Yes it is good idea to practice in real account with small investment but a trader will be bound to trade in mini lots with it. First he should try on demo to see effects of different lot sizes and risks so that he will came to know how amount will be treated in trading. after it he can use mini accounts to face live market.
Use the demo account first to build strategy and practice developing skills once you have gained enough knowledge in demo trading in a real account to experience live trading but trade as low as possible to reduce the loss value.
Yes, a demo is the perfect platform to start trading with, you can make your strategy here without risking the real money.
Go live if you’re looking for an adventure. Do share how it feels to lose money.
You shouldnt be demotivating people here. Yes forex is not as easy as its seems like, you gotta well aware of things before you stake your money, but if your put in the right effort, results would be good.
It is completely your call. However, I feel that the best way to learn trading is to practice it on the demo account and be as alert as you would be on the live account. I am not really a supporter of the idea of spending even $100 to practice the trade and get a hang of it. But surely, you should do whatever works the best for you.
Instead of 100 go for micro trading with say 5 or 10 USD. The money will be real, and at the same time very nominal so the loss won’t hurt you.
No risk, no fun? Bad drivers there I am afraid. Gambler’s attitude.
it has to be a demo without a doubt
Yes it is definitely exciting to trade on real account without having trading experience. But jumping right to it would be a mistake. Trading on real account demands a lot so one should practice on demo account for at least one-six months to test if their trading strategy actually works. When you are sure it is working for you, you should move straight to the real account without giving a second thought to it.
1 Like
True, demo is a must, even though real money is not involved here. Yet it teaches a lot.
1 Like
I have a bit of different opinion on this. I feel that you can surely learn from the things that do not cost you just like Babypips’s education section or a broker’s demo account. It is just like the exact replica of a live account. Since you are new here, so it is wise to stick to the demo account until you get comfortable.
Obviously, a beginner would use a demo account for practice instead of an actual account because I don’t think anyone would like to practice trading using their real capital in live trading because both real and demo accounts provide similar trading conditions.
1 Like
With demo trading, you can learn to use a trading platform and I don’t think you should demo trade for more than a week. Real learning starts when you trade in the live market. So, you can simply create a micro account with your broker and put your knowledge to test with little money.
Definitely! But I believe staying too long on the demo account is not worth it. It should be used for testing your strategies and to see the spreads and prices of a broker and to have a right judgement, it should not take more than a month. I see many people staying on demo for 9-10 months which makes them too comfortable using demo money and when they go live, they find it demotivating. So one should move to real account in say 2-3 months, even if it is just with $50.
Agreed and in fact I also started live instead of demo. However I was only playing with tens of dollars for a long time before I increased my trading capital.
Demo accounts provide a risk-free trading environment which is good for a newbie.
It is always best to use a demo account for practice because a demo account has no real capital involved, and it is risk-free trading.
it is always the demo for the practise.
Practice makes sense only on demo account.