I run a demo account with a mirror signal to a live account - I see absolutely no difference.
I trade with manual execution, not EA based.
I also trade currency pairs that are tied to high liquidity markets, the sensible approach to take if you want to reduce manipulation.
If you understand the markets, understand what your system needs to perform correctly and understand how to preempt issues then you can always work around them.
I only see demo against live being a problem for traders who operate on very tight margins, such as true scalpers, in which case you’ve just stacked the cards even more against yourself by starting off on the wrong foot. Like I said before, be sensible and logical.
I want to become a scalper/day trader. I test different strategies on demo. I really like price action, it seems quite simple for me.
I chose the most simple and understandable patterns for me: Pin Bar, Outside Bar, Inside Bar and Bearish / Bullish Engulfing. On the Internet there are free indicators that help to determine this patterns.
I also test indicators, based on moving average (for example, MACD, 50 MA and 200 MA), but actually don`t really find it useful.
My strategy is very simple:
On timeframes H1 and H4 I find these patterns.
Wait for a high/low retest of the first candle.
Look for entry points to the market on M15 and M5/M1 timeframes.
It’s a psychological aspect. I recommend trading with a tiny live account instead of a demo account. The educational experience you get out of the emotional intensity of trading a $1,000 live account is much more than you can ever get trading a $1,000,000 demo account.
Demo Trading is for learning all about the Forex Trading, and through Real Trading, you can make some real money online, and we need to have lots and lots of practice to improve our trades.
Demo account should be the first priority of ever trader and without proper practice in demo account we will not be able to survive in this business. Demo account also enables us to improve our Money management skills.
Demo account should be the priority of every trader and no need ti switch to real account without proper practice in demo account because demo helps us to improve our trading skills and knowledge.
I admit the importance of demo account as like others. But my trading career I lost interest in demo after passing sometimes. I was active as a newcomer in micro account with Pips school. That was really a great combination. Learn from Pips school and practice in micro account .
I agree, it’s better to start playing real money right away. Demo account in forex, it’s like a casino with candy wrappers instead of money - there’s no point.
Haa haaa. I am not ignoring the demo account that you did. I never used demo. It was my approach. But Demo can be useful if you can focus here with great interest that I lost as a newcomer. but I am not willing to consider it as a casino as like you.
Both platforms are different from each other. Demo account we learn and test different strategies so that in real account we can trade more securely and minimize the risk factors so never trade without proper practice.
Demo is the best way to learn about the Forex Trading and also that you could do it without having a risk of losing money. Later you could learn it by small investments in the real accounts.
I don’t think demo account is the best source for learning in Forex trading , you can learn from demo highest 25% and practically can use this experience just 5-10% when live account. this is the reality that we cannot deny. Best source for learning Fx is our past mistake. If we can come out from our past mistakes , then within 1 year we can be successfully from here with certainly
That’s your call, but I am speaking from my own experience, Demo Trading have helped me a lot and also many of my friends are still into it. It is the best way to learn as it is free.
Some people can very seriously take a demo and trade on it as a real account, learning from the mistakes and not allowing yourself to lose money even on a demo. And someone thinks that it’s okay if in a demo account I lose all the money - I’ll open another. And this is the difference that with this approach the first trader will be maximally collected and prepared for real trading. And the second trader is likely to lose money on a real account.
Yeah, there are certain skills which can be learnt through Demo Practice, but you need to be very much serious in it, You need to believe that if you lose in this trade, you are losing real money. Else it would be just a waste of time.
Yes I agreed with whack attack. Also have to b v serious with demo like trading with real money even when u lost money. We cannot have that kind of thinking that it ok to lost demo money as long as real account be careful. If have that kind of thinking.hope u don’t mind I say this, u not fit to b a trader at all. Those kind of people that hv this kind of mentality won’t success on life let alone forex. U sure to bust your account one day n cannot take it…always treat trading seriously even on demo. So just maintain your trading standard on demo, n when switching to real account your standard is still there.
Yeah, if this kind o mind set is observed while doing Demo, it would help the Traders to learn about the Forex quite better, else it would be just waste of time.
tiny micro account or nano account is even better, if you can afford, because it will help you to practice with real money, real fills of orders, real slippage, it’s more realistic in all ways