I suggest the same. Don’t deposit funds outright, try out the demo and see if you are comfortable and only then continue with the same broker.
It’s all about the trading psychology man. Make your mind set and treat the demo account as a live account. I know it’s hard. On the other hand, if you can afford to lose money then you can make little deposits. Always remember the fact “consistency”.
Good luck!
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Such nicely put to words! Indeed consistency is the key mate.
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I perfer demo for practice, with demo account there is no risk and i was able to try all kinds of stratefy.
Where as in real account practice is possible but with risk, chances of loss can occur, and most trader would try out demo account for practice.
It totally depends on the trader’s choice that he want to start with a demo account first or with a real account, But it is always advisable for newbies in trading that first they try should try with a demo account with fake money and should check their strategies.
I’d advise you to start trading with a demo account anyway. A demo account will help you understand the basic trading mechanics, you will get used to the interface, and you will be a more confident user. But at the same time, opening a small account will give you more experience. You will be more concerned about the success of your trade, you will trade more measuredly, and you will calculate the risks correctly. Therefore, the first step, in any case, should be a demo account and then open a mini account and slowly enter into trading.
If you are trading for the first time, always go with a demo account. Take a look at how trading is done, what is your broker providing to you, what are the trading conditions, how is the platform, how are your trading is going, are you getting profits and losses. Analyze the market, practice more and more on a demo until you get confident to invest real money, Then go live and start having real trading experience.
same thing i also do always , even before choosing a broker i use their demo account even though lots of difference there is between demo and real account at any broker.
I suggest you start with a demo account anyway. For newbies, you need first to understand the basic rules of work, that’s why the demo account was created, and I advise you not to neglect it. Then, when you feel confident, start trading with a small investment of 100$ to 200$. Over time, you will gain experience and already invest a lot of money.
I always advise newcomers to start with a demo account. Thanks to it, you will be able to master the basics of trading and will feel much more confident trading in a real account. Of course, a demo account may seem boring to you, but you should take it as a training and be patient. Then I suggest opening a small account, up to about $100. You will trade with small investments, so you will not react very strongly to failures. Over time, you will gain experience and trading skills, and your investment will increase as well as your profit.
I would definitely try a demo account. It really helps to test the strategies and discover how your broker works. Thanks to a demo you can gain confidence and feel better while switching to a real one. Even after starting to trade on a real account, you can still check if your strategy works or not in a demo.
some discord i have , at all times we have emotions when trading in real or demo , the main issue you are able to control to your emotions or not.
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True. Emotions are a hindrance. But we must learn to keep them away.
When i started my trading career i was making use of the Demo trading account but now i am trading with the Live trading accounts, so it depends on the timing and exposure to the Forex markets.
I recommend practicing with Demo account than using the real account, because the demo is just a tool used to develop strategy and knowledge about trading.
Although, the main difference between these two is the money psychology. You do not develop the same fear that you will have in live trading when you are losing the money.
But other than that, demo account is very useful.
I think you should practice and build up your skills in demo account. After become a good trader you can move to the real account. Than the risk percentage will be very low.
Demo accounts usually don’t work emotionally. Most people make a lot of profit by practicing demos, if they are given a real account, they can no longer make a profit because the emotions that do not work in the demo work in the real account. If the real account can be done, then trading psychology will be much stronger. If you trade in real, you can learn a lot because you can’t do much better on demo trading. So I would suggest you if it is a cent account then real trading is better.
There is a difference between real trading and demo trading. In demo trading, usually, neither emotion nor psychology works. These two tie work in real account because here with the original money. A business emotion works only when the original money is invested in that business. And you can find out your mistakes in the real account. Will be willing to do different types of analysis.
I recommend you for the beginning to use a demo account and then when you will understand the basic to make a real account.