Hi, which broker can I use to place 5 cents a pip? Sounds like great fun! But I’m not sure which broker to use. Thanks.
For practice I think Demo account will be the best option. YOu can trade there like real account.
Trading with a demo account vs a live account does not the same psychological effect. Live trading allows you to understand the emotional effect after loosing a trade. The experience of loosing a trade will allow you to become more discipline as a trader and ensuring that you are employing proper risk management. However, on a demo account you are able to try different trading strategies and back testing to see if a particular strategy is profitable. Yo can also determine the trading style that best fit your personality. This could be: scalping, swing trading, or position trading.
what is a cent type real account?
Hello! A wise man once said
“an unexamined life is not worth living”
The beauty in trading should be about learning about self and growing in personal development. It is okay to be risk-averse, but that can be overcome in time.
My advice would be to be disciplined enough to come up with a trading system that works really great for you, then develop a trading plan which could include a goal such as increasing your risk tolerance amidst a proper risk management policy in place.
That way, trading will be beyond making money. -The end goal which is personal development will then come into fruition.
Very correct but you need to learn before going live. Demo before real remains the way to go. When you master your fears and overcome all anxiety then you can go live. My humble submission
Demo accounts are a wonderful way to get an introduction into the online trading markets and allow you to experience – as closely as possible – the actual market conditions you will be exposed to. For those of you that are already involved in the online trading markets, the demo account can test your strategies and experience with LMFX trading platform with zero cost or also with Hot Forex broker.
FBS cent account
You need to grow technically and emotionally if you are to become a balanced FX trader. Practice on a Demo and Real account at the same time. Make sure you risk a small amount you can afford to loose. When you are comfortable on both fronts, then go full speed ahead.
In my opinion, it doesn’t matter if you are trading live or demo. Do you know why you are practicing??? To find a good strategy and discipline yourself. It doesn’t matter if you are trading a real account but you do not have any solid strategy to test or you don’t even follow any risk management. Treat your demo like a real account, use proper risk management and know why you are opening or closing a trade. Don’t trade blindly just because its a demo.
Of course you can. With $100 fund, it means you can only trade with small lot size. Since you are new, the only concern is how long can you maintain this fund. Can you make more winnings than your losses? If not, the fund will be used up sooner or later.
Demo account to learn the mechanics. Real account min 3k to improve your trading skills and feel the market. Under 3k , especially with few hundreds, you will definitely lose them and you will won’t learn nothing. Use only $250 to open deals . Keep 2750 k as backup. Don’t be shy to close on - . Don’t risk to much . Goodluck
There are some very passionate opinions being expressed here about the virtues and vices of both demo and live trading. There seems to be an implied assumption here that making profits is easy in demo but much more difficult in live trading. This is absolutely untrue. Demo tests the mastery of your technical skills which are anything but easy to acquire. This is a tough nut and takes years to gain competence. Yes, live trading presents a new set of difficulties. But I guarantee one thing. If you cannot be profitable in demo, you will not be profitable in live trading. And until you master the basics, you will not be profitable in demo. This is why so many newbies blow their accounts and quit. They jump in too hard and too fast because they lack the patience to invest in proper study and practice. The only real difference between demo and live is that emotions get involved in live. So once you’ve licked the technical skills, you have to learn to control your emotions which means you have to study trading psychology. You can start by reading the books of Alexander Elder. Once you’ve mastered demo, I’m all for starting with a micro account and build up, but $10 or even $100 is not enough to create stress so it’s not really helping with the emotional equation. I see people dropping $50 or $100 on lottery tickets every week without batting an eye. Eventually you have to be trading enough capital so that it hurts a little, then train yourself so that when you lose you can get past the hurt and still do your job properly. It is at that point that you will be on your way to becoming a successful trader. So what’s more valuable? Demo or live? It’s the wrong question. You need both, but you need to do both properly.
It is good you ask for an advice on this matter. So far, all the advice given are through and you should consider them in your decision making. Trading with a Demo does not give you the real experience as trading with real money but it gives you an opportunity to master your craft. Once you have been able to establish what strategy works best for for you, you can now move to the real account. I personally have been trying to learn on the real account i have lost over $1000 so far. I have now moved to a demo account. Don’t make the mistake i did
You can also read this article to get more clarity 5 Questions to Ask Before Opening a Live Forex Account - BabyPips.com
There’s really no point.
Trading $100 vs trading $5,000 will feel different.
The same goes for trading $5,000 vs trading $30,000.
Save up your money while proving yourself to be profitable on DEMO account.
When going live, there is a high probability that you will lose everything on 1st attempt. After that, you will be angry at yourself. Make another attempt, and lose it all again, then you will start to doubt yourself, and so on…
I add one thing to make it more interesting with demo account. I use signal in demo account, the best one as per my little research in MQL5. Then I copy those trades in demo account to my real one. And voila! The trades worked exactly the same in my live account too. And what made me happy even more was when those copied trades made profits.
But yes, it depends on the broker as well. I use demo accounts of HYCM, LCG, Monex, FXPro, Forex.com
You shouldn’t skip demo trading in any case IMO. At least demo trading for 2-3 months before you switch to a live account. Its considered important for a reason.
I would strongly recommend you to use demo account. A couple of me friends had problems with Forex and they’ve lost almost all their money. They same trick happened with different people in different times
A lot of people keep saying there’s no emotion in demo. There is for me! Even in backtesting I still get emotional when losers crop up. I keep telling myself, I’m not trying to win, I’m just collecting data. But every time I click over to the next bar and it goes the “wrong” way it still gets to me.
Yes, I realize going live takes that to a whole new level. But if i’m not profitably executing my plan with monopoly money, I sure ain’t going to when it’s real. Go live at this point? For me, that’d be just stupid. I may learn faster that way, but not before I get sick of losing.
But that’s just me.
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