Is a demo account really neccassary?

Aug 05, 2012 at 07:44
7,301 Views
155 Replies
Member Since Mar 21, 2022   47 posts
Dec 19, 2022 at 11:37
Demo trading is beneficial in some ways. When a newcomer enters the forex market, demo trading assists them in learning and honing their skills. Demo trading allows even seasoned investors to test the viability of their trading strategies before committing real money.
Member Since Mar 24, 2022   56 posts
Dec 20, 2022 at 11:50
A demo account is a must. But if you wish to gain more experience and if your capital allows you, you can start trading using a micro account. It has its own perks.
Member Since Mar 11, 2022   51 posts
Dec 23, 2022 at 10:46
Imamul posted:
instead of demo i think it is more appropriate to trade in a micro account even though it is some expensive issue but effective compare to demo.
It is crucial to keep in mind that trading on a demo account does not guarantee success because it does not aid in the proper development of trading psychology, which is a crucial component of trading on a live account. It can affect trades if traders lack the proper trading psychology.
Member Since Oct 01, 2022   53 posts
Jan 03, 2023 at 13:09
this approach is okay , but my question is , it work in a real account at all ?
Member Since Jul 02, 2020   21 posts
Jan 03, 2023 at 14:24
Cathedra posted:
Not only for new traders, but a Demo account is also necessary for experienced traders. It is an amazing tool for trading and practising without losing money. You can backtest your strategies and avoid making mistakes on the live account.
100% - If you have to ask if it is necessary to test your system AND any changes after the beginning on a demo account before going live - well let's just say you are gambling, not trading!
Member Since Aug 10, 2021   18 posts
Jan 04, 2023 at 07:35
A demo account is your opportunity to learn, it would be foolish not to use it.
Member Since Jul 02, 2020   21 posts
Jan 04, 2023 at 09:15
James_Bond posted:

Abhinav posted:
But demo accounts are andavantageous for experimenting new skills or strategies. We can test new strategies without risking money.

Let me correct myself - it is indeed good for testing new strategies, however what I meant is using it for a long time by newbie traders, getting them to lose grip from the real world.
This statement I will agree with - get your ducks in a row before you go live - even a micro account can make you negative about trading if it is blown!
Member Since Jul 02, 2020   21 posts
Jan 09, 2023 at 13:48
OK this is going is circles - so I want to make two statements:
1: To trade you need to have a working system - to test this system you need to test it without too much extra baggage (psychology, etc.) - using a demo account!
2: If your system works to your liking, you can then go to the next step to test your execution of this working system in real time on a live account .

If you combine everything from the start and get negative results - how can you pinpoint what the reason is?? Are you poor at real time trading or is your system flawed?
Another component before starting live testing on demo is Back Testing, so crawl, walk and then run!!
Member Since Oct 01, 2022   53 posts
Jan 09, 2023 at 14:50
sad reality this is . no way to avoid
Member Since Jun 26, 2020   327 posts
Jan 11, 2023 at 04:56
we all know the importance of demo but we never utilize this place at all. this is a sad reality.
Member Since Jan 25, 2022   165 posts
Jan 18, 2023 at 07:58
Demo accounts can be tried, but not for long trading sessions. It will make you forget what you are here to do. Making money is the goal, and even with a micro account it will work better than a demo account.
Member Since Oct 01, 2022   53 posts
Jan 18, 2023 at 13:12
yes , agree with you , micro works really good compare to demo account.
Member Since Dec 20, 2022   10 posts
Jan 19, 2023 at 09:08
I agree, and I have done it as well, but my thing is that I would rather use the demo to get the feel of my strategy and know its strengths and weaknesses before I do the micro lot. Doing this means that most of the time I am doing the micro lot, I continuously make money.

Also, I don't really make much money at my job. It literally pays me just enough to afford bills, and food. So I don't have the money to risk on the market while I am getting through my learning curve. So using the demo mode really does help me see the results of my strategy and method, before I skip out on paying a cell phone bill just to have enough money to start up in the market for the 3rd time
Member Since Jan 19, 2023   21 posts
Jan 19, 2023 at 12:21
I find demo to be crucial for new traders first months of studiying. After that, micro account seems like a good idea
Member Since Jan 27, 2023   19 posts
Feb 03, 2023 at 14:47
Yes, trading with a demo account can be useful for investors looking to practice with theoretical money before putting actual money to work.
Member Since Feb 04, 2023   5 posts
Feb 04, 2023 at 22:07
Demo account is essential. If you are not profitable on demo and open real account you are throwing your money. The only alternative is cent account where you can trade with small deposit.
Member Since Feb 04, 2023   5 posts
Feb 04, 2023 at 22:09
dtpea posted:
I agree, and I have done it as well, but my thing is that I would rather use the demo to get the feel of my strategy and know its strengths and weaknesses before I do the micro lot. Doing this means that most of the time I am doing the micro lot, I continuously make money.

Also, I don't really make much money at my job. It literally pays me just enough to afford bills, and food. So I don't have the money to risk on the market while I am getting through my learning curve. So using the demo mode really does help me see the results of my strategy and method, before I skip out on paying a cell phone bill just to have enough money to start up in the market for the 3rd time
What happened firts two times. Why do you think that third time would be better?
Member Since Jan 31, 2023   15 posts
Feb 06, 2023 at 09:52
Practice and learning: demo accounts provide a risk-free environment for traders to practice their skills, test out new strategies, and learn about the markets.

    Experience: demo accounts can help traders gain experience in executing trades, managing risk, and navigating different market conditions.

    Confidence building: by successfully executing trades and making profits on a demo account, traders can build confidence in their abilities and approach the real market with more assurance.
dom perignon
Member Since Feb 04, 2023   20 posts
Feb 07, 2023 at 11:07
A demo account allows you to practice trading with virtual money, which can help you gain experience and develop a better understanding of the trading process.
Member Since Feb 07, 2023   1 posts
Feb 07, 2023 at 19:13
I dont think Demo Account is good, theres less emotion and no confidence build, psychology will be a future problem
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