for a beginner, please demo for at list six months. My best advice for a beginner is to learn how to trade, take your time and develop a good trading system that suits your trading style, work on it to perfection and look for a mentor who is good in forex to guide you towards achieving success before investing your money.
Demo until you feel your system works but six months is a long time. Invest $50 dollar in a trading account and try to double it. Once it's blown, start another until you double it. If you can't change $50 to $100, then adding more money is just going to stress you out more. Starting with a small account allows you to work on your emotions but also gives you opportunity to control you losers, secure profit and control risk. At the end of the day, this is a business so becoming a professional is the end goal so the faster you put a little skin in the game you'll know if your in the right business.
Those people who do not believe in a demo account and its important are just looking for trouble. They cause their very own downfall. A demo account is a ver good training ground for those who are still trying to figure out how things work out on forex trading. There have been some speculations of a demo account not being the same as the real deal trading. Do you guys have any experince like this? Demo accounts make trading seem easy untill you go live then things are just so hard. Some traders complain about this. I need confirmation if it is true. Any ideas.
Everything is always about beginners and demo accounts. The beginnersshould have knowmn this by now. Why would they be offered a demo account first before they go live. Anyone who skips the demo account has themself to blame. Only skip a demo account if you have switched to another plaftform which is not recommendable. You cannot just be a good trader without practice.
Duzragore posted: Are you being able to understand what is going on here? Demo is mainly for getting around the whole Forex system and maybe a bit more things to drive you into the life or real account anyway. So please make it possible when you will be free.
We can start Forex in a proper way, if we want to be a professional. Babypips School is the first choice of learning and besides this demo account must which is mainly considered the foremost place to acquire real basic knowledge which is very supportive to kick off a live account in a proper way.
The only issue with demo trading and why all brokers offer BIG accounts t is they lull you into a false sense! i treated my demo account like a live account and traded with the actual same amount i was going to deposit on a live account.. Whats the point of having a $10,000 or $25,000 demo accuont if you only have the funds to start with $500.etc.this is why most blow there small live accounts straight away as trading with a big demo account and using bigger lot sizes etc you get beginners luck and over confidence...Anyone can win with time on a big demo account as its mentally different , believe me there is no way you will trade your hard earned $500 or even $1000 like your big demo account ! . BUT this is why brokers offer this so you get overconfident get some big lucky newbie wins on demo and then go WOW Forex is easy i am gonna kill it and then lay down your REAL money...but once you realise the wins etc cant be as big, you over reach and over leaverage to try and match what you did you your demo..Next min boom your $500 is blown and you go again! its all rigged against you so be careful people is what i say... as someone said above better to leanr with a small live account! `
Traditionally, many traders start with demo trading because it is a safer and more convenient way to learn how to trade from the inside. But still, do not dwell on it too long, I think that the best option is a combination of demo and real trading, for a start with small amounts of course.
Roberto21 posted: Learning is the foremost ways to keep survive in this volatile trading place in a proper way. But sorry to say maximum traders who are particularly newcomers try to make money from here without learning. As a result they become loser when trading practically. It would be great if we choose the broker which always ensures best trading environment for learning this trading place by providing exclusive educational facilities.
Very true. Learning is just one of the best and most reliable way in understanding and performing forex trading.
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