Demo or Real Account for Practice (Advice)

A demo account should be your first step before you go into the live trading environment. Practice there for as long as you want to. And once you have gained the confidence that you can go live, use a micro account to start with live trading.

Practice only on demo. Practising directly on the live market can cost a trader a lot. If anybody finds that they don’t feel serious trading on a demo account, consider it like a game. Set certain goals for daily profit. If you fail to reach those goals, keep on improving your plan. This is what a demo account is meant for. You need to trade like you are building a real profile.

Go with a demo account if you have no trading skills and zero trading knowledge. If that is not the case, then you can start with a live micro account and trade with small risks.

If you are a beginner venturing into forex for the first time then using the demo account is the best way to gain knowledge about the forex market and its platforms.

After gaining enough demo experience it is better to switch with live for better understanding about the forex market and the risks involved in it.

I would suggest using a demo account as much as you can. If you have the resources required for practising on live trading where you can lose money, you can go ahead but you will need to be very careful with that. You may end up losing money because people tend to make more mistakes while practising.

Yeah right!
I am also a beginner and practicing on demo account. I am still in my learning phase, so can’t afford to lose money via live trading. Will first learn and then earn.

1 Like

Yeah, that’s how it should be. :slightly_smiling_face:

1 Like

This is the right way to excel in the forex market.

1 Like
The best is to use the demo account if you are a newbie, because the demo account is risk free and traders can use it to their advantage to build new skills and strategies.

Using a real account is risky, and the loss value can be higher than the profit earned if there is no proper strategy.

Both demo and real accounts can be used for practice. Demo accounts are good for initial training to know how to trade. A micro account can allow the trader to test the real market with minimal risk.

If you have to practice, then demo trading is a great medium before going for live trading. It makes you familiar with the trading environment and also makes you aware about the risks that you can avoid while actually placing trades.

Demo trading isn’t fun anymore once you have done enough practice on it. Traders are always in a hurry to start the real trading because the thought of real money growing excites them. I would suggest proceeding with caution as you could lose money in that excitement. Start with a small account to know your ability to handle your emotions while actual money is lost or earned.

I've been demo trading for a month and would like to know if i should keep demo trading or should I also try live trading to practise to gain live trading experience or stick with the demo account for a couple of months.

Definitely, demo is the best place for practicing but traders nurture the tendency of jumping onto the live account. But, this gives rise to an issue and traders drop off from Forex trading just owing to this fact. Whenever a trader enters the realm of trading, they should start trading with demo account.

Demo account should be the first choice of beginners for practising. Demo accounts allow traders to get familiar with trading platforms and also allows them to understand the market movement.

Demo account is perfect for new traders to practice their skills because at that point they don’t have sufficient experience and can end up blowing their account.

A demo account is best for new traders to practice and get familiar with the platform as no real money is involved, so one can learn in a better way.

A demo can be used by beginners to develop and test their trading techniques or trading systems. Demo trading, according to the majority of people, is pointless. Because psychological trading abilities are not based on monetary value.

However, I believe that a demo should be treated as if it were in an ideal situation to perform optimally. As a result, newcomers should strive to perform similarly well in live trading as they did in demo trading.

So, how long should you trade on a demo account?

In my opinion, you are ready to trade on a live account if you can execute your trading strategies and methods effortlessly and flawlessly. However, keep in mind the risks that live trading entails.

If you are a newbie just say hi to a demo account for learning more about forex. As it will definitely help you to learn some technical skills which eventually would be of great help, once you start on a live platform.

I will definitely recommend a demo account for practice as it is easy to understand how to trade forex without losing real money. Practice until you are confident in trading real money in forex. As far as a real account is concerned, use it when you are confident with your trading strategies and analysis.