Thank you guys, veryyyyyyyyyyy much, I’m so happy that you answered my question,that’s soo nice . Anyway, I found new broker, called Trader’s Pulse, right now they have lots of promotions, low spread list which I like the most. Did you hear about them?
Be careful with promotions.
I would recommend consider FXCM or AVAFX. Very strong, well regulated and well known companies.
Also, when you open an account with them you get nice promotions and free signals from Win Forex Trade Signals. Take a look at Win Forex Trade Signals on their site.
What makes you think that the 2% of traders who are successful are the same 2% of traders that do not recommend demo / start off with a demo account?
Just like there is no “best broker” for everyone, there is also no correct answer as to whether one should start off with a demo account or not IMO. It all depends on whether the individual can take the demo account experience as seriously as he would a real account. Without a doubt I believe that there are benefits from starting with a demo account, provided one uses it properly.
While I do appreciate your contrarian view of starting with a live account straightaway, so newbies can go ponder for themselves and not take conventional advice at face value, I would not go as far as to strongly discourage demo-ing first before going live.
As I mentioned before, I did not suggest that the 2% who go live without a demo are guaranteed to succeed and vice versa. I do agree that in the end it comes down to the individual, but a few facts remain such as there is no trading in demo accounts and you simply will not learn about trading psychology which will make or break them.
It has been my experience from traders (those who succeeded and those who failed, as well as my own) that demo accounts deliver a false sense of security and that plenty of newbies do well in demo accounts, then are confident to go live and fail, get discouraged and eventually give up.
Agree that one does not learn about trading psychology in demo. I tend to see this as breaking up the main task (to be successful in trading) into sub-tasks (strategy, money management, psychology) to work on, and while the demo account doesn’t help in the psychology aspect, at least it gives the individual the chance to work on strategy and money management. So when the time comes to go live, at least the aspiring trader will not have his hands full trying to grapple with so many areas and can just focus on psychology.
I get what you mean about the false sense of security from demo accounts. Perhaps I was a little lucky myself because numbers-wise I was not yet profitable when I made the decision to go from demo to live. However, I felt that I was mentally ready to handle having real money on the line and I could see my strategy having positive expectancy in the long run despite not being net positive during the period of demo-ing, so I made that transition. So I certainly did not derive any security, at least results wise, from my demo experience. I always shudder when someone says “I’m ready to go live because I managed to double my demo account in three months”. It’s not the results from the demo, but the process.
It is not just about the Demo accounts. If a trader wants to learn trading he must also take part in the Demo contest to see how he is standing up with regards to the other traders and how others are doing.
This will surely help him a lot
I have to disagree, contests are one of the worst things new traders can do. They will teach them bad habits as you do not trade in contests, you gamble and hope to get lucky.
Now you are just advertising them. I think every serious and successful trader would think otherwise.
Hi DALJINDER the affiliate marketer
Why dont you tell all the readers about your affiliate link that is attached to your ETORO link above. Or would you like to keep it a secret that you actually get paid every time someone opens an account at ETORO if they were directed to the site from your affiliate link.
Do you even trade or are you simply an affiliate marketer spamming different forums for commission? I would say the later as what you have written above is utter rubbish and deceitful to readers suggesting that they will make money “just by watching gurus trade”.
No place for you here bottom feeder
Haha, nice response mate
Thank you for bringing out this point out. This is my best advice for newbies. Trading with a live account will help a new traders to improve better than those who trade demo.
Thanks. Or something like a copy trader or any similar service will do I think.
No best broker my friend, only a broker that suits your needs, for me it was difficult to find a good broker since im citizen of u.s.a , tried many enough, i guess forexbrokerinc is one of them…