well i’m new and i’m finished my first lesson from the school of fx. so I think i should start demo account. Kindly give me some link of a demo account which is simpler and easier to understand. so i could develop my skills and also tell me how long should you think i should use demo account.
Thanks
i’m finished my first lesson
I would go through a lot more of the school before starting your demo. I started a demo straight away and made silly mistakes, which became obvious after reading through a lot more lessons in the pipology school. I’m almost all the way through the school of pipology now, but I’m going to go through it all again for a second time before I really start using my demo seriously
I’m currently running two demo’s for comparison. One on Oanda & another on Alpari
Eh, there’s nothing wrong with opening a demo to just play around and look at things while you’re learning. You’re not spending any money on it. But you’ll definitely want to get further through the school before making serious efforts on your demo account because that could require several hours of trying to trade with a poor approach that could have been used learning the right approach. I recommend OANDA for in US traders, MahiFX for outside of US- to answer your question.
Hi,
You may want to wait a bit till you wrap up the whole course…and as for the demo links, all brokers provide you with a demo account but this comes later.
So finish the course, check out the brokers, select one and dry run the demo account, good luck!
There is no need to finish the course because there will be too many things you want to try when reading. So download from any broker site and start practicing things while reading and you can have better idea.
Without finishing the course, you may was well trade with a blindfold over your eyes - just my 2 cents.
I understand that new traders are eager to get started right away, fair enough. But just read up on all the basics before you start with the demo…
Novice must be trained in the demo account for a period of not less than 3 months to acquire the necessary expertise to work in a real account.
demo for over 6 months would be better:
-
usually when we know fx at the first time, we all love with scalping, coz have lot of chance to make money… So it should take around 1-3months on this one.
-
trying to leap for another timeframe… and start to be daytrader… around 1month
-
trying to leap for longer timeframe… start to be swing trader… but knowing to be swing trader is not quantity of trades, rather more on quality aspect. So i presume this one must have longest time to adapt… around 4-6months.
-
decision, wether give up or continue to conquer FX world
happypips
All good advice. As to how long, everyone is different. However long it takes you, don’t rush, you want to learn from the silly mistakes that you (and everyone makes) are going to make when first starting out, without it costing you money. When I first started I opened my demo with the same amount of money I was going to use when starting and the same amount of leverage. $2500 and 500:1 leverage.
Through silly mistakes like: not closing out the trade, wrong lot size, wrong pair, no stop loss to little stop loss, to many indicators, gut feelings, wrong advice, not following good advice, wrong strategy,etc; I went through $15,000.00. I wasn’t going to use a demo when starting til some of the people on this forum convinced me I should. Now I’m really glad I did. I now have a real money account, that I started with the same amount, but as well: leverage of 100:1, trading plan with a strict money management plan, a check list of things to do before, during and after every trade and a demo account to use when I want to try something different. I will be doing this for the next 3 months and then I plan to make a larger deposit to carry on with my trading.
When you first start trading you get information overload and wont know where to start or how,a little ways through pip school you will have a little information that clears up a lot of what you are going through now; that’s when you become really dangerous, because you will think you know more than you really do. A demo account then will show you how much you really don’t know. From there you can use a demo account to help you make your entry into trading and from there you can use your demo account to tweak your trading plan.
Every forex broker offers them, just go to the broker of your choice and open one. I would recommend against it so I would say don’t use it at all, but that is my personal opinion. I would recommend that you deepen your knowledge a bit more about basic knowledge and the open a micro-account and only trade 0.01 lots so you can actually learn how to trade.
You shouldn’t care about how long you use demo account, please be awared how much your forex knowledge and trading skills you improved. That’s more important.
Any good brokers as hotforex, fxpro, fxcm are offering free demo account, but demo is different with live account. So please follow
demo -> micro, mini account -> premium -> vip
So, you’ll need to open a demo account with a very good broker. These days people don’t waste too much time on demo platforms, so just use it for at least a month and get familiar with the platform. Maybe after that you can get a real account.
You are right. When I was trading with a demo account, I did realize that things will be more difficult when I get switch ti live account. Live trading is mixed with some strange feelings, probably because you are trading with your hard earned cash and you don’t want to lose it. So, don’t use demo for too long because the real life is ahead. Both brokers are ok, but I prefer the first one.
demo is available with any broker, I suggest practicing the USE of MT4… its downloadable with the brokers that offers it, get a good broker like hotforex and open a demo its free, im not sure though if its limited, try to stick with demo long enough untill you fee comfortable using it, and make your starting balance just like the capital you are willing to invest, stick with micro lots 0.01 and dont rush!treat it like real money welcome to the world of forex, best of luck
Find the broker you want to trade live with first and then try their demo. To help you with that, here’s what I did:
-
Made sure they had [B]MT4[/B] capable trading stuff. Mt5 is good an all (much lower spreads) but some functionalities on mt4 are not yet on mt5.
-
My geographic location forced me to choose a broker that accepts [B]credit card/paypal deposits[/B] and [B]paypal withdrawal[/B].
2.a) I’d go for those with little to no fees for these services. -
Then I double checked the [B]spreads[/B] across the brokers who met criteria 1 and 2, I made sure they be tight. Who knows, you might find scalping good business later on.
-
I then went to check out some [B]user reviews[/B] regarding the broker, some have issues with slippages, re-quoting, bad customer service and stuff like those so it’s best to avoid these issues when you can.
When caught in a dilemma, choose the one that sacrifices the least according to your current trading style.
In the end, I went with Oanda (Fxtrader). I’m currently on my second ithink day of trying it and all seems to be ok.
I hope that helps.
Kindest regards,
J
1 Like
Very interesting that you went all the way to Senior school before trying anyting… I am now just past elementary and thought I should try demo… this has made me rethink!!
You should re-think a few more times when it comes to demo accounts.
Hi mate, you’ll find a list of Forex demo accounts here:
Top 5 FREE Forex Demo Accounts up to $5,000,000 | Practice Before You Pay | Australia
Before you open a demo account, make sure that it’s unlimited in length so you can practice as long as you want. Some brokers have time limited demos but most will push that limit back upon request.
This thread is packed with good advice about things to check before you open an account, which I won’t repeat here. But put some thought into which broker you would really like to trade with for real because a demo account is a great way to test drive their platform.