Demo Trading for dummies

Beginner Questions
5

United States. Is there a standard or general consensus on the best platform for the U.S.?

6

I want to know can we use this Tradingview platform for all brokers or platform of the market?

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7

T be honest I have no idea. I am not sure how all this works and what platform I am using on which account. All I found was a small camera icon to take screenshot on my Oanda platform and when I pressed it it took a screenshot.

In the top left corner of that screenshot it said the currency pair with all the chart info and Tradingview. So maybe I am using the Tradingview Platform, it sure looks a lot like it.
No idea will just keep going and figure it out over time.
Cheers

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8

It’s a good thing you’re so careful about even choosing a demo.
I can recommend a couple of rules for you to choose from:

  • the demo should contain as many tools as possible for technical market analysis;
  • and it’s also important to have a wide range of timeframes so you can analyze the situation in as much detail as possible.
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9

I think demo trading will help you a lot. There are so many platforms for demo trading. Choose the best platform from all of those. All the best for your journey.

10

Do you have a broker? There are only 4 regulated brokers in the US. Oanda, Forex.com, IG US and Interactive Brokers. So maybe it’s more a question of find-your-broker, and then find your platform.

Lots of MT4/MT5 users. Ctrader. TradingView. Ninjatrader. Maybe one or two more smaller guys.

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11

here are the ways how you can start

  1. Trade Support/Resistance lines, important levels, trend channels breakout/bounce, first on demo then trying small sums on live account to train your discipline.
  2. Follow signals of other traders using respective services (like Myfxbook, Hotforex FXstat, Tickmill MAM, etc.)
  3. Try passive investing using PAMM accounts. A bit risky option considering eroded reputation of PAMMs but still there are some good money managers around there.
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12

If you want to learn forex properly and perfectly you have to use demo account first. It will help you to learn all the tools and techniques of forex perfectly.

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13

For demo trading, don’t take huge balance. Take the exact amount of balance that you want to invest initially. For example, if you want to invest 500$ in your real account, in demo account also take 500$ for practicing your trading methods.

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14

Oh wow! Didn’t know they offered something like this! :scream:

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15

So I recently started using tradingview, using paper trading. However, i have no idea how to use it, I literally don’t know how to navigate the process lol. I may not be ready, even for a demo account. I’ll continue education on this site, as I just heard the term Forex for the first time, a few months ago. Thank you all for the advice. I’ll keep learning, until i’m ready.

16

there is no way to avoid the importance of demo trading , but traders ignore that , because there is no emotions when trading.

17

I would strongly suggest you to finish off the Babypips course first before starting to trade even on a demo account.

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18

Mega Traders are good. Very compatible with different plugins. Can be totally customised.

19

It seems to me that today it is not difficult to find a demo at all, because it offers 99% of brokerage companies.
So find a company that suits your needs, and work there on a demo to practice and get used to the trading terminal.

20

Demo is not only for beginners, but also for those who have been working in the market for a long time. Because it is a cool thing to splash out emotions, to test some new strategy and to test your hypotheses in the market.

21

Demo trading very useful for the new traders to get all kinds of knowledge about the market and trading.

22

I recently started paper trading using trading view. I’ve noticed that when a take profit is executed it doesn’t immediately impact my account balance. Does anyone know if there’s a waiting period for profits to appear in my account balance? I’m just noticing this.

23

Demo trading is the best option to learn forex perfectly and properly.

24

Is it really important for every beginner to trade in demo before entering live. Will Demo give the same experience as the live ?

Or is it just a tool to fool traders that forex trading is easy ?