Ok, good thread,ty!!
Choosing a real or ‘live’ account for “practising” forex trading is one of the worst decisions you can make in your entire forex journey, unless you have inherited lots of wealth that you would love to burn and waste. Let me explain why -
I agree with many teachers and researchers (from the general field of life) who say that the “hit and trial” method is one of the best methods to study because you are learning and gaining first-hand experience from the mistakes that you are making.
However, this is not the same case in forex. In forex your real money is involved when you trade with a real account.
So if you want to practise trading, andtry out how your new strategies are working, it’s better that you opt for paper trading through a demo account.
For practice, I would always recommend a demo account for trading, especially for beginners or newcomers. For the traders who have the basic knowledge, I would recommend a small amount to start with. The small amount will build good confidence in them.
A demo account is a good place to start if you want to practice forex trading. With a demo account, you do not have to risk your real money.
You can progress to a live account after you feel comfortable with your trading abilities. Beginners should always prefer to practice on a demo account first.
Demo accont is always provided by brokers to practice. Traders trade in real account to derive profit from there not to practice. Cautious trading always carries profit for traders anb demo account not only helps traders in developing experience but also in enlarging cautiousness.
A demo account can be used for a short period of time but does not provide you with profits in terms of money. Because you are trading with virtual money, you cannot obtain any profits, even if you are super successful and generating tons of profits. When you feel proficient enough for a real account, you can opt for a Cent account which allows you to trade in real-time with less capital.
A demo account is probably the best feature, which lets you explore the market without spending any real money. Practice as much as you can and gain confidence in your skills and abilities.
For practice, it is better to trade using a demo account since it is risk-free without involving any real money, and even experienced traders use the demo account to try new strategies and skills to avoid unnecessary losses.
With the proper use of the Demo trading accounts we can make more Profits also.
I think you answered your question! If you feel no risk, no fun, switch to a live account and see how you like it. Let me say, it won’t be easy. Best of luck!
The way I see it, you should stick to a demo for as long as you feel the need to, and once you’ve gotten the hang of it, go to real trades. Of course, you should always run your strategy through a demo account at least once, to make sure it isn’t one that will make you lose money.
Trading on demo is different from trading on a live account. Demo accounts are used for practicing and understanding the trading platform. It is recommended for a beginner as it lets you explore the market without spending any real money. I recommend you move to a live account only after practicing enough on a demo account.
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I definitely agree there is an advantage in demo but it can be limited once the person is comfortable with the strategy they could move onto small live accounts. Some brokers allow 10US min deposit
For the first stages of practice, definitely only a demo account. In the future, if you have at least a minimum level of experience, you can already try to use a real account.
With the proper use of the Demo based trading accounts we can learn trading and start making a visible progress.
I think a demo account is better than a real one. In a demo account, you have zero chance of losing because of failure of strategy so you can test it and prepare a better strategy for real trading.
Demo account is given for practice. But we nurture a habit of avoiding demo accounts just because we can’t feel its importance. Starting from strategy-checking to learning trading, demo account plays a major role in favor of traders.
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This is a very good advise, in fact one every newbie should consider before they begin to trade. Even while you at trading live with small amount, you can always maintain your demo account for more practice.
This was nothing short of how my first days with Forexchief were, I practiced with their unlimited demo for long before going live with a small amount that was dispensable.
Do it with small amounts IF you can trust yourself not to get carried away and not end up betting the house…
It is better to trade with a demo account for practise because there is no real capital or risk involved. However, if you have made consistent profits in a demo account and want to gain live experience, I recommend trading with a small account in real trading to avoid high losses.