Hey guys. I heard about Forex like month ago and i wanted to learn more about this magnificent world. After my research, i found Babypips and started with my education. Now, i’m still in Preschool phrase, so i just wanted to ask, is now a good time to open my demo account and try to figure out how things exactly works? Or should i wait to collect more knowledge before demo?
If you’re still in pre-school, I say do not open a demo account yet, there’s so much more info you’re going to need to know. And secondly I opened a demo account on forex.com and they only give you 30 days to demo. and you cannot renew. babypips suggests you demo at least 3-6 months before opening an active account. And some of the forums are really confusing, so I’ll just wait until i completed the course. But that’s just me.
Hi, I think you should finish the course then an open demo account. It is like a driving license course, first, you need to learn theory, then you have practice in the car Regards Greg
This question has been asked multiple times in the past. If you search 'when to open a demo" and keep it at relevance. You’ll come across some threads with excellent answers.
What’s the worse thing that could happen when trading with a demo account? NOTHING, you can’t lose real money.
Personally, I just started learning the course on babypips about a week ago and I opened a demo account the very next day on metatrader 4. At first, I’ll open a trade just for the sake of trading, no analysis, just buy or sell. My aim was just to open a trade, not to make profit. As I study through the course, I learn new techniques and better my trading skills. I started fundamental analysis, support, resistance, trends and channels. Moved to candlesticks. As of now, I am a better trader than I started. The demo account gave me a practical experience being able to apply what I learn even at a very early stage.
When you learn too much of theory without practicing, you tend to forget some of the theory when you start to practice. A demo account doesn’t hurt, maybe a little, when you start developing bad trading habits but this only happens if you don’t want to learn.
This is my 2 cents.
Thanks for sharing your experience, can you tell me which broker you choose for demo account and training?
I use Hugosway-Demo as my broker.