In my case it took several days to trade on demo account. I was looking on the MT4 platform what to do and how to do. I could not understand how system works. But I have read a lot about Forex, MT4 platform and every what was connected.
Another thing was that I have seen that demo trading does not fulfill my needs, and those were:
earning money trading
feeling happy when I close profitable trade
Sadly, early going on live account without enough knowledge have make my decision as bad decision because mostly I have lost invested money. Main reason was greed and not using Stop Loss.
Now, when I am smarter I see that I should use one trading pair and make a good trading strategy with steps for each trade and without ones I should not open a trade.
If you are unsure, I think you should stay on demo until you are sure. For me, I was very successful on demo but very bad in real trading. I felt I wasn’t learning anything on demo. Live, I traded very small position sizes and just the fact that it was real money made me make many, many mistakes. I learned a valuable lesson the hard way by going live too soon.
This is just my advice. I’m definitely not an expert. I’m just sharing MY experience.
I’ll give you a non standard answer: get a $1,000 account and start trading 1 micro lot only (0.01) this way you won’t kill your account too fast but you’ll get all the real lessons of Forex trading right away … 80% of learning is about managing your emotions, stress, fear etc … with demo you get good very quickly because it’s not real and you don’t have to deal with the same emotions when it’s real money … you WILL lose money, consider that a cost of education, but if you only sick to one micro lot $1,000 account will last you a while and you won’t go bankrupt … also demo accounts are usually tweaked by brokers to help you win more often because they want your real money asap so they create an illusion of ease … good luck and lmk if you want more real advice
If you have a simple and effective strategy, you should be consistently profitable - at long-term trading - within 1-2 months, and you should then go live. If you can’t learn a long-term trading strategy within 2 days and become consistent within 2 months, its the wrong strategy.
Investing with real money can be a challenging task. Forex e-books, audio books, You Tube videos, etc. are various learning tools that can help a trader to attain acquaintance with the basic ideas of trading. But in today’s trading life, a forex trader must employ sufficient time in his demo account.
Given the fact that the market environment changes all the time, I think it’s important to understand what your goals are when you are trading a demo account. What worked for the past x amount of months might not work when you go live.
From my experience trading on demo was not same as on live account.
There was different emotions involved in live trading.
Because when I have lost my real money or earned some money when I close trade on live account that was real feeling how it is to open and close trade.
If you have 100 000 units of currency on demo account and you open a trade with 1 pip change equal to 10 000 is not same opening it on real account. If You are on real account you will pay attention to open a trade that will not blow your account with 10 pip movement in wrong direction :).
Some one said to invest 1000 U.S.$ and try to open a trade with 1 pip equal to 1$ and play. You will be long enough in the market even it goes against you. This way you will experience how is it to lose and to earn money by trading on Forex market.
Hello Mike, this is well appreciated, still having a learning curve am passing through but it’s great to know there are people here who really wanna help. I am sure putting in the work, studying and demo trading at same time.
My suggestion… learn one entry and exit, master that one entry until you can do it on all time frames… with good success… and then attempt live account.
Do not try to master every concept and lesson, you need only one valid entry that you master.
You may always need to practice and refine your skill.
After many years at this game, I still do replay several times a week to see what I can improve.
Honestly, I never really left demo trading. I use both Forexchief demo and live accounts and I always go back there to test out and practice more if am unsure of how to apply something new.
Yea price action zones show you how support and resistance reacts when certain zones are touched. Candlestick analysis also work along with w/e you learn…I started 2 yrs ago but I’ve been educating myself since October every single day along with a friends. I used my demo from Oct to December and I went live and lost $500. Moral of the story I’ve gotten better I created another demo with on Feb 5th with $3000 and made it up to $23,700. Do stay focus.its a lot of info on here and YouTube. Train your eye to see certain patterns in price zones. I’m 34 so I know your mind should be a bit swift. Stay patient and keep the emotions out . Bless up my guy respect.
Also for extra encouragement my friends started live. He’s always been a risk taker he started live Nov. I’ve seen him loose about 60,000 but this week he made over $600,000+. Respect the process. I’ll be going live next week. Just trust the process…educating yourself is your best defense to greater gains… Bless
