Hi Adam,
We agree with you that demo trading cannot replace real money trading when it comes to developing the mental strength and discipline needed to trade successfully. We only wanted to point out that for new traders, there are more basic skills they can learn on a demo account before graduating to real money trading and developing the higher level skills.
Demo trading develop skills in trader. They can trade for more time until they feel now they can face actual market. When you start any thing each thing is challenging. In forex trading trades are difficult .Demo can help in learning then you can enjoy real trading.
Demo would be the best way to learn about the Forex Trading and the real account would be the way to test the knowledge and experience and skills which you have gain through the Forex Trading. Thus we need to have lots and lots of Demo Practice.
Demo account is for practice account and money is virtual in it we should practice more and more in demo account to improve our trading skills and after getting reasonable profit from demo account we can switch to live account.
No doubt Demo would be only meant for the practice, but we learn through practice right! thus you could say that Demo is to learn about the real account and the live trading is to use the knowledge gain from Demo to make real money.
I couldnāt agree more. It is vital to trade in absolutely the same way on a demo account as you would on a live one - the same leverage, the same lot, the same initial deposit, the same strategy, etc.etc. and to take every loss as seriously as you would if you had lost real money. Otherwise thereās no point to the whole exercise.
Yeah, that;s the reason, why spending months on the Forex, also not going to earn you enough income, you need to have utter seriousness in there, to become a successful trader and to make some good money online.
I canāt get a grasp of those psychological differences between demo and real accounts. And it really messes with my trading. There are plenty of recommendation on how to get rid of it, but I donāt think they can help everyone. A lot of traders never get rid of it.
Hi @Kreg
What approaches have you already tried that did not work for you?
Can you tell us a bit more about your struggles with real money trading? What differences have you noticed from your demo trading?
I think demo is good only for studing trading platform. At live accout appears emotions and other psychological factors
Would you test any half-baked idea and strategy someone tells you on the internet on a live account? I, personally, wouldnāt. I think itās better to use the safety of the demo account to do that.
Great thread!
I think demo at first or use a very small penny account. The psychology of trading is very difficult to master and for me it was impossible while I had real money on it. i would be paralyzed by fear and greed.
I remember one of my first live accounts I had traded it up to $9k and I was so desperate for the $10k milestone that I actually blew the account because I had a relatively large loser and I tried to leverage into it to save it verses taking the loss. AS the loss got bigger so was my inability to close it until I gave up and that trade did kill my account. Not for noshing but it was a pick of the day by pipcrawler lol. Obviously no reflection on his work it was me who over leveraged and me who traded it wrong.
Anyway the other thing too is when you trade demo you have to pretend it is real money that is how you develop into a constantly profitable trader.
Yes, of course you can test strategy on demo account but at live are some factors, which are not considerable at demo account. And I try to make my own strategy, more suitable for me because if someone show their strategy on the internet, they may have bigger deposit, other psychological type or risk management, which not work for me.
yes some things we can not realize on demo accounts as emotional involvement and real risk management appears with live accounts . We face different types of feeling that are free on demo account . Demo trains you to face real platform and you can apply your tested strategies on live .
Yes, it is. Even though demo ensures us a real trading platform but we fail to keep motive in here to trade seriously. We just trade at random in here and acquired just nothing. But it is a master place for the beginners to acquire much more trading knowledge. Admit it.
If anyone donāt like to trade in demo, minimum he can do use high leverage and his all trading strategies in here to see the performance how it works. it could be a great advantage for avoiding risk when live.
High leverage can be a double-edged sword. It does not necessarily lower oneās risks. I, personally, prefer to stick to demo accounts.
Demo account is for improving trading techniques and experience that will help us to perform more better trading in real account. Atleast three to four month must be spent in demo account to understand the basics.
My only purpose trading demo now is testing my EA. thatās all.
I am also. Actually without demo trading there is no place where it is possible to test EA and it supports us in live trading to ensure maximal result.