I switched to live trading after 6 months of demo account practice. But I would recommend demo account practice for 4 months at least. You can open a live trading account later on but continue using the demo account for learning. I did that for a year and it helped me a lot to forward test my strategies.
You are free to practice as long as you wish. Actually, demo trading is only for learning and helping newbie traders. so you can practice on a demo account until you become an expert trader.
Well, let me share you something different; suppose your trading strategy provides you only 50% success ratio but till now you can make money here; if you are trading with 2:1 ratios on average per trade!
I guess that depends on the trader. Some become profitable earlier in their demo journey than the others. It took me 7-8 months before I started trading live. Anyway, a trader should take time and this is a step they shouldn’t skip.
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In my case, after doing demo for a while I opened a mini live account to practice live and see how the market really is.
Till you feel ready to shift to live trading. Honestly, take all your time because making errors in live trading is overwhelming. Rather, do trial and error while demo trading and then switch when extremely confident. Best of luck, mate.
A demo account is not an ‘unnecessary filler’ that most beginner traders feel it to be like. A demo account is, in fact, a crucial part of a trader’s journey. The experience of a beginner trader is largely dependent on the practice of a trader on a demo account. Therefore, it is advisable to trade on a demo account until they are confident enough to trade forex on a live account, which usually takes six to seven months.
The period is different for each person. In general, if you’re comfortable enough to execute trades and have the right strategy to use, I think it’s a good time to move to a live account.
When you have made nearly 4 to 6 months of consistent profits after building a strategy, and when you have gained enough confidence, you are good to go for live trading.
In my opinion, approximately 6-7 months. The rest is up to the individual to determine how quickly he grasps trading knowledge and is ready for live trading.
Regardless of the approach or technique you want to use, you must use a demo account before trading Forex with a live account.Trading a demo account is essential in choosing the optimal strategy for your Forex trades, regardless of whether you use price action, technical analysis, fundamental analysis, or some other approaches. I took 6 months before going to the live account.
The period varies from person to person, but it will be all about the confidence, knowledge, and experience you gain while trading on a demo account.
Usually, it takes six to seven months to gain such an experience, but it may be more than that, and that is completely fine.
I don’t think practicing in a demo account for months is possible because the trader will be itching to go live and make some money. A week or two is good enough to get yourself familiarized with trading, and then, you can start trading in a live account. But, the initial capital should be small.
I shifted to a live account only after 20-25 days of demo trading but after receiving a blow on the live account I had to return back to the demo account once again. This time was different because I started taking my demo account seriously.
See there are three things that create a major difference between demo and live account- real money, risk and emotions.
If you treat virtual funds as real money, you will feel all sorts of emotions when the virtual funds will be at risk. You will work on minimising the risk as well as managing your emotions.
Till the time you are consistently profitable on a demo account, you shouldn’t invest real money. This rule applies to all equally.
Run both demo and alive accounts together so you see any difference between . and dont open any alive account unless you find a profitable strategy , if so you will open micro account and test it .
if your strategy is manual then you need to deal and control your emotions which really an other big and difficult part . If it is by EA then you need to be patient and let the expert do the rest of work .
To stay in a demo account requires patience and discipline. When you rush the process, you cannot reach success quickly. So, it is better to focus on your present learning, wherever it takes, without worrying about the time it will take.
True, it is your choice honestly. Take all the time you need, if it’s three months or a year. Practice all you need to trade efficiently when you switch to the live market. Best of luck!
Take as much as you need. It’s a learning process. So, what’s the rush?
It’s your journey, dear! So take as long as you want. But that does not mean that you slow down the process by becoming lethargic, nor does it mean to rush because trading is no race; it is a journey.
Traders are free to practise as long as they want and need to. Every trader must concentrate on the results of their practice on a demo account. If you are confident in your knowledge and abilities, you can start with live trading.