Demo is good for practice, testing and creating your personal trading strategies. I demo traded for 4 months before going live & there’s no harm in demo trading for even 6-7 months to stay profitable in the long run. Depends on a trader’s learning capability.
Demo is good, but if you stick for too long to it, you will be reluctant for going to the live account, so along with a demo you should start using a live account as well.
I did it for 4 months and it greatly aided my understanding of live trading.
Yup exactly, I started with a tiny live account! My issue was just that I wasn’t taking it seriously, like the losses didn’t feel real mainly because they really weren’t lol.
Honestly, you can demo trade as long as you want. But when you do trade on a demo account, ensure that your purpose is getting fulfilled. Typically, traders use a demo account for 6-8 months. However, the time varies. So, trade as per your needs and until you’re confident about trading live.
Until a demo account shows you the success you want to see (on a regular basis), you should keep practising on a demo account.
How many trades do you think you were taking weekly?
There is no definite time, everyone has a different learning capacity, practice on a demo till you feel confident enough to move to live trading.
As a newbie I would say that stick to demo trading unless you are sure to go on live, as the forex market is very volatile and needs proper understanding which is possible through the demo trading.
It is entirely up to you how long you want to stay in a demo account because it is solely for practice purposes. In my opinion, once you’ve become acquainted with the trading system and have a tried and true approach, you should begin trading in a live account with a small amount.
I would advise you to stay in the demo account till you have gained enough forex knowledge and have made consistent profits. Live trading is more competitive when compared to demo trading.
There is no specific time limit. It all depends. In my opinion, you are ready to trade on a live account if you can execute your trading plans and methods effortlessly on a demo account, and you have been getting consistent results. But spend at least 6-8 months on the demo account! This will help you to design your own trading strategy and gain a feel for the market. Once you’ve established a strong strategy, you can begin trading in a real account.
live trading is so much different than demo as the moment you start to put your own money into trading, new trader will experience anxiety and all kind of emotions which you don’t encounter much during demo trading cause it’s fake money and you don’t care as much if you loose it.
You’re right, everyone has a different approach towards the market with their own goals. Depending on how much time you need to practice and backtest, set a schedule. Until you gain confidence and get comfortable with the process, switch to live trading with a small amount. It is up to you, really.
You should stay in the demo for as long as you have not made a solid strategy you are confident in. Practise different strategies, risk management, indicators, leverage, timeframe, and develop your trading psychology in a demo account. If you do not know whether you are ready or not, then open a micro live account, and trade with small capitals so as to see how your strategy and psychology is performing in the live market.
Of course, it’s not! I see, there have so many new traders who are interested in micro type live account instead of the demo trading!
Once you know the functionality of the software, micro is the way to go! Demo trading can only get you so far, it’s like playing monopoly
Forex market is quite volatile and requires adequate comprehension, which is possible through the demo trading, I would advise beginners to stick to demo trading unless they are absolutely certain that they want to trade live. I started trading when I felt confident, comprehended how trading would fit into my daily life, and still keeping a trading journal to note down my mistakes and good strategies.
Minimum 1 year, on the other hand I think simulation trading is much effective than demo;
I traded on demo 6 months however I still use it for backtesting, it is perfect tool for market simulations and helps you to use correct approach to trading that limits potential mistakes you could make on live account.