The emotions can be real or practical, it all depends on what you make out of it or what you want. It’s just a mind set thing, like many will say; mind over matter. You can create your mind into thinking that you are trading real account and the emotions will be cheap.
Without any disagreement, a foreign currency exchange trader will need to give complete time so that he can complete his trading education. Demo trading account is the weapon for you so that you can get acquaintance with the basic ideas of trading without bearing any risk of losing capital.
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That actually depends on when you feel ready. Even though you wish to start trading in live market, I suggest you start with little investment and lesser risk with a steady pace until you get a hang of it.
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Well if you have made yourself familiar with the trading platform using a demo account you can now switch to a real account. I can understand using a demo account doesn’t make you feel like you are trading at all since no actual money is involved.
Real account trading is much different from demo trading as when your funds are actually at stake the trading emotions are completely different . So you can rather do both the things side by side . Invest a few funds (depending on your income) in a real account and see how you are trading. If your’re going good you can continue doing the same and if you feel your strategy is not working you can trade on some demo account with a new strategy to see how it turns out.
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You may hear this thing repeatedly. nothing can replace your trading facilities with demo here. Before you can go for real battle you must try to pick sufficient time in demo to understand the basics and real thing. And yes risk will be always there. You requires to be prompt in action to be a winner here. Take smaller training side by side your learning. it will allow you to be a better trader.
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In my opinion it would be better to trade on Demo account for sometime until you completely gain experience. There are traders who are experienced but still use demo accounts to test strategies or methodologies. However starting with a small amount in real account would do no harm so the choice is yours.
Demo trading is just a step to know everything about forex. So if you think you have become well versed with the basics, then you can shift to a real account, no harm. But remember, real money is what is at stake there. Take a wise decision.
generally when trading in demo emotional level not works actually, but in live we cant avoid this human nature. its all about psychology
It is preferable to start it off with trading in demo before taking into the real one. Demo account will help you to get enlighten with various functions of trading and understanding better. But if you wish to start off trading with real one which you could but you have to be prepared mentally in case it is not going the way you wanted it to go. Would suggest you to start off with micro account.
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Many traders including myself have blown out their accounts several times before finding consistency and discipline even with a trading plan. In my opinion trading live is the best teacher because there are consequences unlike on a demo. Forces you to be accountable and admit when you’re wrong… otherwise go on losing forever lol
Your opinion reflects exactly my opinion.This is what I believe and am doing in the demo and soon I will open a real account and would apply the same attitude towards the real account too as I do now with the demo.
emotions works for all time, its common , we just should control according to trading conditions.
Demo should be definitely used before going live, to learn basics and test strategies. But yes, do not expect the same results immediately when you shift to a live account.
I completely agree with you. You need to start with a demo account
when trading in a demo we should trade in cool mind , most of the time we the traders always trade at random in here with no analysis , as a result we got nothing from this valuable trading place.
Honestly giving up demo account at this stage won’t be a good idea, so instead just add some funds into your real account and see how you do. You can test your strategies on a demo account side by side. So my suggestion to you would be to use both accounts simultaneously as both have their own relevance.
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A bit of demo account to know at least how some close to real deals are going on, what is called what and then when you’ll have a grasp of that matter really do go to do something like that later to play carefully on some realy money with that.
Yes right. Demo account is really helpful. Jumping to live account without enough practice on demo account is not really a good idea.
i suggest the people to use the demo account with any broker first before making the deposit. it is important to know what are the offerings and how the platform behaves. Before going live be it experienced or a newbie all should test the platforms.
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Demo trading is really helpful to newbies. It is an exact replica of a live account. Why risk your real money when you can practice in a demo? Trading is complex and uncertain. It’s better to practice and learn on demo. Demo will also help you to check the trading conditions and see if the broker suits you or not. Once you gain some confidence, you can start with your live account with less money. Also, keep your both accounts running side by side. Practice your new strategies on demo and then apply them in a live account.