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.
true that. it all depends on the individual how they take it.
Well every individual is different, so its all fine.
Demo trading is important when you are a new player in the market and once you become confident, you can start small on a real account and evaluate yourself.
When you are a Newbie Forex trader then it becomes more important to learn about the Forex markets and in this you will need to use the Demo trading account to learn about them.
For practicing, some time should be spent on demo trading according to me. Without staking your money, you get to become known to the market, test your strategies, which becomes stressful when emotions come into play with live account.
You are right in thinking the way you are thinking, small amount (real) practice is better than demo. You can even go lower than 100 though, I started with 50 for practice.
I personally prefer using demo account but since it is not that effective to you, you can go ahead with the live account with some small amount, to get an actual experience. Once you are comfortable, you can go ahead with some major deposits.
If we are doing our trades in the Demo trading accounts then we would be able to learn about trading in the different currency pairs without any risks.
It depends on your belief. But remember indoor practice can’t get you real match experience!
Demo is a must…you need it to boost your confidence
To anyone else my advice would have been to go with a demo account but in your case as you explicitly said that it’s more like a story tale for you, it’s not gonna do you much good. I suppose for you to get more serious you can opt for a micro account. You don’t even need to chip in $100 for it, there are brokers like xm and fxview which open accounts with a 5 dollar or euro deposit. Some people would want to play safe and stick to demo but if it’s just gonna be a time waster for you then you can go ahead with these options.
Yes, I completely agree with you. If I had not practised on my demo account, it wouldn’t have been easy for me to get a hold of my trading platform.
I know a lot of people would say that demo trading is essential. But I don’t think so because when I went live, I saw no similarity between the trading environments. It was nothing that I had read.
How long did you demo trade?
I know. We cant directly run until we learn how to walk.