I hope you’ll all forgive me for asking the same question again, but being new to the site and immersed in learning, I haven’t seen it answered elsewhere.
So here it is:
I’m going through the school of pipsology, just finished the elementary section about candlesticks. At what point should I open a demo account and begin practice trading? On the one hand, we learn most by doing, but on the other, I don’t want to waste time with unproductive practice if I need more fundamentals first. Suggestions? Please? Pretty please? 
Theory can always learn later.
Practical is what really counts.
It is similar to learning a guitar. If you can’t play, there is no point in learning any music theory.
My recommendation is download a MT4 client and start navigating the software. Test out clicking the buy and sell button. Play around with the lot size. Familiarise yourself with some of the common MACD / STOCHASTIC / RSI / BOLLINGER BAND/ PARABOLIC / ICHIMOKU indicator.
First of all, hello and welcome to the forum.
As to the question, I don’t think there is such a thing as unproductive practice. At the very least you’d be learning how to use the actual software, which does take a bit of time.
Hello musicguy1967! Welcome to babypips. I think it’s going to be different for each person. I decided to finish the school first before starting to demo trade. I felt that if I started trading while going through the school it will just confuse me. But I think some people started demo trading while studying.
Hello and welcome to the community! For me, I feel that it’s best to open a demo account when you feel confident with the basic knowledge of forex trading.
Thanks to all for the input. I’m working through the 5th grade of the babypips school, and it seems now would be a good time for me. I think I have a good beginner understanding of the candlesticks and their patterns. I need to start experimenting with them and slowly work through the different indicators I’m currently learning about. I’m honestly not sure I’m crazy about the lag in some of them, though. To change the subject, would all these gadgets, the MACD and the stochastic and their buddies, be suitable when you’re looking at day trades that may not last much more than an hour or two? Granted I’m just starting to get the ghost of a clue, but such a lag would seem to cause one to miss opportunities. Or worse, be delayed in getting out of a losing trade. Thoughts?
Aloha there Music Guy. I might have a different view of this, but I would recommend opening a Micro account instead of Demo. The two biggest things you will have to get past as a new trader is not strategy or anything like that. It’s the Fear and Greed you feel psychologically. Trading a Micro account gets you acclimated to these feelings early on and will shorten your learning curve, I promise you that.
When it comes to trading, I would recommend looking at the reasons behind the moves, not the patterns/bars/etc. But I know this is subjective to different traders as I’m sure there are some profitable pure price action guys/girls out there. Do a google search for forex fundamentals, macro news and start understanding why the charts are going the way they are.
Hope this helps.
Not sure what others have already advised. You should complete the whole course. Then open a demo and trade and go back to the course as required. Then live micro account. That’s the order you should do it in regardless of what anyone else says unless you have a mentor in which case you can open a demo as they’ll help. Don’t get sucked into opening an account earlier- you’ll lose money and kick yourself. Good luck