demo account is something il suggest for a new trader to have and is must. not only the new but the experienced trader can also use it to plan their strategies. try new trading styles. it boost up the confidence of the trader and help them to learn and perform better.
For me, demo trading definitely helped. I used demo accounts of xm and fxview from where I was able to figure out my complete trading plan. The trial and error method cannot work on a live account.
Demo trading is undoubtedly very helpful for forex beginners who wish to practice before risking their money.
With the help of the Demo trading systems we would be able to learn about how to do trading and also at the same time the risks will be minimal for us.
I feel that it is beneficial to continue with demo account first, till you are not that confident. But if you do nt feel it much, you can start with the minimum amount with your broker.
Before I started live trading, I demo traded in demo accounts of atrade, fxview and fxcm. I got acquainted with the forex market and it helped me in making decisions when I went live.
I don’t find demo trading that helpful. It doesn’t really prepare you for live trading. When I was demo trading, I won most of my trades. But when I went live, I didn’t see profits for some months. I think demo trading is overrated.
Demo always then move to live. There is a point where demo wont help after 2/3 months but beginning definitely demo
Correct. The beginning should be with demo always. After gaining some experience, live trading should be started.
Initially, one should practice on demo accounts, it will help you in making aware of the market as well as of the platform. Once you are prepared you can go with placing live trades.
Don’t compromise with demo trading else you will lose everything.
I will always suggest a demo account over live account for practise until and unless you have a lot of money to spend. A person practise to improve or during the initial stages. So the chances are 80% you lose and 20% you win. For this I will never suggest someone to use the real money.
I would advise practising first with a demo account, and after making consistent profit in it, then it would be good to switch with a real account for live trading experience.
Definitely the demo account for practice. Even experienced traders would prefer to practice their new strategy and skills using a demo account and not take risks with real money just to practice few trades.
Obviously, it’s the demo account for practice. No one would want to risk their money on something they have never done before.
The demo account is the best choice for practice because you are at liberty to take any risk and not lose any money. But the real account requires real capital to start a trade.
I would use the demo account if I were a beginner to learn more about live trading and get familiar with their platforms.
Even though experienced traders use real account to make money, they also use the demo account to build new skills and strategy.
Honestly, it all depends upon person to person. But I feel, demo account is the most appropriate when it comes to practicing. Live account can cost the trader a great deal of money if the trader has just started and has no idea about how things work in here.
real account with little depoist is a good idea
Yes it is good idea to practice in real account with small investment but a trader will be bound to trade in mini lots with it. First he should try on demo to see effects of different lot sizes and risks so that he will came to know how amount will be treated in trading. after it he can use mini accounts to face live market.
Use the demo account first to build strategy and practice developing skills once you have gained enough knowledge in demo trading in a real account to experience live trading but trade as low as possible to reduce the loss value.