Is a demo account really neccassary?

Aug 05, 2012 at 07:44
7,301 Views
155 Replies
Member Since Feb 04, 2023   20 posts
Feb 09, 2023 at 11:54
Yes, in my opinion, as it boosts your trading skills and help connect you with technical and fundamental analysis. A demo account is important for new traders.
Member Since Jun 23, 2022   2 posts
Feb 09, 2023 at 12:54
I am an experienced trader and I am always backtesting and creating new strategies.
I think Demo accounts can be problematic, one does not get the real emotional connection that a trader has with his Capital on Demo.

ACHIEVE THE IMPOSSIBLE
Member Since Oct 28, 2022   50 posts
Feb 10, 2023 at 09:56 (edited Feb 10, 2023 at 09:56)
A demo trading account can be a valuable tool for traders, but it is not necessary. If you're a beginner or inexperienced trader, a demo account can be a great way to gain experience and confidence.
Member Since Feb 10, 2023   1 posts
Feb 10, 2023 at 13:26
James_Bond posted:
What do you think? Nowadays, when you can open an account with as minimal as $1 deposit, does a demo account works for the best interest of the trader or not?

I will clarify; the point of a demo account is to get a feel of forex trading, however it creates the psychological illusion of not caring of any losses/wins and taking enormous risk without having to confront consequences (psychological side).
Short term, a new forex trader won't need to deposit any funds to try trading, however longer term, he/she is most likely to lose his/her first deposit after trading a demo as those are 2 different trading environments.

So why not start with a real account in the first place? A demo account will just make a newbie trader over confident thus causing him to deposit more than what he/she would deposit for testing purposes in the first place. Therefore, I think a demo account is simply disastrous for new traders and is actually achieving the opposite of what it should.
Yes, demo accounts are very important for traders to gain experience before investing real money in the markets. They provide an opportunity to learn about trading strategies and instruments without incurring any risk.
Member Since Jan 27, 2023   19 posts
Feb 21, 2023 at 15:33
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 Aug 19, 2022   44 posts
Feb 22, 2023 at 22:40
Everyone should learn the MT4 program, it's easier to do on a demo account.
Make money with people who know how to make money.
Member Since Mar 03, 2023   15 posts
Mar 03, 2023 at 06:22
It really helps and a great way to gain experience and test out different strategies without risking real money.
Member Since Oct 01, 2022   53 posts
Mar 09, 2023 at 16:48
but as a beginner trader that is really difficult to make sure a long time in a demo account due to lack of trading experience and patience.
Member Since Aug 19, 2022   71 posts
Mar 23, 2023 at 12:39
I believe demo account is necessary for newbies and for those who test their strategies with some new indicators, time trading and so on.
Member Since Jun 26, 2020   327 posts
Mar 26, 2023 at 08:40
right now i am trading in demo , using exotic pairs to see the performance how it works.
Member Since Oct 01, 2022   53 posts
Mar 28, 2023 at 11:54
micro account is little bit expensive but very supportive to acquire live knowledge and experience.
Member Since Apr 18, 2020   54 posts
Mar 28, 2023 at 12:35
A demo account can be useful for individuals who are new to trading. It allows new trader to practice trading in a simulated environment using virtual money, without risking their own capital.
Member Since Mar 28, 2023   2 posts
Mar 29, 2023 at 09:03
Backtesting and demo accounts are essential tools for testing ideas. They help to avoid being part of 90+% who lose their money.
Member Since Oct 01, 2022   53 posts
Mar 29, 2023 at 11:49
right now i am trading in demo , using high leverage to see the performance how it works.
Member Since Aug 19, 2022   44 posts
Mar 30, 2023 at 08:17
Demo account also helps to choose a strategy for trade.
Make money with people who know how to make money.
Member Since Oct 01, 2022   53 posts
Mar 30, 2023 at 11:42
yes in demo it is a best place to test your trading strategy ,really supportive
Sign In / Sign Up to comment
You must be connected to Myfxbook in order to leave a comment
*Commercial use and spam will not be tolerated, and may result in account termination.
Tip: Posting an image/youtube url will automatically embed it in your post!
Tip: Type the @ sign to auto complete a username participating in this discussion.