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 ?
When I started trading I used demo account for 2 months to undertsand the strategy and techniques.
I have been trading on a demo account for more than three months. I think that I need to continue trading on this account because I feel that I haven’t learned everything required yet and many nuances need to be cleared and this can be done through intensive practice only. Of course, it could be done on a real account but I don’t want to sacrifice my hard-earned money. I heard it’s very harmful for novice traders to stay on a demo account for a long time because demo trading doesn’t teach to tame emotions. Perhaps, it’s really so, but it’s a general recommendation and it doesn’t take into account individual nuances. I personally feel strong emotions even when trading on a demo account. It’s probably because I’m a very sensitive person. I already try to fight my emotional impulses.
Some traders think that a demo account is only for beginners. You trade for 2-3 weeks and that's it. In fact, they do. Every professional trader will tell you that. The demo account is needed not only for learning trading. There are cases when you want to test a new indicator or trading strategy. It's very risky to do it on a live account. You should do it on a demo account first. It will be right and you won't lose money!
A demo account is where new traders practice their trade without using their real money. It is basically a good way to understand Forex and allows you to handle the loss without having to send a single dime.
i'm a newbie here and in this industry, so apologies if this seems a stupid question😄
Read a lot that demo trading is something different than real trading, even if you use the same broker, platform, trading with the same leverage and so on.
Is it true or not?
It's very similar. One of the main differences is the psychological aspect of it, because real money isn't on the line on a demo account so your mind is more clear and it's easier to follow your plan. A lot of people get anxious or greedy once they switch to a real account and therefore they make decisions based off of those emotions. Some traders also argue that demo accounts are manipulated by the broker, but that's more speculation in my opinion.
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