Would it be a wrong move to go with a standard account?
What are other important elements I should keep in mind?
Kindly advise.
Go with DEMO account first. Take the chance to practice the functions available on the platform too.
If you are a Newbie then best to start with a Demo account so you can develop your strategy and experiment with different approaches without worrying about your cash disappearing.
But use your demo account realistically as though it were your real money.
Yeah micro accounts are pretty good for small amounts. You can easily trade with them without losing much. Works for me. You can give it a shot too.
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Have you tried trading on demos first?
See if you are already aware of how everything works in forex, you can start with trading live. A standard account or even micro accounts are pretty useful. There is not much profit that you’ll be able to make through them but at least you’ll get an idea without having to risk a lot.
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You can surely practice with micro accounts but I won’t suggest them if you are really new to this. There is risk with them so why lose even a little money when you can actually make more later.
I haven’t had that good an experience with a standard account so I don’t really recommend those. Micro accounts are good though. Small investments don’t poke that big a hole in your pocket.
I’ll take a contrarian view here and recommend a Micro account over a Demo account.
Demo accounts are fine, however, you won’t experience live trading conditions, slippage or requotes. In other words, you won’t really experience how good or bad your broker is.
Also, you won’t experience the emotional rollercoaster that comes with trading real money. Yet, staying on top of your emotions is key if you are to become a successful trader.
That’s why I recommend that you start with a micro account. Only trade small amounts, keep leverage low (or use none at all), and choose a broker with negative balance protection to lose no more than you put in!
Hope this helps.
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Great idea
Yeah, go with a micro account. It’ll help you learn the ropes especially when dealing emotionally with gains and losses. Demo accounts may make you delusional about the sorts of expectations you need to set for yourself.
It is certainly so that a micro account incorporates the real emotions and realities of a live account but that is not always a positive factor during the early formative stages.
A demo account is a better idea when experimenting and learning different approaches and familiarising with various indicators, markets, timeframes, etc. By removing the profit/loss aspect one can freely focus on building and developing one¨s strategy.
Even experienced traders sometimes use a demo account for experimental/trial work.
But once a strategy is formed then, yes, a small live account would be a logical next step.
You should only consider a standard account, once you are profitable in a demo and micro account.
Ywhen you are confident with micro or cent account, dwmo for me is only for backtesting your stretegy. Only that but micro or cent you MUSTpass to standart account… Only when you have all emotional and trading journal method tested… Fear will trick your mind be aware of that
Please I have been trading on demo for long and am making more profit. Can someone advise me on the best broker to trade live account with . Many brokers are deadly.
A micro account should do, but before then ensure you Demo trade for a while, though I know most new traders like to go live and trade real money so a micro account is a good alternative.
no go on demo for several months first. and if you have good results then you can go with standard account
Very wrong! Standard accounts will be highly risky at this stage. Also be careful of where you place your stop loss. Don’t let there be a big difference between your take profit and stop loss.
Exactly! Standard accounts can be risky so why take a chance. Just use a demo until you get there. Always a good idea.
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Making use of demo accounts is okay if you’re not sure about a particular trade. I do that too at times. It helps to know if you should go ahead with it or not.