Do you think demo trading is essential in starting out?

I would suggest that you stay on demo account as long as it is necessary for you to be confident in your trading strategy and your trading skills. Since, trading on demo and live accounts are different, it would be good to start with lowest amount possible, i.e. cent account would be good option

there is no one who can deny the importance of demo, but the main problem when we see lots of difference between demo and live at the same time.

@Mantleea

Pay your school fees in real time…Agree

@VarSine

You gave good advice, up to the point of trading in cents. Statistically most traders go broke by underfunding their account. Rather spend more time building your trading fund before starting, then do it right.!!!

That’s true, invest a little, trade for your capital and then use it for further trading. That would be an ideal solution.

That’s a thorough approach, how much time do you spend a day?

Well, I think if you don’t have any knowledge, it’s still better to get at least a little understanding of how it works at all

@Honeymoon

Trading is such a complex beast, It is almost impossible to have a conversation about it with all the incalculable variables. You say it is better to at least get a better understanding of how it works…I feel these days that I know less now than when I started decades ago. What do I really know? What does anybody know?

It is impossible to know what you do not know. Law of reality.

As for me, I make money out of trading, But then I lose some learning something new, still worth it. I am evolving from technical indicators to price action trading. The only technical indicators I use now is Support/Resistance and the HMA. Everything else technical indicator wise is just noise. You cannot teach that, took me 15 years to get there.

Learn, Evolve, Adapt.

How much you should know to realize you know nothing :slight_smile:

@Honeymoon

True

I know nothing, I only know what I know, That does not compare to what I don’t know.

to use a forex demo account, traders do not need to provide funds or capital. this is a means of training traders.

1 Like

Did it help to understand the ABCs of trading?

Must be a real fan to spend 15 years on it. It’s more like a hobby, isn’t?

Do they earn anything worthwhile?

Got your point! Thanks for your reply with the long-detail explanation.

1 Like

Demo trading is really important for the both new and experienced traders. A demo trading platform is quite similar to the real platform. However, you will not get the feeling of investing real money.

You can trade with virtual money which as no monetary value at all. Remember, you can not withdraw your profit amount from the practice account. A risk free trading environment where you can test all the trading strategies, can use stop-loss to protect you from trading risk.

You will see that almost all the broker is giving the facility to trade in demo account before opening a live account. You know why they do this to you? Because they wants to make you understand what is the trading and you can apply your knowledge in to the practical field.

So, for me a demo account is not only important tools for traders but also a life saver.

Yes :slight_smile: Thats why I love demo account

Definitely! demo account trains you of the market uncertainties and helps you frame and test out your strategies.
A demo account helps you to practice and helps you know how the market works and moves.

Traders are saying that trend is your friend, but I am saying demo account is my best friend on Forex market. It can have many applications and not only for learning trading. You can test your strategy or indicators or try some new trading method. It is a great tool

yes! demo helps you to learn and practice. and as you know, practice makes a man perfect!