worst advice I’ve ever heard. Blow’n smoke
I traded real money from the getgo.
Messed up for seven years.
Then went on a demo for a full year, and heh presto I’ve been profitable ever since.
Lol
Demo is definitely a yes for me. Helps get a good hold on the trading system.
1 Like
Yes, it is the right way to go about it. Not everyone has the confidence to risk their money by trading directly on a live account. It is alway helpful to practice.
Instead of a demo account, you can start small and learn how your strategy works.
Do you mean learning on a real account instead of a demo? I don’t get the point of risking money when there are free demo accounts available for traders at nearly every platform. It is better to begin with as low a risk as possible. It is important to keep learning and practising trades before working on a live account. That’s what I believe, tell me I’m wrong on this one?
That sounds about right. Demo trading is a complete waste of time when anyone can trade live. If it is just about money then why not trade on micro accounts? I mean they start with a very less amount, say $5 with some brokers. You won’t lose as much money and get to learn a lot.
Yes micro accounts need too less of an expense, but why even incur that when almost all brokers are giving free demo accounts. I mean for practice, demo trading is good I guess.
I don’t agree with you at all. When I started trading, all I had was demo accounts with some brokers and that benefitted me in the present and improved my future trades as well. Now, I don’t get stuck that often when I trade on live accounts. I have different accounts with IG, ICM and Fxview now and I also tested their demos which opened more opportunities for me to trade.
No, you’re absolutely right. If someone wants to throw away their money like that without any practice or experience, so be it. But if they really want to get to the basics of learning forex, they should do it the right way. Demo accounts help a lot and are good for new as well as advanced trades who can test out a strategy or trade without risking it first.
Demos are okay to familiarise oneself with the technical aspects of a platform. I am working on two demo accounts with both LCG and Fxview right now. It really provides good access to the market charts, signals, etc. The best thing is that I can easily test strategies without worrying about any loss of money. I’ve learned how to place my stop loss and limit loss order successfully and various other things about trading. Works for me.
Demo trading is definitely a yes. For a beginner in this market, it is very important to be familiar to how the market actually works and the practical stuff at large. Demo accounts gives a good insight into all this, without risking any funds
I think a lot of it depends upon individual experience. Some people don’t have a good experience with demo accounts while others seem to have used it to the best of their interest. It’s all about timing, perspective and experience.
Yes it totally depends on individual experience for practice you should definitely go with demo accounts but if you don’t like it then just start with micro live accounts. Don’t spend large capital in the beginning.