Demo acc is better to start trading in forex world. You can access all currency and try a profitable method for your trading.
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I am not interested to compare demo with live Forex trading; because the purpose of demo trading is, learning and upgrading trading skill, but live trading is for real money making! Demo practicing is the best way of learning! Novice traders need to use their demo account so cautiously thus they can handle their real emotions in their live account!
Yes, its all about psychological aspect! I see, maximum novice traders open their demo with huge virtual trading capital, but they start their live trading with a low capital like 100-500$, but they use standard trading lot size as like their demo trading account! I see, novice traders are more aggressive here! Besides, pro traders are defensive, they use money management rules so carefully!
I Agree with the previous answers. Demo account is a very good idea to learn and practice trading with the real market conditions and no risk. However this idea of virtual money turns out to be a big difference between demo and live account. Traders tend to get more emotional and vengeful when it comes to real money. This aspect of emotional management is missing in demo account. I agree opening a micro account after using demo for some time.
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There is no denying that Emotions play a big part. But thereâs another aspect as well - You are less likely to experience slippage and requotes in a Demo account. If you make trades for only a few pips, this can turn a profitable strategy into an unprofitable one.
That is very much true. One should look for a broker that offers live accounts that donât experience - or experience as little slippage and requotes as possible. If you notice that happens a lot when you trade on a live account itâs time to switch your broker.
If you have demo account try to trade as if you are trading in real account. Because in this way you going to learn how to manage your funds. Also if you are trading with a big amount in demo. Then I suggest you scalp up also. For example if you have 10,000 dollars virtual money and in real account you only want to deposit 100 dollars then scalp up our lot size by using 1 lot size while in real account you will just going to use .01 lot size.
I agree, demo accounts are exclusively meant for learning, gaining experience and to understand the functioning of the market. Traders must prepare themselves psychologically before going from demo to live account and donât let their emotions to dwell in. And I prefer starting up with a micro account.
Demo accounts are also a great testing tool, even if one is an experienced trader. One wouldnât try out a brand new strategy on a live account, but can do so safely on a demo account.
There are certain trader that having preparation on demo practice more than two years, because he wonât to fail on real account, and this is better step for beginner than they rush jump to real account but not yet having experience in trading, most of them that in hurry because desired to making quick money they get failure
Demo is the best way to learn about the Forex Trading, but only if you do it seriously and real account is where you test your knowledge that you have learnt from Demo and various other sources.
Ya agreed, demo hv to take it as real account also. Trade seriously as it your real money. Then from real account it will cut down your fear.
It is tough to treat a demo like a real account though. Easy to forget losses and remember wins
one of the biggest mistake a fledgling trader makes is opening a demo account to trade⌠if your not prepared to go live from the get go. you shouldnt try. its like saying "you know what guys, i want to open a fast food shop. but to make sure i will be any good i will open up a fake food place and see if it works??? either your in it, or your not. and if your in it and bomb out. clearly you were under prepared
Absolutely dont agree. Its not the same. Fast food business depends on different factors (especially, clients), forex trading depends only on your trading skills, your ability to analize and predict price changes. And it`s better to gain such skills, trading fake money, so you can try and test any strategies without risks.
If it was possible to open a fake shop and test how it works just like in real life, I would definitely try it!
Demo accounts are good for practicing and testing new strategies; nevertheless, they exclude psychological aspects of trading, and theyâre of huuuuuuge importance. Once you start trading on a real account, emotions start affecting the process of your decision making. I believe that micro/cent account is a great alternative in this case since you trade with real money without serious risks.
forex market is a business, if you cant run a business. you will never succeed in forex.period
Hi Scmonds
Did you start off trading live yourself? Or did you demo or paper trade for a period first?
Your example doesnât fit all business types, there are many where you cant just start out from day 1, where you need a period of learning, training, gaining experience, before you can go it alone
ok replied in wrong boxâŚlol
business is business, only the product is different.
i went live from day one