Hi all, I’ve been wanting to learn some sort of online trading (stocks, commodities, etc) and since I’m unemployed because of the ol Rona, I decided BP would be a good start.
Going through the beginner course and I’m around a quarter done. This will prob sound really stupid but I’ve played and been trading in runescape for several years and so a lot of the concepts taught (support/resist, offers, trend lines) I already knew and understood.
Anyway I feel like I have a general understanding of what tools I can use to analyze so it’s time to start a demo account.
Is it better to demo with the same amount you’ll start with in real money, or does it not matter?
Welcooome. Hmm. Personally, I think it doesn’t really matter because with demo accounts, you typically have virtually unlimited funds. I think the main purpose of demo accounts is to simply get a better understanding of how the forex market works, and also develop your own trading strategy along the way. Working with more funds might be better for that purpose.
Hi and Welcome to the forum.
That does not sound stupid at all. In fact, when I last failed at Forex trading by not being able to demonstrate an edge that I could exploit, I promised myself that I would go learn somewhere else. Having played Runescape for some years in the noughties with my two boys, I opened an account again with a single objective to obtain a billion gp from trading. Three years later I still have less than a bill (about 900 mill to be honest), but I commend you for making the connection between the Grand Exchange and real life.
I haven’t been on for a few months, and neither has my older son. It is about 15 years since we both first started in Varrock. Fond memories.
Anyway, crack on with the BabyPips education programme. It is well structured. I make many parallels between Runescape and Forex trading. One example is scalpers versus swing traders. The scalpers are the young people who stand at the Grand Exchange shouting out “buying 1,000 shark at GP price”, and the swing traders are those who put in a buy order for 20 Robin Hood hats at the same time and check back on a daily basis to find that they can buy 20 over 2 or 3 days, and sell them for 100K gp profit each. I am now back in Forex to put those Runescape learnings to good practice.
Hmm. 
Personally, I think it doesn’t really matter because with demo accounts, you typically have virtually unlimited funds. 
I think the main purpose of demo accounts is to simply get a better understanding of how the forex market works, and also develop your own trading strategy along the way. 