Well, it is also a factor that people are usually afraid to lose their money in the beginning so they kind of choose to trade on demos which works for them. Even if they blow a few accounts, they can earn some experience without losing money.
Justin990 posted: Not everyone is a genius when entering into forex. The demo account was made not just for beginner and newbies but also for experienced traders to try out their new strategies without taking any risk.
Some gain knowledge about live forex just be theory, but most first time users would understand only when trading with a similar live account, and no one would want to risk their money without having practice which is why a demo account is useful.
I don't appreciate your thought. Demo trading isn't a solution to gain real knowledge and experience. It'll increase the gap between physical and non-physical trade. If you want to test the real taste then I will of course recommend Live trading only. One more thing, demo trading will kill your spirit where live trading doesn't.
I know there are so many traders who don't want to trade themselves instead prefer to follow someone's strategy. ForexCopier is for those who want a minimum profit ratio under veteran traders. It provides copy trading and multi-services where you can repeat the success of profitable accounts/copy trade EA.
street_pips posted: Most traders on forums advise new traders to start on a demo account.
I don't think this is good advice. Where is the respect for money on a demo?
Let's see why.
The most important aspect of trading is knowledge. Has anyone seen that movie 'the chronicles of narnia the lion the witch and the wardrobe'? If you haven't go see it, there is a part where the boy finds treasure and can't contain himself and becomes a slave to money (gold). If you trade on a demo and have not learned the essence of trading, you will become a slave to a demo. Then your nervous system gets linked to an emotional connection to a demo. If you lose a trade you go back to a demo, if you win, you go to a live. But live only there is no where to go except live and face reality. It's made clear of bad behavior by Pavolv's experiment. Demo creates negative feed back loops. Then how would you learn? Get a real mentor, you don't even know how good you might be, we could be talking about a potential multi-million dollar trader, I mean you, but you gotta get polished. This advice is only for people that see themselves as making it big in trading.
I believe in 'FEAR' , 'PLEASURE', and 'REVENGE'. You do not feel these emotions on a demo, If the market has an interest rate decision you will be nervous in real life, if the market stole your Stop/Loss get revenge and take that money back, revenge trades are ok, and fine and moral. When you make 3pips it's pleasure, when you make 30pips it's pleasure, when you make 300pips in a day, it's pleasure. My first trade in the New York Stock Exchange was a magical moment, it was a silver mining stock that I bought for something like $5.35 a share then it went up to $25 per share in less than a month.
Do you think I would tell you this if it was on a demo? Demo is for some people but fast acting, insightful, mathematical people it may not be. This is a list of what you need in order to be successful. It's in order of importance. 1) Lump sum or income source 2) Personal Income behavior under control. 3) Personal 1-on-1 Access to a trading mentor that understands your style and behavior with money. 4) Action.
You notice how no one talks like this but 90% of traders fail? This is why, no one talks about the most important stuff, which is a mentor and personal income behavior. Did you notice I didn't say 'personal finances'? Finances are loans income is fiat. Sometimes I don't talk because I know a lot of people don't understand then get upset, that's why I don't post here much only years at a time, but maybe I'll change. Get a mentor, if you can't find one learn about sales and persuasion, then persuade them, what is it worth?
Demo port ... My opinion is
1.People who start trading for the first time, who never tried to trade manually before.
2. Used to practice opening and closing orders (buy or sell).
Not suitable for
1. People who think that pressing orders to buy or sell between trading demo port and real money port is the same. - The bar graph and its run up-down will look different. - Your heart (Bravery) to press the orders when using the real money portfolios will be different with the demo port. --------> 'FEAR' , 'PLEASURE', and 'REVENGE'. You do not feel these emotions on a demo.
2. The narcissist, you think ' you can often make profits in the demo portfolio will be able to profit in the real portfolio as well.' - If you open lot over trad on demo port be careful, if you do the same that in your real port will explode easily (lost all money).
So what do you have to do to trade in the real money portfolio?
1. Prepare to lose that money but it must be worthwhile. - Find a broker that can open a portfolio USD (Cent), you can increase your capital from 50 USD to 5,000 USD (Cent). - Practice trading, start trading by pressing the order lot 0.01, not more. - If you want to open another order, just press lot 0.01 only
2. If you practice and can keep your initial capital from wasting in the first 3 months. Gradually increase the lot to 0.02
Piplaws posted: Well, it is also a factor that people are usually afraid to lose their money in the beginning so they kind of choose to trade on demos which works for them. Even if they blow a few accounts, they can earn some experience without losing money.
Yes. A demo is the best option to learn forex without any risks.
ADVERTENCIA DE ALTO RIESGO: El comercio de divisas implica un alto nivel de riesgo que puede no ser adecuado para todos los inversores.
El efecto de apalancamiento crea un riesgo adicional y una exposición a las pérdidas. Antes de decidirse a operar con divisas, considere cuidadosamente sus objetivos de inversión, su nivel de experiencia y su tolerancia al riesgo.
Podría perder una parte o la totalidad de su inversión inicial. No invierta dinero que no puede permitirse perder. Infórmese sobre los riesgos asociados al trading de divisas y pida consejo a un asesor financiero o fiscal independiente si tiene alguna duda.
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