Following school of pipsology, when would be the best time to start trading with the demo account? After preschool? Later? At which moment of time by your opinion?
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I think you need to have your rules and what strategy you will use. Once you have that you can start demo trading. However a word of warning would be to treat it seriously like a live account. You wont gain anything by treating it like monopoly money and going in on trades against your rules. You need to create the environment you will have when you go live
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Finish your babypips course, get a good hang of all terminology and concepts and you’ll be ready for demo trading.
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no demo trading until you master the art of chart! think about making few hundreds to a thousand simulated trade before going into demo account
if you go to demo trading without having great competences for chart drawing its useless, youll blow instantly
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Hello guys, thank you all for your kind comments! However, my question was more related to the structure of the pipsology school, which has 11 courses. @sammy15 gave me the advice of not starting demo until I finish all 11 courses, which is ok. And of course, I agree with @anon29700983 as well, that practice makes things perfect, before getting live.
so, back to my original question: at which stage of the pipsology school (if any) would it be good to start demo trading, having some basic operational knowledge? or, is it really the best to finish the complete 11 courses, and then start demo trading?
you need to practice the art of drawing chart before going to demo. i think its better fo you to go on paper trade for some months in order to take good trading habits(youll need from few hundred to a thousand of papertrade), knowing what work and what dont,etc
going into demo could be a big error because you didnt practice a little what you learnt. if you go to demo now there is a lot of chance you gonna lose 1 , 2 , 3 demo account than be demoralise because you dont got habit of trading acquired by papertrade
begin with a trading journal where you put paper trade first then when you feel you are ok , go to demo
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papertrading is a nice step between learning theory and practicing unto demo (which is designed to make like you are in real conditions. demo account is for testing yes but with putting you in real conditions)
Dont want to put pressure unto you but imagine demo account is the final test of your college degree. it will be a good indicator if you gonna be a profitable trader or not.
First doing simulated trades with papertrade will permit you to have fun and try what you learnt without any emotion involved. and MASTER THE ART OF CHART.
then demo account - simulation but with real conditions mindset. like you was trading with your money and you really know what you are doing and you have to be disciplined like a Ninja
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demo si the master place to become knowledgeable, there is no way to ignore but generally we the traders always ignore this trading place.
generally, we finish school with very short time , its not good , minimum we the beginners finish this education level minimum for 2-3 times.
I think you can start when you feel the need to practice what you learning. For example, when you get to how to set stop loss or take profit, then you need the demo account to practice what it is like.
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Yes, that was more what I was thinking, thanks! Although I am still at preschool, it wouldn’t hurt if I could do a small sneak peek onto MT4 for example, do some trades just to confirm what I have learned.
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To be honest I started probably 1 week in babypips. I was doing babypips an hour a day and during the other hours I was either on YouTube or googling forex. A lot of people used tradingview and I just got stuck in and created a demo account to get familiar with the tool. I would just start straight away to be honest. It’s only a demo account and can always reset the amount you have in.
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For beginners entering into trading, I recommend trading with a mini or micro demo accounts as it helps at the initial stages for your forex learning curve.
Mini or Micro do not matter in demo account. The funds are your own choice, but it should be offering good trading conditions - the same as the live trading. This is very important to understand.
To the OP’s post, there is never a right time to start, but it is better to start now or never. Put your whole knowledge into use.
Step out of box and take a risk in demo trading.
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Yeah, that is what I was thinking as well. Whatever I learned until now, it makes more sense to try immediately than in few months from now. It is better, I think, to upgrade the practical knowledge step by step, the way lessons are giving the information and getting used to the environment.
And that is what I am going to do, to start immediately, after having the insight after the posts here. Thanks!
Yup. To me it was just getting the practical experience. Noticing key levels. Getting use to the tools.
Its all good reading and studying material but if you don’t apply, you tend to slowly forget what you learn.
It was through practicing and going back to the study material as well as youtube and babypips where i noticed what i was studying starting to materialize.
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So have you started trading? I’m really in 2 minds about whether to start a demo account with a small fund - as that’s what I’ll be doing in real life. I need to be able to trade successfully with a small fund, so it makes sense to me to demo the same method as with real funds.
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I did start trading, and it is still shy and unorganized. I had some winnings, as well as losings, and I am still exploring the different methodologies of trading. I am still trading with the demo account and I am not going to start live until I am satisfied with the results and myself. The easiest thing is to waste the money, I would like more to keep it and hopefully increase the existing amount.
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I think it’d be better to give yourself a time of 2-3 months minimum for learing purpose. Then you can start trading on demo until you feel confident enough to go live.