Has anyone here had any trouble with demo accounts? How did you circumvent those problems? Thanks in advance.
I’ll start off. I take issue with the 30-day restriction most brokers impose. It is hard to trade daily charts when you only have thirty days to test a strategy.
Also, I get this strange feeling that there is a different standard of chart data than with a live account. Just my take. What about you?
Some brokers provide demo account without day restriction. Try to find it. Demo account same standard of chart data than with a live account. However only spread is different.
some brokers provides you the exact same conditions on live platform as your demo account and if you’re trading on the demo account, the broker cannot restrict you to the 30 days trail period.
That’s a very valid question. Not all brokers offer demo accounts with conditions that are similar to live trading accounts. So you will have to check with your broker for that. Try Fxview or XTB. Create a demo account with them as I did. They offer the same charting options as their live accounts. I know this because I eventually moved on to live accounts with both Fxview and XTB, and didn’t find any massive differences.
Just about to start trading next month super excited as I’m done with my semesters. So many folks are suggesting me to go with a demo account first before the live one. Is this way of going about trading really helpful?
tbh demo accounts might provide you a few typical situations to handle but doesn’t prepare you for all real time scenarios. You can definitely practice on one to test out your strategies but no way can you treat them as real ones. Best is to start small with a micro broker after a short stint with demo. That’s what I did with my account on fxview.
Most brokers will let you start with a micro account. You could throw in as little as $50 to get started. there is a chance you will lose a good deal of it, but it is just $50. Get your feet wet, but do it small.
Hope this helps.
I’m finding also that with Oanda’s sub-accounts, i can throw in a small $50 sum to test my new ideas with little risk.
I doubt brokers which offer limited demo would survive competition. That’s why its rare to meet brokers which have that kind of restrictions. For example brokers I currently use (Hotforex, Tickmill) offer unlimited demo as well as flexible types of live accounts as well as various no-deposit and credit bonuses.
If you don’t trade for a long time the only thing they can do is to archive your account. It’s common practice among brokers.
There are many brokers that offer demo accounts without any restrictions. Look for those and keep practising.
You can check out the demo account offered by Forexchief. It’s a good slippage-free broker. I find stoploss is placed at a place of my choice. I do get off-price sometimes when placing orders, but the difference is hardly 2 or 3 pips apart.
Before going live, I had been doing demo trading for around two months. After going live, it was nothing like I had practised. I realized that you never stop learning when you take up forex trading.