hello there, I recently started trading, so I’m testing a demo account. However, my issue is that it doesn’t make me feel like trading with real money; I don’t worry about my trades, and it hasn’t been long since I used the demo account. Can you advise whether I open a real account or keep using the demo account?
Hi it is simple, if you don’t want to trade live just… don’t trade live you decide when start live or not. Regards Greg
i can see that this might limit its value and usefulness to you in one way
it may still have other benefits, though
people vary a lot, in how they react to this
that makes it difficult to advise others on the subject
how many trades have you done, on the demo?
if you can afford to lose a bit of money without it mattering too much to you, you might think about opening a small account and trading tiny position sizes instead, to see if it makes it feel more “real” for you?
Well, that’s up to you!
You have to specify the right time to change demo to real.
Actually, that is the worst problem with demo accounts; when you lose, you just consider it a lesson, but in a live account, well, that’s going to cost you a little.
Do you have a strategy? Did you create that? Do you know the style of your trading?
If your answer to all my questions is yes, then go on!
You can trade live but make sure you deposit what you can afford to lose. If you feel you want to revenge after a loss then clearly your trading turns into gambling and addiction is involved. You then should take some rest.
I can’t provide you any advice, but I would advise you to be patient and give it some more time. Trade more with the demo and focus on the educational aspect. One of its advantages is that it allows you to become acquainted with the market without risk. When you feel you are ready, you can go live.
Everything is up to you. You must decide whether or not you are prepared. Before going live, consider the following:
- Am I prepared?
- Have I done enough demo trading?
- Do I have good emotional self-control?
- Do I know enough about the market?
The purpose of trading a demo account is to get used to the broker’s platform with plenty of chart actions and how to open and close trades, set Profit and Loss and Take Profit prices.
When that is achieved, it is used to develop a profitable strategy and strict process that you must use for every trade if you’re taking trading seriously.
Then you are ready for a live account. Which will be a whole new ball-game as it’s your money you are risking, and for every trade you will be faced with emotional challenges.
So, accept you only have control over your risk exposure and no control over what the market throws at you. Therefore you need to learn how to develop a Zen mindset to ignore the emotional challenges.
Most traders don’t. They overtrade, revenge trade, and gamble, which is the fast track to blowing their account. Without an account you cannot trade, and there is no quick route to financial success - climbing Everest would be easier…
As for a live account balance, lose and learn from small amounts risked, until you are sure your strategy and process is profitable, albeit small returns at a time. My account size is $3,000 which protects me from a run of consecutive losses, as my risk exposure is normally1% per trade and no more than 5% open trades. Of course that can be increased as does the account size.
Best of luck.,
Thanks, I made about 60 trades, but because my account was a test account, I did not follow up on my last trade regularly, and I agree with this opinion that I should start a real account with little money and see my success and feeling in it.
This is a sensible thought.
If you think you are ready to open a live account, do it!
Just start with small amounts, please, and do not wait for profits when you start your trades.
because it is its function! You are not trading your own money, and obviously, you will not feel like you are doing it! Maybe you can start trading with cent accounts instead of USD ones.
Oh. I am not sure if it is enough for you or not, but did you follow any special system for all of these trades? Do you know what and how you can develop a system for yourself?
I think this is something I should do and it can be useful to start.
I think that when you work with a real account, you will be more involved in learning and take it seriously.
You know, a demo account isn’t really there to give you the vibe of actual trading. It’s more like a sandbox for testing your strategies, and for watching the play by play of trades on your screen. But if you want to get a real feel for trading, like the worry about your cash and your trades, it’s better to kick off with a small live account. This way, you get a taste of the real deal, you know, trading with actual money on the line.
easy peasy. just apply your trades and strategies on demo and then real
Of course it is not like real money.
just use them as a test and don’t think they will perform the same in real ones.
This is exactly what I wanted to express. Thank you, Emis. I couldn’t agree more.
You’re welcome but It’s Emi not Emis
Open a 300$ account and see where you can take It in 1 year. If you blow Up and It pains, go back to demo. If not, open another one.