Demo can not make you well experienced

Mitchelmarss posted:
For learning forex, demo accounts are the best option you have. You can test any strategy on your demo account to find if it works for you.

Especially new traders are most need demo account. However, trader lack emotion in demo trading.

A demo account needs a leash in order to get an initial idea of what trading is. Understand the capabilities of the trading platform. And real knowledge and experience can only be gained by trading real money.

UweMoench posted:
Demo can not make you well experienced. No matter how much profit you make with demo. The real test begins when you start to trade with real money. When you trade with real money you get emotionally attached to it. When we are attached to anything, we tend to make mistakes. Demo can only help you to know the trading platform and test your strategy.

There are a couple of points which need to be taken care of when you are trading on demo.

1. Demo Helps you to practice basics.
2. Demo lets your learn without the fear of losing
3. Execution time in demo is much better in comparison to live (be it any broker, the execution time in live and demo will always vary.)

If you trade on demo with the above mentioned points in your mind, you will realize that one can clearly not call themselves a good trader and gain 100% confidence on live trading.

Firstly, in the live account your capital is always at risk so you would need to be very careful and place trades after proper analysis as their is hardly any scope for luck (which we generally get on demo when we just randomly place any trade :P)

Secondly, you might not get the best or instant price while live trading, the execution time might overlook your entry price and chop your profits.

Thus, its a fact that demo cannot make you a pro but it can surely help you to start to become a pro.

SofieAndreasen posted:

Mitchelmarss posted:
For learning forex, demo accounts are the best option you have. You can test any strategy on your demo account to find if it works for you.

Especially new traders are most need demo account. However, trader lack emotion in demo trading.

That is the only issue with demo accounts: lack of emotions.

I suppose demo accounts are equally important for experienced traders too, for testing new strategies. It is the only way to evolve as a trader.

If demo account environment is similar to live one like I found with exness and fxview then they are only good.

My demo account helped me a lot. Because this was my first acquaintance with trading. If I didn't have a demo account, I would lose my money very quickly. So it was very useful to me.

Any recommendations. Would be nice if you would have personally used them. Thanks.

You can try XM or Fxview, both offer 0 spreads on ECN.

shaunmarsh posted:
If demo account environment is similar to live one like I found with exness and fxview then they are only good.

I think almost all broker provide live price action in demo account.

The demo account helps beginner traders to practice and prepare an idea about how the live trading will be, but only by trading in demo one cannot be profitable in forex.

The demo is to understand how the live market works, so risking a bit in live trading will help in improving skills and strategies.

I have a few demo accounts with my broker, a demo account for me is essential, this is my first rule of thumb, before I place any trades, once I get a signal from either my daily chart or 4hr, I open a small position on my demo account first to test if I am wright or wrong, I watch the market if the test makes money I place my trades, that is how I use a demo account. I am a position trader always looking for medium trends. 😎

We always advised by the senior traders and experts just for learning. but I think we the newcomers have to practice trading besides learning process. Demo account is more appropriate for them and as a learning Process newcomers can depend on Pips School.

shaunmarsh posted:
If demo account environment is similar to live one like I found with exness and fxview then they are only good.

Aren’t the spreads in fxview’s demo always 0? In live ecn they are not fixed at 0

A demo account is a must-have for learning to trade. It is needed to get the first trading experience, to get acquainted with trading instruments. It also has the ability to test new systems or trading methods without loss.

Markwoods posted:

shaunmarsh posted:
If demo account environment is similar to live one like I found with exness and fxview then they are only good.

Aren’t the spreads in fxview’s demo always 0? In live ecn they are not fixed at 0

That was not the case when I was trading on their demo account. And with live account of fxview the spreads are always low. I have other accounts also and on comparison I have come to this conclusion.

Demo can help you to know about platform and trading. You can avoid simple mistake from demo practice. However, to become well experienced, you need live trading.

joeyallen posted:
I have a few demo accounts with my broker, a demo account for me is essential, this is my first rule of thumb, before I place any trades, once I get a signal from either my daily chart or 4hr, I open a small position on my demo account first to test if I am wright or wrong, I watch the market if the test makes money I place my trades, that is how I use a demo account. I am a position trader always looking for medium trends. 😎

Right decision. On the other hand, demo account helps you to test brokers’ quality.

A demo is the best option to learn forex.