000, it was a great learning experience, an expensive experience though, I worked on my weakness and came back stronger… I always found treating the DEMO currency as real difficult, I would recommend trade live with a small amount and learn from it. Think of this a tuition fee to learn more about yourself and your weaknesses and take it forward from there.
Cheers!
Very important. But the like they say, your strategy is only 20% of the battle, the hardest part if your emotions which make up the other 80%. Lets say on a demo you take a loss, you don’t care because it isn’t real money. Now consider a real account. You take a loss, now the next trade comes along but because you’re emotional, you don’t take this next trade because you lost the last one meaning you just missed a perfect opportunity. Now lets say on a real account, you win 4-5 times in a row, you start feeling like god, like you can’t lose. The next trade comes along and you risk a substantial amount of money, trying to get rich quick, and thinking because you’re hot and on a win streak you’ll win again. Guess what, the trade goes against you and you wipe out your whole account. Emotions work both ways. So yes, start on a demo account, but don’t stick on it too long. People may say otherwise, but start on a live account sooner than later to get over the biggest hurdle which is your emotions. Start very small in the live account so you don’t lose too much. But most importantly, develop or learn a “good” and “profitable” strategy, and apply that to your demo account for 2-3 months. Than go live on a small live account making very small trades and go up from there.
Just my own humble opinion here. Demo accounts are critical for new traders. Don’t even begin to think about trading for ANY real cash until you have at least 3 months of very consistent profits in a row in demo. Anyone who tells you that you might trade better in real cash than demo is just setting you up for a big fall for their own amusement. Either that, or they just have no clue. Now understand, it might take you years to show 3 profitable months in a row in demo. Half of this game is practicing patience. Just remember, this ain’t rocket science. I’ve worked for NASA and Forex is MUCH harder than rocket science. Also, adding the stress of trading real cash will add another whole new dimension of fear and greed to your worries. To minimize that obstacle, when you are ready to go to real cash trading, only trade at the very minimum of 0.01 lots per trade until you get at least three profitable months in a row trading real cash, albeit that small amount. That might take more years of frustration. Then, when you get it, you’ll know what to do next. Don’t forget to come back and help a newbie out now and then. Best success. -G
It is said that practice makes a man perfect. So it is compulsory to practice trading with a Demo before trading in a Live account. Demo trading will not guarantee your success in profits in live account. But if you cannot first achieve success on a demo, you are almost certain to fail in your live account. This is reason why demo trading is essential to the growth and success of traders.
Some trader said if trading in demo account can’t giving all environment in trading like as can’t develop psychology trading and only will better start in real account, I think if any newbie already using demo account with confidence with skill then they need jump to real account with choose cent account as first step
