Hi All,
Im a newbie and I’ve done enormouse amounts of reading on this site. Still in the School of Pipsology. My question: How soon does it make sense to open a DEMO account? I’ve got 1 month of schooling>>> Also, can anyone make a reccomendation on a Brokerage site that offers Demo accounts??
thanx
Open a demo account as soon as you can. The sooner you start to put theory into practise the better. Almost all brokers offer a demo account. They usually time out after a month but some dont. Try out a few brokers platforms some are better than others… when you find a platform you like you can simply re-apply when the demo account expires and so on and so forth. Good luck. 
You might as well start practicing if you’ve been studying for a month already. You can check Forex Reviews | Broker Review | Forex Scam | Currency Trading Reviews | Fraud & Scam Reviews & Ratings for a review of brokers.
Now. IBFX is good. I like the MT4 platform.
I’ll second that. I use IBFX demo Metatrader for my charting. It doesn’t expire.
Almost every broker will offer demo accounts… but keep in mind that demo accounts and real accounts behave totally different! Plus the emotions that are with you while trading live accounts! While I cannot (and will never endorse) IBFX… they do offer micro accounts so you can trade the penny trades to get the feel for it! In my opinion… I only use a demo to get my trading techniques down… but, other than that… a demo account will give you a false sense about FX!!! Please don’t get me wrong! I’m not saying they are good or bad! I’m saying simply they are not the same! Everything related to demo accounts and live accounts differ! But, in your situation… I would still recommend a demo for a little while… just not too long!
Demo until you are consistently winning.
Also, I agree 100% that live trading and demo trading are completely different on an emotional level. The technicals do not change that much from a live to demo (demos don’t get re-quotes :mad:)
Lastly, only open a demo account with the amount of money that you plan to open your real account with. Do not open a $50,000 demo account unless you plan to open a real account in that value.
How long? I demoed for a year before I went live. Everyone is different.
IBFX demos give requotes.
I agree that one should demo until consistently profitable over a reasonably long period of time. One’s method or “edge” should work in all market conditions. There is a great deal to learn with a demo. I disagree with those who say that one should jump right in after a few days of demo trading.
Given the 5% success rate of new FX traders, why would you want to throw your money away? If you’re hell bent on live trading right away, open a nano account with your lunch money. At least if you lose it you can lose weight while you’re at it.
I don’t think it should matter one way or the other about demo account size except from a purely psychological perspective. You can add or subtract as many zeros as you like. Your basic trades should be the same regardless.
The number of times I have read that someone profited on demos and lost on real is countless. Emotions are to blame. If you can trade a demo account truely the same way as live, emotionally speaking that is then, firstly you’re better than me and secondly that’s great. If you can do that and profit consistently then it’s time to go live. I couldn’t, this was proved by my initial early losses.
I’m ok now. I leave my brain in bed in the mornings along with my emotions.
Look back over the charts and see how many winners your system would have provided if you’d had the guts to get in.
MT4 seems a lot simpler to me. But i use Deal-book 360 And im with GFT, they have been great so far. On saying that. Im still a newbie also.
Demo’ed for around 2 months then took the plunge. started with 5K. had it up 500 now is down 500. Taken a break to re think a bit.
I reside in OZ
Remember have fun