How long should I use Demo accounts? until I can move on to a live account?
-How many deposit should a newbie make to trade using a 4hr time frame?
thanks.
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No more than a few days. All you’re doing is learning how to use the software / platform. You’re NOT trading or learning to trade.
You will know when your ready yourself it will be obvious because you will be making demo money reliably.
You can go live now anyone can all you need is money brokers will be more than happy to accept it, just think though if you can’t make pretend money steadily would you really want to risk real money you have worked for?
You will see tales of fortune and success all over this forum and the internet, but understand whether they are true or not is irrelevant. Don’t let them influence you into loosing real money. Be certain you can trade to make money before you risk it.
I have yet to see an form of reliability in my trades, I have also yet to find any technical analysis that offers me a real edge, I’m talking about every indicator, support and resistance, trendline, divergence or average.
Some people may have found one, these people are the ones who can go live.
You can move on to a live account [B]whenever you are ready[/B].
Your deposit would depends on how much you have and how much you would risk.
I am a newbie too and still practicing on demos. The best advise I have heard and recommend is what Woolo said, Dont believe the all the hype, when you are combatable using the demos to your advantage then move on to the real thing,start small dont go in over your head so you can get a feel of winning and losing because like everything else in life you “Will Have Good Days And Bad Days” that is guaranteed! Good Luck and have fun doing it!
It depends on the type of brain you have. If you are a fast learner, I think you should not trade demo for more than one month. I traded demo for less than 31 days and I registered a live micro account, after which deposited just 20$ to test what real trading was all about. I think it is best to learn with a live account if you have a few bucks to lose. Learning with a live account will help you get use to the real trading without wasting time. If you want to open a Live account for practice, you should choose a very low leverage so that the money you’ve deposited will not get used up on time when you lose. You never know, you could turn that small amount into a big amount if you are smart.
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You have the answer for this question. If you have a good system and profitable system you can start live trading. In my case I nearly spent 04 - 05 months on demo trading before start my live account.
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There is no specific amount. Invest money that you can afford to lose. Always try to minimize risk.
Let’s make it simple. “Until you can make steady money on demo.” You can set a goal, say, double the size of your demo account.
Important thing is that you learn the routines that all the successful traders do everyday, such as to analyze the market, to plan your trade, to record your trade, and so on and on.
Remember that the market is a battle field of professional traders. Without your own weapon and harness, you’re dead.
How much deposit? - as much as you can forget that you’ve once owned.
It is recommended to keep trading on a demo account if you still have not found a strategy that suits you best and have not yet consistantly profitable after 3 months of trading. You can switch to a live account once you’re consistent with your strategies, and most importantly, with your trading plan that you have made. This is because trading in a live account will involve a lot more emotions than trading in a demo account. Therefore, once you are able to stick to with your trading plan time to time and make decent profits based on that plan, it may be sign that you’re ready to trade your real money in the market.
If you want to trade under H4 time-frame, I’d say the deposit has to be at least $1,000 since the stop loss for each trade can be up to 100-200 pips. Even $1,000 is considered as a tight amount since the smallest lot size (0.01) equals to $10 of your capital. I’d say a comfortable amount would be around $2,000-$3,000.
Good suggestion.
The pain of loss on the live account is hundreds times bigger than on the demo account. Leave the pain until you are ready. The pain does not need to be big. Once you know how you can win and how you handle the loss, you can stay cool all the time, which is essential for the trading. Your winning strategy and remedy for the loss are your harness on the Forex battle field. The demo trading is the place to acquire those. When you think you’re ready, that’s the time to face the real battle.
For how much time Demo trading is required depends on the trader himself and how much fast he is able to learn and understand the workings of the Forex markets.
Some traders can start real trading in 1 or 2 months while still others have no clue after 6 months :eek:
Get off Demo as soon as possible…
The hardest part of trading, is being consistent with your emotions… This includes your entry and exits, your focus, and your patience, all wrapped into one…
Me, well, I have all these problems, lol…
I stay focused, then BAM, I make a stupid trade, and then continue to think stupidly…
Today, I was 1 trade away from hitting my goal, and tried to press my luck. Guess what the result is?
I was on Demo for 2 years, and it was wayyyy to long… Real Money is a whole new ballgame… Where is Banker anyways?
GOT TO KEEP THE MIND ON TRACK…
I also want to add, Im a scalper, so Its a tad differant in the Mind set department…
In my opinion never. Time is our most precious commodity and once you deplete it you can’t get it back. Demo accounts do not teach you how to trade. You can open your live account when you want to learn how to trade.
Demo account is very necessary for all people and everypeople should first work on demo account then start real account for better gain.
With the difference that you don’t trade in demo accounts which means you can spend your time doing other things with the same impact on your life trading.