KhoiDam posted: A demo account will not make you a good forex trader if you consider it to be a demo account. There are alot of traders that consider the demo to just be a demo account and trade with risk in the demo account while thinking that he will do the same in the live account. They mostly end up as failures. You have to be keen on everything and especially the demo account.
Totally true, if demo trading is best when it is done with the right mindset.
It can help you practice and get an idea about how the real thing will be. It is just like a specimen of the live account and I think it is really helpful for traders. It gives you some experience in trading and makes a base for trading live.
According to me, demo is a good way to get your hands on forex trading, become well versed with the working here. Yes, because of no money involved, emotions don't have a role to play in demo trading, but for practice and starting, it is a good way.
Well demo is undoubtedly the best way to start forex trading, but after you've practiced enough on demo, one must start live account trading with a small amount because that's what gives you a real experience.
A demo account will give you enough experience to trade live. It is like a practise session before entering the real world of forex trading. It is quite beneficial and I believe every trader should practise on a demo account.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
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