Is demo trading enough before real account?

I want to agree with most of what has been said above.
Demo trading is important and useful for beginners and is very close to the real, except that you are demo trading does not run the risk.

my advise is you can using real mini account and small lotsn ex 0.01, because our psychologist will be different in demo and real.. the important in trade is our psychologist conditions. check my portfolio that real mini account.

bonobali posted:
my advise is you can using real mini account and small lotsn ex 0.01, because our psychologist will be different in demo and real.. the important in trade is our psychologist conditions. check my portfolio that real mini account.

I think no matter what is your portfolio, psychology aspect is important 😄

as for me, the only difference in them is the fact that in one, you risk losing everything, but not in others

YaelGoldwasser posted:
as for me, the only difference in them is the fact that in one, you risk losing everything, but not in others

But what about the way you feel when trading live or using demo? I mean the psychology stuff.

CarlosMZ posted:

YaelGoldwasser posted:
as for me, the only difference in them is the fact that in one, you risk losing everything, but not in others

But what about the way you feel when trading live or using demo? I mean the psychology stuff.

Good question Carlos. I think psychology should not be ignored for sure.

mlawson71 posted:

Madjarrah posted:

mlawson71 posted:
In my experience sometimes the demo account expires automatically after a set period of time regardless of how actively one trades, so you have to call the broker and to ask them to turn off that setting.

I think that here we traders must understand brokers. By many brokers nothing prevents from constant creating of host of accounts and I think many of us just leave them without using. As the result, as far as I see it, demo servers are overfilled with unnecessary garbage

I am aware of that, I wasn't criticising brokers for doing it. I just wanted to say what I do to make sure my demo account doesn't get closed.

BTW, I think it would be much cleverer of brokers and much more convenient for traders if a broker sets some automatic counter that would count not from creation date, but from last open/close trade date. That would ease our lives greatly

Madjarrah posted:
BTW, I think it would be much cleverer of brokers and much more convenient for traders if a broker sets some automatic counter that would count not from creation date, but from last open/close trade date. That would ease our lives greatly

I cannot agree more on this! It seems the fairest option as you will be able to use the demo as long as you actually need it, without necessity of constant account reopening. Very good point! 😄

Madjarrah posted:

BTW, I think it would be much cleverer of brokers and much more convenient for traders if a broker sets some automatic counter that would count not from creation date, but from last open/close trade date. That would ease our lives greatly

I wonder why many of them don't do that, great idea!

Lesterkobi posted:

Madjarrah posted:

BTW, I think it would be much cleverer of brokers and much more convenient for traders if a broker sets some automatic counter that would count not from creation date, but from last open/close trade date. That would ease our lives greatly

I wonder why many of them don't do that, great idea!

@Lesterkobi
Simply because it means some work and maintenance for them.

Imagine you got new car for free before you buy it. Would you request it for unlimited time :)?

@togr Yes I surely would, but I don't really understand such comparison you provided. But platform working, quote flow, support services, movements on trading accounts - all this is some work and maintenance for brokers. I don't really think that doing such option of closing demo account from definite open or close date is something special, and I am completely sure that it can be done automated. Do you think broker employees really like digging out of requests asking for prolonging or reopening demo accounts instead? 😉

As for me, that is a bit strange question - 'Is demo account enough before real trading?' If you ask me this, I will ask the counterquestion: Do I have another choice? If you are a total newbie, demo accounts are a must. But this is the only stage before real one, leave alone those who learn from live straight away

Demo expiration conditions are all a matter of user experience and usability of broker platform for testing. I also think it is a good idea to have some rule for inactivity. It can be applied by any broker that tries to serve well its clients.

huseinn posted:
Yes, it is a need for adaptation and learning for beginners, before the real big step. The real trade.

How long did it take you to make this big step? Did you feel fully prepared when you did the first real trade?

Good points about the demo expiration rules. Could be beneficial for everyone 😄 When it comes to demo - yes, it is enough as long as you practiced enough what you have learned.

Demo account helps you to apply all those concepts that you have understand theoretically. However, you must only go for live trading after building desired amount of confidence. Before going live, you can also try social trading platforms where you can copy the trades of the experts onto your account and can learn from their trades. Demo trading helps you to get familiar with the ever changing concept of market. And always start with small amount of real account initially.

jackwilliams posted:
Before going live, you can also try social trading platforms where you can copy the trades of the experts onto your account and can learn from their trades.

Interesting point, about the copy trading. Haven't thought of this aspect earlier 😄

As we all see and seem to agree, demo account can be used for multiple purposes for risk free experience. I wouldn't call it a 'trading experience' though 😄

Lesterkobi posted:
@togr Yes I surely would, but I don't really understand such comparison you provided. But platform working, quote flow, support services, movements on trading accounts - all this is some work and maintenance for brokers. I don't really think that doing such option of closing demo account from definite open or close date is something special, and I am completely sure that it can be done automated. Do you think broker employees really like digging out of requests asking for prolonging or reopening demo accounts instead? 😉

For unlimited account you spend your resources keeping the trades history, and also you would have to keep much more such accounts. I am not talking about employees salaries but resources needed for that. That could be also some fees for greed crapquotes in game.