Hi mate, for me i feel that the reason for your experience is that on a demo account you do not have any real profit or loss, there are no emotions there, it’s just in the number. But when talking about a live account all the money lost is real, all the money gained is real. So that’s where things change - EMOTIONS…
Trading with a low spread broker might help. On browsing I found fxpro, fxview and ic markets to be giving very low spreads
For me demo is for backtesting and strategy… Period…
I have used majority of these brokers. On major pairs you do get 0 spreads often.
I have been using demo account of fxview and Mitrade and trying out different strategies. Ultimately I plan on only using 1 strategy and 1 broker. Any suggestions?
There’s not much difference in both except leverage. Fxview offers higher leverage compared to mitrade. On account of low minimum balance and low spreads both are similar. And both are regulated as well. So whichever interface you find more comfortable using, go for that.
I agree with you Kelly, it’s all about real money flowing in and flowing out emotions. Also you tend to overtrade on a live account at times because of greed and often you end up making loses, so this also plays a very important role their.
The major difference is that the demo account makes you learn and practice, but it doesn’t involve the real market conditions like slippage and execution speed. When I started demo trading I was pretty much aware of the fact and started my live trading once i was confident on my strategy… Initially the result was OK but gradually i started gaining good profits.
That was the worst experience of my life lol, my forex bubble just burst and I figured what a long way I had to go before I could start seeing green. And I was right. I am on recovery but still a long path to cover.
In terms of trading, I do not find any difference between demo and live account, but psychologically, there is so much. Demo account can never give the rush of emotions and the fear of actually losing the money. I generally scribble around the demo account first, when I am trading an instrument for the very first time, than I hit it on the live account.
I also do the same while trading on a new instrument.
Haha What a picture mann. But i’ll not agree to it 100%, reason being if you know the right time to switch between a demo and a live account- BINGO. You should know on which opportunity, news you have to go live and not just sit back on the demo and waste the chance of having money.
I have a lot of friends and i know a few traders who take a lot of time on the demo account. If you are a newbie here and reading this, my words for you would be that try demo and a live account simultaneously, practise a strategy on a demo account and without wasting much time, look for an opportunity and move to a live account and reap out the best.