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Is a demo account really neccassary?

leo23
Oct 08 2022 at 02:06
posts 702
Any beginner trader can first start with a DEMO account to get familiar with the MT4 trading platform. It is not a good idea to jump directly to REAL money account.

Depending on your trading strategy you want to use and starting capital either you can choose a cent LIVE account or continue to trade in a DEMO account until you gain confidence fully before switching to LIVE.

Most importantly if you are trading in DEMO and you can maintain a good pip expectancy per trade like 5 pips per trade or more and you are placing good number of trades weekly and monthly, then you don't need to trade in LIVE account at all. You can just use a trade copier to copy trades from DEMO to LIVE and continue to trade in DEMO account only.

I am telling this after a trading experience of 15 years or more. It is not easy to jump start and start making money consistently as usually newbie traders think. Many times even after years of experience you may fail sometimes during bad markets when your trading strategy may not work and so sticking with DEMO is a very good idea to test your strategy fully before going LIVE and switch back and forth from DEMO to LIVE and vice-versa to survive in forex trading during bad market conditions.
Artificial General Intelligence
Tradelist45
Oct 12 2022 at 03:47
posts 301
instead of demo i right now i am busy with micro account which really supportive to ensure real trading experience.
Mudzero
Oct 12 2022 at 10:30
posts 20
It is the lifeblood of a trader’s life. Demo trading is really helpful to boost your knowledge and give you a practical outlook about the market.
Weatherly
Oct 13 2022 at 06:07
posts 29
There can be two sides to this, some traders are confident enough to pull strong returns because they are familiar with the process. For those who aren’t, demo trading is not completely useless, although traders should not expect the live account to behave in the same manner. While practising on a demo account increases confidence and helps in creating trading strategies, it also doesn’t really prepare the trader for real loss.
CarrotNetwork
Oct 13 2022 at 06:13
posts 25
I don’t think anyone will say that demo account practice is unnecessary for a beginner. Demo trading is like a foundation of learning as you get experience trading and learn without risking real money in the first place. That is where your learning starts and it is better to switch to a live account only after spending enough time on a demo account.
Nomocracy
Oct 20 2022 at 06:56
posts 26
There is always a risk when starting out in forex trading. However, demo accounts can be highly helpful in reducing this risk. Demo accounts allow you to trade without risking real money and also give you the opportunity to test out new strategies before making any real investments.
Imamul
Oct 22 2022 at 09:01
posts 759
davesper
Oct 22 2022 at 17:30
posts 136
I think that for a beginner, such a start of work plays an extremely important role.
Fopdoodle
Oct 25 2022 at 05:30
posts 25
The importance of a Demo account is just that it makes you familiar with the currencies you will trade in the real market and how to create your own trading system. But you don’t need to spend too much of your time on Demo trading if you have a good trading system. It is better to start with small investments in real accounts and learn with real situations.
leon90
Oct 25 2022 at 06:49
posts 40
Nomocracy posted:
There is always a risk when starting out in forex trading. However, demo accounts can be highly helpful in reducing this risk. Demo accounts allow you to trade without risking real money and also give you the opportunity to test out new strategies before making any real investments.
Yes, Demo accounts give us the liberty to chisel our trading skills without losing any real money so one should stick to it until one develops enough confidence to trade on live accounts.
Daniel993
Oct 25 2022 at 19:26
posts 58
For new traders, it is best to begin with a demo account with a small opening balance of $100AUD and go with brokers such as FP Markets that provide educational materials and videos for beginners.
Headmaster
Oct 27 2022 at 06:58
posts 29
Demo trading helped me to build strategies and backtest my trading system. So, yes it is very helpful as going in the live market without a trading system can backfire and lead to losses.
Josse078
Oct 27 2022 at 11:25
posts 29
No, a demo account is not compulsory.
Akasuki
Oct 28 2022 at 12:10
posts 617
There are so many e-books containing the basics of Forex trading and a pile of video tutorials available on Youtube. So, never get dejected if this learning takes time, rather keep patience.
davesper
Oct 30 2022 at 09:38
posts 136
I would still advise you to use such an account for work. I think that for many this will allow them to gain enough experience, and most importantly, without noticeable losses.
HoodedStiff
Oct 31 2022 at 07:15
posts 6
Demo trading is necessary in order to get familiar with the environment of the market and to know the currencies. But demo trading will not really help you in making profits. For that you have to enter the marketplace and then make efforts and mistakes there, in order to learn from them.
Dissolute
Oct 31 2022 at 07:51
posts 16
Yes, it is a must. It opens up the doors of success for a newbie trader. A demo account helps him learn the strategy he would not learn anywhere. It helps him practice trading at its best.
leo23
Oct 31 2022 at 08:41
posts 702
If you consider DEMO account as REAL account, then there should not be any difference if you trade in DEMO or REAL. You need to follow the same rules in REAL account which you follow in DEMO account and if you can't follow the same rules in REAL Account trading, then definitely switch back to DEMO account and continue to trade in DEMO account.

But if you don't have any of your rules for your profitable trading strategy, then just continue with DEMO trading account only until you find a profitable strategy.
Artificial General Intelligence
Pegomancy
Oct 31 2022 at 10:29
posts 16
Actually, demo accounts allow new traders to learn and practice in the real market without putting their own money at risk. I've noticed that the majority of successful forex traders have spent months learning and practising on a demo account. if you really looking for success in forex trading, practising on a demo account is essential.
Keli_3
Nov 01 2022 at 05:11
posts 41
The benefit a demo account is that they allow new traders to become familiar with trading software and get a feel for how the market works.
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