What are a couple good sites (or one great one would be better) are there that allows you to start a demo account esp. one that doesn’t expire in 30 days. I want 90 days of profitable moves before actually opening an account.
live accounts with $100 never expire (unless you lose it all) and they are a much better and truer way of learning trading.
Forex Ltd (uk) has non-expiring demo accounts
I agree with SoundOfLight. Don’t waste time on demo
FXPro demos don’t expire and they don’t have that silly short Sunday candle.
Hotforex.com has demo account with unlimited use. They are also very helpful if you have ANY questions, even though you are trading demo. If you need more demo money, if you need help with indicators, with the trading platform in general, etc, they respond quickly in the live chat
I would suggest you to trade demo, even though not everyone above agrees upon that. In my opinion, it is way better to lose demo money when you are practicing your trading skills and money management techniques, than to lose your real money - Because you will experience losses in the start When you feel comfortable with your trading, with the platform, with the risks your taking - Go live!
Good Luck.
Hotforex, Oanada, Exness offers non expiring broker accounts. You can trade without any hassle. Sometimes you may need to update MT4 to latest version.
As mentioned previously, Oanda. But Oanda charts start/end and 0000hrs ET.
Also, what country are you in. If you’re in the USA, demo with a broker which accepts live accounts with USA residents. No sense in getting accustomed to a platform which you can use if you decide to go live.
I use an MT4 platform to find my trades and the OANDA practice demo to place them. That way I can trade the exact position size that fits my account and I am used to placing the same size trades that I will be trading when I go live.
Go with Pepperstone, they have good spreads and you can keep opening demo accounts with them via the metatrader platform, unlike some brokers whcih require you to sign up everytime you make a new account. Try it.
Ive heard this so many times before,If your new to forex and you cant make consistance profits,(and you wont untill more experienced),how the hell do expect trading live is going to help,wise up,use a demo untill your ready.
I totally agree with buster48.
If you straight jump into the market with no preparation, only thing you can do is to donate your hard earned money to the people who say “Go live! (and give me your money)”
First, learn as many things as possible. Then stick to one and only one method or system until it works for you on the demo.
If it works on the demo, it likely works on the live if your mind set is ready and right.
these are a lot of sites
Yes I am in the US, so which one would be a good one to use then?
I am trying to go through this site while getting on an demo. The plan is go 3 months straight making profits then try say 500.00 live. keep at it until I make 3 months straight then add more money. My goal is 2 years from now to be doing this ‘for a living’
If you have a few dollars to spare, why don’t you practice with a live account and learn how to not lose small money in your account. If you can learn how to maintain a very small amount of money while trading, I am sure you will do well when you invest large. If you really need a demo account that offer more than 30day demo trading account, Then you can try PROFIFOREX; they offer a demo account that can last for as long as you want. If you don’t long in to your account for 2 months, then the account will expire. Wish you all the best.
yes i think forex.com has demo accounts that last and i dont think tusarfx expires either (the latter also offer nano and micro live accounts which i would seriously recommend to start out with over a demo account)
why over a demo account? well, if you (and if you did not you really should) read a little in the kinderpipskool part of the site here
where was i : ah , if you
read then you should be aware of certain psychological effects as in : 1) ever broker is there to make money FROM you, not for you
2) the leverage you get on demo accounts is (to most people unless you’re one of them rich spoiled MTrealitytV kids) NOT a very good way to get the impression of what it would be like SO
3) take the streetside wisdom of this humble tunnelrat AND skjooz mij cap
dont listen to the go live guys and dont get a demo account, get a micro cents if you can spend $100 or in the hundreds when you start out and load it with $1, $2 or whatever looks like your budget since it will look as if your capital is $100 or $200, if you’re playing in the $1000 range get a nano cents account (both provided by tusar which is are quite good really from what i see so far but having trouble dealing with bitcoin atm)
where was i, o yea if you’re in the $1000 range then get a nano and load it with $1 or $2 or whatever x of 1000s you could dump there, it will look as if you’re trading with a $1000 (like $1,000) with nanolots so you get the exact feel of what it would be like
refrain from adding extras in your first months (or however long you wish to practice, if your $1 burns out just take it like a man and add another $1 from start) playing margins is possible up to a $100 if youre a poor european or maybe to a $1000 if you’re a rich american but not really a tactic i would advise since at higher levels its not just impractical but impoossible
there … if you can puzzle my lapses and brackets there’s some info inthere you might find useful
this forum desperately needs a way to identify each user as a “Demo trader” or a “Live trader” as i’m curious how many people who strongly recommend demo are on demo themselves.
would be nice but you’re be at the goodwill of the user to provide that info so it would be as accurate as human honesty on average since you can’t possible pry into their private life and make them provide documents here.
If i were to make a wild guess and let my imagination run wild i’d sometimes think some brokers pay some people to say that hoping the unsuspecting herd will dump some cash and lose it quickly (but we all know such evils do not lie in human hearts, right …)
The argument for demo or live is always on-going & people are polarised regarding it but personally, my vote is for going live with a small account.
Demo is fine for learning the ins & outs of your trading platform, maybe a wee bit to find your feet in what you’re doing with analysis etc. But when you would class what you are doing as “trading” then in my opinion, it needs to be live.
I demo’ed for a while & very much found that the psychology is very much missing from it, losing has no particular impact as it’s not real mon£y so to a major extent, you’re very much detached from the loss.
Until I learn my way, I’m just trading with a few hundred squid & I’ll invest more mon£y as I prove myself. I’ve only invested money that I wouldn’t be too fussed about losing - I could lose it all & it wouldn’t cripple my personal life etc so with good money management, any loss doesn’t affect me too much but I do kind of feel it & that psychology wasn’t there when I demo’ed. Fortunately I’m marginally up on my account & I’m tempted to put in more money so that I actually get more of a hit from a loss as I feel like that would help improve my discipline. However my thought process may be different if my account was marginally down
Apologies for the long post, which I’m going to kind of side-track on now, but when I first found BabyPips & started learning, I asked my wife, “What would you do if I quit my job & decided to go to university - would you support me?”. This was purely to express how much work is involved in learning it, getting the practise & potentially becoming good. You’ve got to put a lot in to it & my thoughts are, if I’ve got to lose a full £500 in learning my way (assuming I find my way in the end), then so be it - think of it as an investment in your education. You need to be live to feel the psychology, so whether you’re losing £100 on a £5000 or losing £2 on a £100, it’s all relative & a loss is a loss.
Well I’ve written that much I now have no idea what I’m talking about, these are just my thoughts & musings, take from them what you will.
Good luck.