How long on a demo account

How long did you spend on a demo account before going into real trading?

I've been trading 3 weeks on demo accounts. It's 2 different accounts because I started a new one to replicate exactly what my real account will be, the other is now a mess about account to play with.

I've got 3 consecutive profitable weeks totalling about 16% with 6% dd. I'm keen to get started, but still making to odd silly mistake. How does my record sound to people who are experienced?

About a year ,then a small live account for further testing.
My advice is close the mess about account, focus on the one that matters
It's too soon to say how it will go ,need a longer time frame to evaluate

A year? Wow, that's a lot longer than I thought. I know I need longer to refine things and stop the stupid losses I keep making. I was thinking more like 3 months of continual profit combined with an improved win/loss ratio and I'd take the plunge.

It depends how much free time you have ,without any professional help that's about how long it takes to build good habits ,even if you can make those losses smaller it would make a good improvement,just be more selective of entry point.

It is better to trade with a cent or micro account.Real money trading is different from demo trading because of human get emotional when there is money involved and trading psychology will change.

I am still on a demo account since the beginning of february, but i am thinking about to start a real account.

LongVision posted:
It is better to trade with a cent or micro account.Real money trading is different from demo trading because of human get emotional when there is money involved and trading psychology will change.

I understand what you're saying. Although I'm hoping to avoid that situation because once I start the account, I am going to try and behave like that money is gone and react as if I am with a demo account. We will see how that works, but I think I have the right personality to do that. I think a cents account wouldn't really work for me, because the losses and gains would be too small vs what I earn in my real career to actually have an emotional response to it.

chesterjohn posted:
How long did you spend on a demo account before going into real trading?

I've been trading 3 weeks on demo accounts. It's 2 different accounts because I started a new one to replicate exactly what my real account will be, the other is now a mess about account to play with.

I've got 3 consecutive profitable weeks totalling about 16% with 6% dd. I'm keen to get started, but still making to odd silly mistake. How does my record sound to people who are experienced?

Typically demo trading starts once you have completed backtesting and has some form of trading rules or plan. Then forward test to verify if the results correlate with your backtested results and then you fine tune it further.

I have put together a 10/20/30 Rule which I have crafted for anyone to build a robust strategy quickly. PM if you want a free copy of my ebook on 10/20/30 Rule.

The demo account should be practiced even after opening a real account. Especially when the functionality of the strategies is checked.

Demo accounts are for learning the platform, testing/backtesting, looking at charts to come up with ideas, nothing more.

Setup, your live account after you finish this 4th or 5th week, Get Everything exactly how you want it on your platform utilizing a demo AND than sign into your live account.

Trade the smallest size depending on your system, example; if you use multiple parcel close levels you could trade at .03 lots and close accordingly.

Nobody can on the web can tell you when you should go live.

What can be said is this;

You will never learn if you can trade on a demo account.

You have to focus on your system rules not the win/loss or profit statement. ( Take screen shots of every trade, and notes of every trade.... search for 'TradeNote' or 'add complex notes to Metatrader 4' one of those is free the other a few bucks, best thing I ever added to MT4, if that's what you use.

Your Notes and screen shots should confirm you are taking trades PER YOUR PLAN!!!!!!

The Goal of your trading is to take All the trades All the time Per Your Plan, NOT TO MAKE MONEY!!!! The OUTCOME of following your Plan is Money.

Do not chase system after system, or buy into all the snake oil salesman trying to sale you the next great thing or convince you your mentally imbalanced and need their 3000$ course to get your head straight, what BS.

Your going to have Losers that's part of the game, trading small and building up your size is how you stay in the game for the long haul.

This is a marathon not a sprint!

chesterjohn posted:

LongVision posted:
It is better to trade with a cent or micro account.Real money trading is different from demo trading because of human get emotional when there is money involved and trading psychology will change.

I understand what you're saying. Although I'm hoping to avoid that situation because once I start the account, I am going to try and behave like that money is gone and react as if I am with a demo account. We will see how that works, but I think I have the right personality to do that. I think a cents account wouldn't really work for me, because the losses and gains would be too small vs what I earn in my real career to actually have an emotional response to it.

Live account will certainly test your personality to its limits, that's why it is good advice to start small till you understand your reactions to losses and wins, only trade live with what you can afford to lose while improving,at the same time it has to be worth the effort ,sticking to your Plan is paramount.

Demo account can be used for testing your new trategy. So, to improve your trading you need trade demo constantly

Gorh posted:
Demo account can be used for testing your new trategy. So, to improve your trading you need trade demo constantly

I agree on principle, but I think the original question refers to the period one trades on a demo for training purposes.

Till the time you don't feel confident for trading on live account.

It really depends on how long you take to learn the essential aspects of trade. Some people might get off to a flying start whereas others may require more time to absorb what's going on. Once you get a hang of it and start earning good profits through demo money you can switch over to live account. But take your time because if you are not doing good on the demo account it won't be a very good decision to risk real money by trading on live account.

I've been on this demo account for almost 2 weeks, do you think i'm ready to go live on a small account?
https://www.myfxbook.com/members/noxesu/1k-10k/2555000

The link s not working, could you repost it? Thanks:)

TiffanyK posted:
The link s not working, could you repost it? Thanks:)

https://www.myfxbook.com/members/noxesu/1000/2563563

That is a good looking demo account. What strategy do you use? If you can keep that up for a few months then you could be trading with the big boys