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Is a demo account really neccassary?

ForwardX
Dec 20 2021 at 11:52
25 Posts
Yes, it helps in making aware of the trading environment as well as helps to test the trading strategies before going live.
WimConrad
Dec 20 2021 at 12:00
18 Posts
ForwardX posted:
Yes, it helps in making aware of the trading environment as well as helps to test the trading strategies before going live.
I agree - see demo trading as a trial run without the added pressure of losing money. Your system should be tested thoroughly before going live. The main thing for me is to gain trust in your system, then you eliminate most of your personal inputs that can have a big negative influence on your trading success. I would go so far as to say you need at least a 100 consistent trades, then you do not have to guess about the profitability of your system.
It is also a good way to compare different/new currencies before live trading.
HeavenLeighGill (HeavLeighGill26)
Dec 21 2021 at 16:41
267 Posts
Don't agree with this. Demo accounts are one of the best hands on tools out there and while they may have blind spots in regards to risk management and psychological aspects, they still teach valuable lessons and stop us from incurring losses later on. You can also test your strategy on demo. Why rush into a live account with real money at risk (no matter how little) when you have no idea if you have a good strategy and have no experience? My advice is to trade on demo, hold yourself accountable for wins and losses (for example, reward yourself with dinner at your favorite restaurant for making x amount of profit or make yourself do so many pushups for losses) and research psychological aspects of trading simultaneously so that you go in well-prepared.
skihav
Dec 21 2021 at 18:21
801 Posts
It should be understood that this is really important for success.
LukeRachel
Dec 22 2021 at 02:51
477 Posts
ForwardX posted:
Yes, it helps in making aware of the trading environment as well as helps to test the trading strategies before going live.
It is very important to use a demo account. From here, things get trickier for a trader. So it is important to practice the demo as well as create knowledge.
AliaDare
Dec 22 2021 at 18:47
788 Posts
Basically, it seems to me that a demo account is a platform where you can trade using real charts without any loss. But seriously you have to use this platform.
UweMoench
Dec 24 2021 at 02:09
751 Posts
That called success in Forex doesn't come only by practical learning. We attain success by a combination of both theoretical and practical knowledge of which Demo only guarantees the practical.
Akasuki
Dec 24 2021 at 03:18
515 Posts
As demo account is the replica of real account, we can get all the facilities at demo account, what we can get at real account. Except that we will not get any earning. So we can practice at demo account as much we want.
JensonAckles
Dec 24 2021 at 10:10
23 Posts
As a new trader, it is better to start trading with a demo account with a small opening balance of $100AUD
Imamul
Dec 26 2021 at 10:53
701 Posts
when you will trade in a demo account , this experience will support you when trading in a real account , but there is a difference between demo and live trading result.
LukeRachel
Dec 26 2021 at 13:38
477 Posts
Imamul posted:
when you will trade in a demo account , this experience will support you when trading in a real account , but there is a difference between demo and live trading result.
As a trader, I need to use the demo platform to gain experience or learn from Mistake. It builds the profit potential of every trader.
Akasuki
Jan 09 at 14:41
515 Posts
LukeRachel posted:
Imamul posted:
when you will trade in a demo account , this experience will support you when trading in a real account , but there is a difference between demo and live trading result.
As a trader, I need to use the demo platform to gain experience or learn from Mistake. It builds the profit potential of every trader.
A demo account is essential to familiarize yourself with the basic trading concepts. Demo can also be useful for testing different strategies to determine the percentage of success.
LukeRachel
Jan 10 at 02:11
477 Posts
Akasuki posted:
LukeRachel posted:
Imamul posted:
when you will trade in a demo account , this experience will support you when trading in a real account , but there is a difference between demo and live trading result.
As a trader, I need to use the demo platform to gain experience or learn from Mistake. It builds the profit potential of every trader.
A demo account is essential to familiarize yourself with the basic trading concepts. Demo can also be useful for testing different strategies to determine the percentage of success.
Of course, the Demo Platform is the best site to develop a trading strategy. Where knowledge can be developed like live trading.
RobSchiz
Jan 11 at 05:52
567 Posts
JensonAckles posted:
As a new trader, it is better to start trading with a demo account with a small opening balance of $100AUD
A demo is the best place for practicing as a newbie.
Felhagamand
Jan 11 at 18:56
29 Posts
I tend to suppose that it's necessary for those ones, who want to be a careful trader. If you understand that you can't take risks on yourself, then perhaps you have to start from demo trading. In this case you will be able to get acquainted with the whole system and understand whether this activity is suitable for your temper or not. If you have already understood that it's your activity, you can start from a real account but from the small volumes. I mean deposit of course. You can deposit 10% from the total amount of money which you allocated for trading and try to look at the graphics and make an analysis.
Imamul
Jan 13 at 10:32
701 Posts
demo is really important there is no way to ignore but i have seen most of the traders above all the beginners level dont believe the importance of this trading place at all.
SteveHanks
Jan 13 at 19:53
536 Posts
Imamul posted:
demo is really important there is no way to ignore but i have seen most of the traders above all the beginners level dont believe the importance of this trading place at all.
A demo is the best place to learn the trading.
Tradelist45
Jan 14 at 06:59
243 Posts
you can trade in a demo account , its good but sometimes its more important to trade in a micro account to ensure live trading knowledge and experience.
TraderIvana
Jan 14 at 10:19
34 Posts
Demo account is useful to learn the basics. Like how trades are placed, how strategies are backtested etc. but it will not teach you how to control your emotions. This can be learnt via live trading only.
forextrader777
Jan 14 at 10:54
128 Posts
Yeah, emotional management can be learnt by trading on a real account. Micro account is advisable to start with.
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