How important is a demo account for beginners?

how important is a demo account for beginners?

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Demo account is great to learn the technical aspects of your software and to test your system. However not everyone can take a demo account seriously and you will have problems to see how your emotions cope with the market conditions if no real money is on the table.

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In my point of view, it is really important.

Before you use real account, it is best you try to use demo first.
You will get used to the trading platform while you keep learning to trade. your mentality will stay focus and can act by your logic. if you already able to control your trading style constantly in demo account. and already making profit. Than you can use real account.

Why i can say demo account is important? because i try it. first i’m using real and i could not think straight. and mentaly unstable. so i stop and do demo trading for about 1 year. and finally i can make my own trading style and strategy by using demo. and now i trade real money with discipline, confidence and constant profit.

I think it’s absolutely vital as a learning tool and for testing purposes. A beginner must first learn the software, as well as learn the basic theory of trading and use it in practise. Demo accounts are a safe way to do that. And even after you’ve moved onto a live account, you can go back to the demo one to test any new and strategy you come up with.

I have learned my trades with the help of the Demo trading account and it took me around 8 months to get started with the Real trading :slight_smile:

Demo account is very important to tests your trading and learn basic information about spreads or execution of your broker, but you always must take in mind that sometimes real accounts offer terms which are very different (in a bad way) from real trading, so please be cautious.

Most brokers can set you up w/ a “live” account, for an incredibly small initial investment - call it “learning capital”.
FXCM is 50 units of currency.

It’s useful. A demo account is better than having no account. Treat demo money like real money.

Learning to trade on a demo account is like learning to fly on a flight simulator. It’s useful practice but your emotions will change greatly when you go live and start risking your life or in the case of trading your money. That is when you find out if this is for you

Not really a lot. Demo trading is just to get familiar your self with the trading platform and all the tools offered from it. When it comes to a real learning and strategy development than live trading account is the place for that.

It’s hard to strike a balance between position size and a margin cushion. Trading is a continuous learning process. A demo account saves you money. Money Saved is money kept for a Big Mac Combo. Don’t be afraid to initiate a minimum balance to get your foot in with a “GOOD” broker. Do your research!! Continue to rely on demo accounts. I am sucked into forex because I believe I can take $10, go to $100, to $1000, to $10000, to … Crash burn, repeat. One day 1 million. I know the pip e dream.

I think start with demo account is the best way to success. You might know how the tools, how to place orders firstly and how to manage your money later. It’s not real money, so you can take risk and try every strategy and find what is the best for you.

Yes I think start with demo account is very important especially for beginner, because they can practice certain system trading and then backtesting system for several month so they can understand with performance system work well or causing failure.

Demo accounts is important for beginners, it is where they can practice and gain experience before they use live account, but also take it seriously on it, its a big help so you won’t have difficulties when live trading comes for you.

A demo account is essential for the forward testing approach.
Without forward testing it’s like if you were going live after paper trading.
Essential experience to limit your losses and have a nice feeling of your first fear and greed.

You have to be disciplined enough in order to make your brain think that you are trading real money on your demo trading account.

Yes I agree with you, it is essential for newbies to gain experience and improve trading strategy so you’ll have smooth trading here in forex world, And make sure that you have knowledge on how the market really works so if ever you encounter difficulties you know what will you do to resolve it,

Improvement is needed in all the ways even we are a good trader. For beginners demo is a good teacher .They can do mistakes here see solution of their problems by doing practice again and again. I am a great fan of demo if it is done with planning and management tools.

my friend told me that i should practice with demo account at least 6 months before trade real account,
How long did you guys trade with demo account?

Demo account is very important for any type of trader. It is a way of practicing your method, you don’t lose any real money while trading in a demo account, so its the best way to practice.

Six months to a year seems to be the usual period during which traders learn on a demo account before they move onto a live one, you’re right in the middle of that. I admit that I still test things on a demo account before I use the same ideas on my live account, I feel much more confident this way.