i find the format of going live from demo to live the same, i started in live on smaller lots sizes than demo until i was happy with my trades
As Forex is an OTC market, the demo execution for the particular broker is almost the same as on real account. The only aspect you should pay attention for is the spread size - sometimes it could be different.
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trading with smaller lot in demo is good decisions but as a newcomer always difficult to keep control emotions when trading , most of them trade over and over and lost equity at last.
i for all time use demo where i use all my trading strategies to see the performance how it works , its a best place to be a knowledgeable trader very rapidly just need regular practice.
Thanks. That’s what I was planning to do as well.
i love baby pips greatly for learning , for brokers question FPA is comfortable than others.
Hi @Forexuse. You can review the Broker Discussion section here where is a lot of information regarding many brokers .
First of all, maybe you should choose a type of broker - ECN, Market maker, STP/DMA… with dealing desk or NDD … Once the type and the Broker itself are chosen, practice on its demo! Try to test all its conditions, your strategy. In this way you will gain more experience and you will have more confidence in yourself in what you do. In my opinion the balance of the demo should be the one as you want to deposit.
To be honest, for me it is very important that the demo account conditions should be the same as the live ones ( I mean the pricing, the spread, commissions, swaps…).
After register for demo through the website of the broker, get familiar with the platform and start testing, with all the offered instruments, conditions, spreads… all necessary information… If it is necessary contact them through the Live chat.
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It is pretty much the same, just keep in mind then now the game gets real so take it slowly. Continue with the small leverages until you feel comfortable enough. But generally they have great live support so you will get a quick assistance if necessary.
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First of all, I would not recommend rushing to live account even after you’ve finished the School of Pipsology. Take your time to actually practice the theory you’ve learn, take your time to experiment, to look for strategies you like, to test them, to reject some and accept othets. etc. Take your time.
As for brokers, Babypips also has a broker section, I recommend going through it before you make any decisions.
both trading platforms are popular by the traders , baby pips has a section :broker Discussion " go there and ensure which broker is more appropriate for trading .
appreciate your message , this community is most popular just for learning.
When I first learn Forex, my mentor gave an explicit instruction to me.
Trade your Demo account like your Real account, and Trade your Real account like your Demo account.
This is to tackle your phycology during trading. The real account deposit you must CONSIDER it is disposable. Then you will have the same pace of trading it like how you trade using Demo account.
My 2 cents.
Demo and live accounts are not the same.
Demo accounts have instant execution,
With live accounts, you have market execution and there may be some latency in executing your order and you may experience slippage.
More importantly, your psychology is way different when you have skin in the game compared to when you dont.
Personally, I dont suggest trading on a demo account any further than learning about how to operate the platform in order to not make mistakes executing your deals.
It is much better to open a trading account with a small amount and trade micro lots.
This is absolutely correct-especially for short-time trading (daytrading,scalping) there may happen a big difference to demo accounts if you start doing that in a real account: more slippage will happen and the closing of the trades can take longer-so if you close your trade immedeatly after the mouse click in your demo account, under real conditions it may take longer. And if the broker is an a…wh…, you may experience sudden “connection lost” during the news release when you are on the right side and loose the trade because you couldnt close it…
-at least than you know you have to change the broker!
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As the other people said. You’re better to start live as soon as you can. As the experience is vastly different. Speed of trades, love money on the line. You don’t have to start big just start a micro account and try to build it up. It will gain you better experience trading live than demo for sure
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No rush here. Live account is different from the demo first of all because of your attitude. While you are on demo you are not concentrated on risks to much as basically you are not losing. In terms of the broker choice I would suggest just follow some advice and to go with the tested one.
my own experience going live is even after demo and getting consistent results going live is still different as your mind knows its now real money and the judgement can change, all comes down again to mindset and training the mind
I want to inform you that Forexchief broker I used once is still offering $100 for new live accounts. They are a good broker to begin with and they offer free trading strategies for starters. That shows that they want you to make profit. I am surprised a broker does that. So maybe you should give them a try using their free bonus. No risk involved.
From my view point, may be it is quite good for a trader to start trading with demo account after getting certain amount of trading comprehension here. Otherwise moving from demo to live may not result in real success. And yes, a new trader should choose a broker that is experienced, licensed and has good name. Now check whether your broker fulfills this criteria or not.
When a trader goes demo to live tradin gmany of his concepts are clear he can use trading tools easily knows what steps are necessary beofre trading. It all depends when he does demo trading serously . demo for just placing order will not give him real experience that can help in live trading.