I have started trading recently. Since, I am a newbie so I am bit confused about demo and live accounts. Are demo and live accounts identical? Whenver, I place a trade on demo account 90% of my trades are profitable is it same with live account?
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Should be the same as use the same info from the markets
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You need to understand that a demo is exactly what a beginner needs to start with. Because this mode allows you to learn how to work with a broker and take into account many work parameters.
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Demo and Live have the same live quotes as ur trading in forex. However Live and Demo are slightly different because in demo ur trading virtual money and in a live account ur trading with REAL money. In demo trading, you’re risking ZERO DOLLARS. There is a lesson that talks about Demo trading and why it’s important to practice demo trading first before you start trading in your live account. It explains it in here. Learn to Trade Forex With A Demo Account - BabyPips.com. so yea they’re both identical when you are trading from an account in forex and it shows the same live quotes but not identical when you’re trading virtual money or REAL money. that’s all. Peace love and Positivity!
exactly. The reason why they’re free from the majority of all brokers is because they want you to have experience of what it’s like to actually trade in the forex market. It allows you to have an opportunity to practice and get rid of all the rookie mistakes you got.
I could give u a headstart. i was using an app called the goforex app where it has a mini course BUT it also has a feature where u can virtually like i said. I’ve used it over a year and i’ve gotten better 8 months or a year later. http://www.goforexapp.com/ as a beginner i would suggest u try to do demo trading before u start trading in a live account.
there is no difference between demo and live , but in demo we cant focus , because there is no real money , we always trade here at random with no analysis.
If I could say something about this it would this. The difference between the two is your approach. In other words everything is identical except perhaps your state of mind. The psychology of trading a demo can sometimes be different from that of trading a real account. Imagine a soldier who has been trained and suddenly is on a real field of battle. That moment where you suddenly realise that you are playing for keeps. That on the other side of the field is someone who is genuinely trying to kill you. In that moment the fear can paralyze. However if you remember that this is the only difference you might be fine. I have not be trading for an exceptionally long time but I remember that feeling. I still battle with it. So I hope you won’t
maybe the over night fees ect are different
Are you referring to the rollover procedure? Cuz they usually either pay u a fee or you’ll have to pay interest for the broker after u had a position open overnight.
interest for holding overnight pairs ect ,ive queried adjustment fees on indices too, as they have charged me a lot more than what they published a couple of times.When first going real money i was charged an obscene amount for a Gasoline trade, which was far greater then the demo trade
Most of us would agree that Demo is not the same as Live cause Demo is just a tool for learning and Live is where the real trading begins.
Use the demo to build your skills and try them out on the live to earn profit.
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How can I set up a demo account?
The modes are completely different, and you need to understand this. For example, a beginner, I would definitely advise to start working with a demo, to avoid losing money. But also, I want to notice that at different brokers the demo mode works differently. For example, I work with ExpertOption, and their demo is very close to the main in terms of working conditions.
While working on a demo account, neither the profits nor losses are real. On the other hand, trading with live account involves real money that has to be invested for trading; It is always suggested to go first hand on the demo account to practice and understanding how Forex trading actually works and then give try to live account, when you feel confident about doing so.
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the demo and live accounts have different ids and server names
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but the spreads can be and should be the same in both.
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Absence of emotions and no risk of losing money, that’s the real difference between demo and live accounts. Better that a trader starts with demo trading first.
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I agree but it is very important to take demo trading seriously to gain experience about real market.
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They are basically the same but not identical.
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