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Is a demo account really neccassary?
Členom od Oct 04, 2022
15 príspevkov
Oct 07, 2022 at 05:43
I spent 3-4 month on demo trading. Honestly, I got bored of it. So, I switched to live trading with a tiny capital. I blew up my accounts multiple times but the experience & learning was worth it. Do not cling too much on a demo account. If you have a strategy, you can begin live trading.
Členom od Jun 26, 2020
323 príspevkov
Oct 07, 2022 at 10:44
demo is the best place to become a knowledgeable trader very rapidly. but we ignore it generally
Členom od Oct 12, 2016
779 príspevkov
Oct 08, 2022 at 02:06
Any beginner trader can first start with a DEMO account to get familiar with the MT4 trading platform. It is not a good idea to jump directly to REAL money account.
Depending on your trading strategy you want to use and starting capital either you can choose a cent LIVE account or continue to trade in a DEMO account until you gain confidence fully before switching to LIVE.
Most importantly if you are trading in DEMO and you can maintain a good pip expectancy per trade like 5 pips per trade or more and you are placing good number of trades weekly and monthly, then you don't need to trade in LIVE account at all. You can just use a trade copier to copy trades from DEMO to LIVE and continue to trade in DEMO account only.
I am telling this after a trading experience of 15 years or more. It is not easy to jump start and start making money consistently as usually newbie traders think. Many times even after years of experience you may fail sometimes during bad markets when your trading strategy may not work and so sticking with DEMO is a very good idea to test your strategy fully before going LIVE and switch back and forth from DEMO to LIVE and vice-versa to survive in forex trading during bad market conditions.
Depending on your trading strategy you want to use and starting capital either you can choose a cent LIVE account or continue to trade in a DEMO account until you gain confidence fully before switching to LIVE.
Most importantly if you are trading in DEMO and you can maintain a good pip expectancy per trade like 5 pips per trade or more and you are placing good number of trades weekly and monthly, then you don't need to trade in LIVE account at all. You can just use a trade copier to copy trades from DEMO to LIVE and continue to trade in DEMO account only.
I am telling this after a trading experience of 15 years or more. It is not easy to jump start and start making money consistently as usually newbie traders think. Many times even after years of experience you may fail sometimes during bad markets when your trading strategy may not work and so sticking with DEMO is a very good idea to test your strategy fully before going LIVE and switch back and forth from DEMO to LIVE and vice-versa to survive in forex trading during bad market conditions.
Artificial General Intelligence
Členom od Jun 26, 2020
323 príspevkov
Oct 12, 2022 at 03:47
instead of demo i right now i am busy with micro account which really supportive to ensure real trading experience.
Členom od Jul 25, 2022
20 príspevkov
Oct 12, 2022 at 10:30
It is the lifeblood of a trader’s life. Demo trading is really helpful to boost your knowledge and give you a practical outlook about the market.
Členom od Sep 14, 2022
39 príspevkov
Oct 25, 2022 at 06:49
Nomocracy posted:
There is always a risk when starting out in forex trading. However, demo accounts can be highly helpful in reducing this risk. Demo accounts allow you to trade without risking real money and also give you the opportunity to test out new strategies before making any real investments.
Yes, Demo accounts give us the liberty to chisel our trading skills without losing any real money so one should stick to it until one develops enough confidence to trade on live accounts.
Členom od Mar 28, 2021
586 príspevkov
Oct 28, 2022 at 12:10
There are so many e-books containing the basics of Forex trading and a pile of video tutorials available on Youtube. So, never get dejected if this learning takes time, rather keep patience.
Členom od Sep 13, 2022
6 príspevkov
Oct 31, 2022 at 07:15
Demo trading is necessary in order to get familiar with the environment of the market and to know the currencies. But demo trading will not really help you in making profits. For that you have to enter the marketplace and then make efforts and mistakes there, in order to learn from them.
Členom od Oct 12, 2016
779 príspevkov
Oct 31, 2022 at 08:41
If you consider DEMO account as REAL account, then there should not be any difference if you trade in DEMO or REAL. You need to follow the same rules in REAL account which you follow in DEMO account and if you can't follow the same rules in REAL Account trading, then definitely switch back to DEMO account and continue to trade in DEMO account.
But if you don't have any of your rules for your profitable trading strategy, then just continue with DEMO trading account only until you find a profitable strategy.
But if you don't have any of your rules for your profitable trading strategy, then just continue with DEMO trading account only until you find a profitable strategy.
Artificial General Intelligence
Členom od Oct 28, 2022
50 príspevkov
Nov 01, 2022 at 05:11
The benefit a demo account is that they allow new traders to become familiar with trading software and get a feel for how the market works.
Členom od Mar 28, 2021
586 príspevkov
Nov 04, 2022 at 03:02
You have to be flexible about Forex trading by accepting the market condition as it is and try to make the best use of both the market sides because you have the option to trade on both bearish and bullish market.
Členom od Aug 19, 2022
42 príspevkov
Nov 04, 2022 at 06:52
On a demo account, you can try trading with different leverage.
Make money with people who know how to make money.
Členom od Sep 02, 2022
75 príspevkov
Nov 04, 2022 at 17:01
Jumping directly on the live trading is the mistake that traders first commit. Traders should look for knowing the platform and understanding the market first and then they should jump into trading. Otherwise, gaining from the Forex market will be really difficult.
Členom od Sep 13, 2022
16 príspevkov
Nov 08, 2022 at 09:22
It’s up to the trader to choose if they wish to demo trade or directly start live trading. Many do and many don’t. Demo trading can help the trader understand the process, figure out their trading style and backtest different strategies to select the one that stands out the most. However, traders need to know that demo trading doesn’t prepare for real loss.
Členom od Sep 02, 2022
75 príspevkov
Nov 09, 2022 at 06:42
Learn how to use indicators properly to forecast the market well. So, to do so, educate yourself with the best education
Členom od Oct 01, 2022
51 príspevkov
Nov 13, 2022 at 06:40
yes this is , without educate yourself there is no way to survive successfully , because every step is volatile in this trading area.
Členom od Nov 15, 2022
23 príspevkov
Nov 22, 2022 at 07:45
No, it is totally your choice to practise on a demo account or not.
Členom od Nov 28, 2022
21 príspevkov
Nov 28, 2022 at 11:21
The demo account is really useful when it comes to trading it will give you a clear picture of the trading conditions and strategies.
Členom od Dec 01, 2022
15 príspevkov
Dec 14, 2022 at 22:10
absolutely, before risking your own personal funds. It is ideal to start a demo account and get a feel for trading however, the only difference between demo accounts & live accounts is your mentality. You’re willing to watch a demo account tank to see if you’re right, but would you risk a percentage of your own money to see if you’re right? also, with both being transparent, you’re able to identify your mistakes without your results being altered.
Five Hundred A Day, Will Take The Pain Away,
Členom od Feb 06, 2020
1 príspevkov
Dec 14, 2022 at 22:46
I would say no. You're better to through out a small amount you can lose, to feel the emotion. Trading is a mind set, controling your emotion. you will never feel that on a demo account! trust me, been there, done that!
