Demo trading

There are two kinds of traders, those that use demo and learn how to trade, and those that start on a live account and expect to be millionaires at the end of the week . Which ones do you think are more likely to make any money!!! Demo is critical as is discipline

I am on demo and plan on staying there for a while lol. how long do you guys recommend?

i would say for as long as you need to/feel confident/make consistent profits. i sometimes go back to demos even though i live trade. sometimes if i want to try a new broker or new instruments i go back to demo for a bit. if it is any consolation, i was on demo only for over a year before i switched to live trading.

best of luck!

Amadi posted:
There are two kinds of traders, those that use demo and learn how to trade, and those that start on a live account and expect to be millionaires at the end of the week . Which ones do you think are more likely to make any money!!! Demo is critical as is discipline

Is that a trick question?😁
Obviously, the guy on the live account has more chances to make money. The guy on the demo account will never make any money because demo money is not acceptable anywhere, it is not a currency, for your information you cannot even cash it. You better wake up and smell the coffee and go live. Another option start your own cryptocurrency and name it demo money, it may work. 😁
Once, I saw a guy at the bank with a stack of Canadian Tire money trying to redeem it. Unfortunately, the teller had to tell him the truth and snap him out of coma. Embarrassing.

I sometimes go back to demo. If I make changes to a strategy or try out a new one then I will demo trade it for a few months. Sometimes it works sometimes it doesn't but it is safer to fail on demo than on live account

just paranoid... i am successful on demo that i think somebody's cashing in on the live side... (ugh!)

AdamCantor posted:
i would say for as long as you need to/feel confident/make consistent profits. i sometimes go back to demos even though i live trade. sometimes if i want to try a new broker or new instruments i go back to demo for a bit. if it is any consolation, i was on demo only for over a year before i switched to live trading.

best of luck!

Totally agree here

bdelam posted:
just paranoid... i am successful on demo that i think somebody's cashing in on the live side... (ugh!)

that shouldn't be the case because a demo of a broker should reflect their trading conditions (spread/leverage/trade commission charges)

the one thing a demo can't really show is things like slippage, which of course you could get on a live account.

best of luck, and keep going! If need be, go back to demo for a bit, or maybe try a few other broker's demos and see how you go :) maybe you need a different set of trading conditions.

Amadi posted:
There are two kinds of traders, those that use demo and learn how to trade, and those that start on a live account and expect to be millionaires at the end of the week . Which ones do you think are more likely to make any money!!! Demo is critical as is discipline

Demo trading is good for testing your new strategy, getting familiar with an EA or a platform and just get a feel for trading.. even though it's results not comparable to live trading. But I think as a beginner, you shouldn't be on demo too long, it will mess up your psychology.

practice on demo , from here i can see all my strategies performance . this always supports me to avoid unfortunate losses and risk.

tracydavison posted:
I am on demo and plan on staying there for a while lol. how long do you guys recommend?

Everyone is different so just when you feel you are ready to make consistent profits

dWaverFX posted:

Amadi posted:
There are two kinds of traders, those that use demo and learn how to trade, and those that start on a live account and expect to be millionaires at the end of the week . Which ones do you think are more likely to make any money!!! Demo is critical as is discipline

Is that a trick question?😁
Obviously, the guy on the live account has more chances to make money. The guy on the demo account will never make any money because demo money is not acceptable anywhere, it is not a currency, for your information you cannot even cash it. You better wake up and smell the coffee and go live. Another option start your own cryptocurrency and name it demo money, it may work. 😁
Once, I saw a guy at the bank with a stack of Canadian Tire money trying to redeem it. Unfortunately, the teller had to tell him the truth and snap him out of coma. Embarrassing.

hahaha well said

Amadi posted:
There are two kinds of traders, those that use demo and learn how to trade, and those that start on a live account and expect to be millionaires at the end of the week . Which ones do you think are more likely to make any money!!! Demo is critical as is discipline

Haha very true

ScottyCarsonMVP posted:

dWaverFX posted:

Amadi posted:
There are two kinds of traders, those that use demo and learn how to trade, and those that start on a live account and expect to be millionaires at the end of the week . Which ones do you think are more likely to make any money!!! Demo is critical as is discipline

Is that a trick question?😁
Obviously, the guy on the live account has more chances to make money. The guy on the demo account will never make any money because demo money is not acceptable anywhere, it is not a currency, for your information you cannot even cash it. You better wake up and smell the coffee and go live. Another option start your own cryptocurrency and name it demo money, it may work. 😁
Once, I saw a guy at the bank with a stack of Canadian Tire money trying to redeem it. Unfortunately, the teller had to tell him the truth and snap him out of coma. Embarrassing.

hahaha well said

 
this is so true. demos are there for a very good reason. I myself used a demos only for well over a year before i even considered which broker i wanted for a live account. and i am glad i took the time and dedication, else i would have been in a bad way for sure.

AdrianG posted:
While using the demo account, you would be doing a lot of trades and learning many things about the forex trading. You need to keep a record of all your trades as well as note down all the reasons behind them. You should also make notes on the fundamentals and technical analysis. This practice will help you understand how good your strategy is; identify your mistakes and weaknesses etc.

Regards,
Adrian Gates

.

Nice one. I agree. Similar to my Techqiue

As a master place to practice Forex trading in a proper way there is no alternative way to trade demo account. But practically we don’t believe the importance of this trading place especially the beginners. As a result we are becoming loser due to lack of exact market principle.

Mohammadi posted:
The demo account is really important for all kinds of traders in particularly the newcomers. in my trading career, after passing a long time I still depend on demo account for some inevitable reason, I use all my trading strategies first of all in demo account to see the performance how it works. this approach always helps me for avoid risk in live account when trading practically. What is your experience in demo ?

Good experience. I think the same way. Every new strategy or etc MUST be tried on demo first.

Mohammadi posted:
The demo account is really important for all kinds of traders in particularly the newcomers. in my trading career, after passing a long time I still depend on demo account for some inevitable reason, I use all my trading strategies first of all in demo account to see the performance how it works. this approach always helps me for avoid risk in live account when trading practically. What is your experience in demo ?

That`s a solid advice. Same here.

Unless you don't like money, every strategy should be thoroughly tested in demo mode