When to start a demo account?

Beginner Questions
1

Hello I’m still in preschool of BabyPips and at times I wonder if I will grasp the concepts better if I actually practiced on an account.

At what point should I consider opening a demo account?

I once saw someone in a forum recommend people study one year before starting a demo account and then to stay on the demo account an additional year before starting a real account.

This does seem like a long time but when I think about an associate degree this is how long they take.

I would prefer not to take that long though, any thoughts, anyone?

2

You will get a wondrous variety of opinions about this. For me I agree that 2 years on demo is a good idea. 3 years is even better. Yes, an associate’s degree is a simple thing compared to becoming consistently profitable in FX.

I would not wait to open a demo account or 5 with different brokers. Try things out on your own and you will learn many things about the market and yourself.

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3

For sure, I’ll start a demo account here soon then.

Thanks for the feedback.

How long have you been at it?

4

Full-time since June 2016.

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5

If you dont mind, what strategy do you use?

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6

I use several but I posted one here. The Iphone trading system aka Upstairs Downstairs

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7

I read through your whole upstairs/downstairs trading system post, seems like a good a place for me to get started.
Thanks for taking the time!

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8

I don’t think you need to wait to open a demo account. With a demo account you can test strategies and indicators as you’re learning about them on BP. This not only gives you hands on experience, it also makes learning much more fun.

Also, good for you for being patient and taking the right approach. Whichever strategies you adopt along the way, always remember patience.

Good luck and have fun.

Matty

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9

A year of study and a year of demo? He must be out of his tiny mind. If it takes more than 2 days to understand the strategy on demo, then its the wrong strategy.

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10

I am having fun

:smile:

Thanks!

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11

2 days sure beats two years lol I’ll think about when testing out strategies.

Best!

12

Every beginner must go through demo trading account practice but when a trader will start to work with the demos will greatly dependent upon the traders’ strategies. But it is true that a trader must complete his education with demos before he can make investment with his real account, either he can trade side by side his theoretical knowledge gathering process or after completing the theoretical lessons.

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