I wanna bring this to everyone attention to clarify the doubt of newbie just about to make their first trade.
We often hear that it is best to start with demo account, trade for a while and when you see yourself profitable then you can head over to opening a real account.
But then, there are people on the other side of the spectrum who claim that trading with demo account doesn’t make sense due to the huge capital at your disposal that which you are likely not going to start with your real account. And also trading with demo account doesn’t affect the crucial part of trading which is the psychological effects that come along when real money is at risk. So it is best to start with a small amount. When you see yourself profitable then you can head over to using a bigger account or continue growing that small account.
From experience what’s your advice to the newbies reading this topic? I am going to insert a poll for fast tracking statistics, but you should please reply to give more detail about your experience.
I started with a demo account and below are some of my experiences
I started with a real account and below are some of my experiences
I started with a demo account but later went on to open a small real account. And below are some of my reasons and experiences
I started with a small real account but I later went on to using a demo account. And below are some of my reasons and experiences
If time could go back, I would start with demo account to gain knowledge about strategy that suit me and practice until I have profit consistently. Then I would open a real account with a small money to start with. With real account you can have a best practice about risk management and emotion control. That’s from my experience.
“I started with a demo account but later went on to open a small real account.”
But its not like there is no way back to demoing. I failed multiple times because of different reasons. Went back to demo, analysed, adapted, practised the improvements and then went live again.
But certain mistakes one should only make on a demo account. Especially in the beginning when risk and money management are unknown. Even with a small real account…if i would have blown my account, my wife would have stopped me from trading further.
I would advise beginners to start with a demo account only. But yes they can decide how long they want to keep practising on a demo account. Some see demo trading as a waste of time but I have found it to be a good method for practical learning based on my experience. But I understand that some of us don’t feel involved or interested in trading unless there is real money involved In that case I will recommend starting with a micro account. I was not that brave when I was a beginner. So, I just practised on a demo account for months
Very interesting topic! I think a lot of us have varying experiences here, but for me, I started with a demo account because I lacked funds to open even a small account when I was starting out. I had to save up to open one with $500, I think.
But I think starting with demo was a good choice. If I could turn back time, I’d do it again. But this time, be more consistent and careful even if I wasn’t losing any money. I had no clue about strategies and what would work for me, so trying them out on demo before going live sort of gave me an idea which one works best for me.
I started with a demo account but didn’t take it seriously until I opened a real account. It was just a small $300 account so it’s large enough for me to feel wins/losses but also small enough where it won’t significantly impact my life if I blow this account.
Using a demo account is good during the initial stages of forex trading to understand and learn about the various types of trading.
After several months on a demo account, moving to a real account is a must so that the trader feels the real risk of live trading and also uses a small account to reduce any high losses.
A demo account will not make you feel anxious about losing in the market, however big or small the amount may be. But a small amount can make you feel anxious in the beginning. So a demo account might be a great thing to get started in the beginning.
If you want a stable, secure journey in the forex market, go for both. Practise in demo for making and developing a strategy, till the time you are making continuous profits on the same strategy. Then open a real small account and see how your strategy works in the real market. Gradually, trade bigger as you move forward.
In that case I will recommend starting with a micro account. I was not that brave when I was a beginner. So, I just practised on a demo account for months 
I think a lot of us have varying experiences here, but for me, I started with a demo account because I lacked funds to open even a small account when I was starting out.