Rating: Full Star Full Star Full Star Full Star Full Star
Is demo trading enough before real account?
Previous 1 2 3 4 5 .. 22 Next
Antonis94

Member Since Dec 29, 2015  10 posts Don Pablo (Antonis94) Jan 04 2016 at 09:00
Hello everyone,i have been trading in a demo account for a couple of days and im thinking of opening a live account,anyone able to suggest anything that would boost up my confidence or help me in general regards trading?

snapdragon1970

Member Since Sep 12, 2015  1943 posts kieran (snapdragon1970) Jan 04 2016 at 14:35
Antonis94 posted:
Hello everyone,i have been trading in a demo account for a couple of days and im thinking of opening a live account,anyone able to suggest anything that would boost up my confidence or help me in general regards trading?


Yeah read all my posts.

"They mistook leverage with genius".
mlawson71

Member Since Dec 11, 2015  1487 posts mlawson71 Jan 05 2016 at 15:29
Antonis94 posted:
Hello everyone,i have been trading in a demo account for a couple of days and im thinking of opening a live account,anyone able to suggest anything that would boost up my confidence or help me in general regards trading?


First of all, I wouldn't recommend opening a live account this quickly after you just started. The main thing that can boost your confidence is your own knowledge and experience, and those take time.

snapdragon1970

Member Since Sep 12, 2015  1943 posts kieran (snapdragon1970) Jan 05 2016 at 16:38
Antonis94 posted:
Hello everyone,i have been trading in a demo account for a couple of days and im thinking of opening a live account,anyone able to suggest anything that would boost up my confidence or help me in general regards trading?


Get professional training,before you go near live trading or you will get chopped up.

"They mistook leverage with genius".
garyryan

Member Since Jan 06, 2016  3 posts Graham (garyryan) Jan 06 2016 at 14:53 (edited Jan 06 2016 at 14:57 )
lucie_fxtrader posted:
Hi all,

As a new trader I am trying to develop strategies in demo accounts before registering for real accounts. Is this enough though for me to be ready to enter the real markets?

Thank you!


Hi Lucie,

I'd say your best bet is to find a broker who offer free funded live accounts for you to practice on. You get to experience the psychological aspects of trading real money, without losing your own.

XM offer free $20 account
SpearFX offer free $30
Silicon Markets offer free $100 account
Tradeo offer free $25

I'm sure there's more about

rob559

Member Since Feb 11, 2011  1916 posts rob559 Jan 06 2016 at 15:38 (edited Jan 06 2016 at 15:47 )
LorraineP posted:
I would not recommend you open an account with real money until you can double the money in your demo account.
If your strategy is not good enough to do that, then what is the point in putting in real money?


excellent remark,i would add to this ,until you can double a live 100$ because live is the real deal for feeling the market

btw your cci histogram is a great indicator

lucie_fxtrader

Member Since Dec 28, 2015  14 posts lucie_fxtrader Jan 07 2016 at 10:54
garyryan posted:
lucie_fxtrader posted:
Hi all,

As a new trader I am trying to develop strategies in demo accounts before registering for real accounts. Is this enough though for me to be ready to enter the real markets?

Thank you!


Hi Lucie,

I'd say your best bet is to find a broker who offer free funded live accounts for you to practice on. You get to experience the psychological aspects of trading real money, without losing your own.

XM offer free $20 account
SpearFX offer free $30
Silicon Markets offer free $100 account
Tradeo offer free $25

I'm sure there's more about


Thank you so much for this info, I will look into into!

lucie_fxtrader

Member Since Dec 28, 2015  14 posts lucie_fxtrader Jan 07 2016 at 10:55
Antonis94 posted:
Hello everyone,i have been trading in a demo account for a couple of days and im thinking of opening a live account,anyone able to suggest anything that would boost up my confidence or help me in general regards trading?


Hi Antonis,

Im glad to see another newbie here, hope the answers of this thread help you as well!

lucie_fxtrader

Member Since Dec 28, 2015  14 posts lucie_fxtrader Jan 07 2016 at 10:55
snapdragon1970 posted:
Hi Lucie,

I would advise people to get professional training if they can,before they enter live markets.Demo is fine to test different strategies.One way to prepare you for live markets is to work with a small amount of cash in your demo,say 5000 or less,this way you will be more careful with how your trading and you will feel a bit of pressure to protect it.



Be lucky!


Hi Kieran!

Thank you for all your help. I agree with you, it would be a different feeling to have real money in an account and think through before opening positions. I think I will start with a small real account next week.

lucie_fxtrader

Member Since Dec 28, 2015  14 posts lucie_fxtrader Jan 07 2016 at 10:55
kricka posted:

Demo accounts are for the purpose of learning the platform and for testing strategies and to give new traders experience.

Will it give the trader any proof of how good of a trader he is? No, only a real live account will, as there are so many other aspects coming into the picture when trading live. Just to name a few: the emotional aspect of knowing that real money is at stake, to not overtrade when making mistakes, to have risk management in place on both individual positions and on the trading account as well.

Some info can be read at RMMRobot.com about risk management which should be regarded as a #1 priority to be informed about before trading on a live account. There are so much money to be saved especially for new traders decided to go live after practicing demo trading for a few months, to be be well informed on this subject.

When it comes to the size of the trading account in a live trading environment, for a new trader I would suggest $500 because this will be enough to have proper money management without being underfunded, if the stakes are 0.01 lots or 1000 in volume per position.


Hi Kricka,

Thank you for the information, I have read about risk and money management , hopefully I can succeed in practice. I think I will start off with a small amount of 500 while practicing on the demo at the same time.

Previous 1 2 3 4 5 .. 22 Next
Loading
Loading
EURUSD 1.1619 GBPUSD 1.2751
USDJPY 105.481 USDCAD 1.33801

Tools

Community

Reviews

Brokers

Platform

Support


Twitter |  Facebook |  Site Map  |  Terms  |   Privacy Policy
©2020 Myfxbook Ltd. All Rights Reserved.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors. Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance. You could lose some or all of your initial investment; do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions. Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice. Past performance is not indicative of future results.