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Is a demo account really neccassary?
Jan 31, 2023からメンバー
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Feb 06 at 09:52
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Practice and learning: demo accounts provide a risk-free environment for traders to practice their skills, test out new strategies, and learn about the markets.
Experience: demo accounts can help traders gain experience in executing trades, managing risk, and navigating different market conditions.
Confidence building: by successfully executing trades and making profits on a demo account, traders can build confidence in their abilities and approach the real market with more assurance.
Experience: demo accounts can help traders gain experience in executing trades, managing risk, and navigating different market conditions.
Confidence building: by successfully executing trades and making profits on a demo account, traders can build confidence in their abilities and approach the real market with more assurance.
dom perignon
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Feb 10 at 13:26
Feb 10, 2023からメンバー
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James_Bond posted:Yes, demo accounts are very important for traders to gain experience before investing real money in the markets. They provide an opportunity to learn about trading strategies and instruments without incurring any risk.
What do you think? Nowadays, when you can open an account with as minimal as $1 deposit, does a demo account works for the best interest of the trader or not?
I will clarify; the point of a demo account is to get a feel of forex trading, however it creates the psychological illusion of not caring of any losses/wins and taking enormous risk without having to confront consequences (psychological side).
Short term, a new forex trader won't need to deposit any funds to try trading, however longer term, he/she is most likely to lose his/her first deposit after trading a demo as those are 2 different trading environments.
So why not start with a real account in the first place? A demo account will just make a newbie trader over confident thus causing him to deposit more than what he/she would deposit for testing purposes in the first place. Therefore, I think a demo account is simply disastrous for new traders and is actually achieving the opposite of what it should.
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