Hello everyone, am new here! Please I need an advice, all my life I’ve been having difficulty trying to learn anything that won’t cost me, e.g I having try to practice Forex trading with demo account as required by pipsology but is not that easy for me, because its like a fiction to me, no risk, no fun, I just really think if I could put in little deposits like $100 into real account, would be more challenge and educative to me than demo account… ADVICE PLEASE
it depends on your choose , there is no real money in demo , so we can concentrate for all time in there , its true. so generally we trade here at random ,
Personally I think once you’ve got the hang of how to use whatever software or broker you want. Opening a really small account and even placing 5 Cents a pip will give you a more genuine experience than a DEMO in my opinion.
When I started It definitely peaked my attention when I started using real money even though it was a tiny amount.
You said it baby, no risk, no fun.
Deposit 10$ in cent type real account then go for it! No need to try with 100$.
newcomers always should trade in a demo account but they don’t believe the importance of this trading place at all. its a major problem , they trade in live and become loser due to over trading at last.
demo always comfortable for all kinds of trader for practicing , because there is no real money.
You can always go to a casino if you are looking for something risky and exciting, but if you are serious about trading, then I do not think that those are good drivers. Part of becoming a successful trader over the long-term involves learning how to properly manage and mitigate risk.
Your education can be as cheap or as expensive as you want it to be. I advocate trading on an demo account until you have proven to yourself that you are consistently profitable. If you trade on a demo account, it is important that you trade in the exact, same way that you would trade if you were trading on a live account.
All that being said, people are different and there is no one-size-fits-all. I think that enjoying what you do can be helpful over the long-term.
Thanks for your nice reply with great detail.
Real account, dont use demo account to practice. you cant improve your trading performance by demo trading. you trade small trades on real account. the demo can only reflect your system results but most important thing is psychology. the psychological conditions of demo trading is totally different from that of real trading
Basically, just like many have said here, demo trade is just aimed at getting you hooked up with the market. It helps you understand how the market works.
But another point to consider is; so many brokers have made demo trade so real that it almost looks like the real thing. As you try out your strategies on demo, trade small on real account and gradually increase your orders as time passes.
And for what it’s worth, there are contests on demo and you can use the benefits to trade real account. So demo should be considered seriously.
there is no real money that means no practical emotions, as a result we don’t like to trade in here even though this is a master place to be a skill trader by regular practicing.
honestly speaking , i have never seen a guy who has become knowledgeable by using demo.
It’s a good choice; although till now demo trading option is available.
I’m a beginner, so I use a demo account to learn. It’s a great way to learn in real condiction without making money.
Demo account actually important for first step learning in forex trading, there are so, many traders fail at less six months on their real account, so if in demo already able to working well and confidence with your skill hence it will become good preparation if already start with your real money
Do not waste money, small money, just for the sake of saying that you are trading for real… You would be better off saving up money while trading demo and when you have a decent sum then decide if you have some kind of decent model to put money behind or whether you would be better off sticking that money in a bank account. Also, trading for yourself is an expensive way to build wealth, whereas buying shares in a company that is gaining value is cheaper and less confusing/choppy than trading currencies, for example. The mistake that most of us have made is to be attracted by thinking that we can use pattern recognition on charts to turn cheap stakes into serious money: unlikely.
If you can concentrate, then really it’s a great option; but as you see, many new traders can’t do this. This is why, using cent account is another valid option.