A demo account is an account that is funded with virtual money. This type of account allows traders to test out strategies and trading techniques before they commit any real money to their accounts. Demo trading is a great way to learn about forex trading without risking any of your own money.
Demo Account is the most practical way of learning the basics of trading without real money included. Demo accounts may not give you the real trading experience but it does make a base for you that helps you when you trade on a live account.
A demo account can surely play an important role in your learning. It helps you cross the barrier of reading what forex trading is and what it really looks like. As you won’t be using any money, you will be free to apply as many strategies as you can without worrying about losing your money.
I found trading a demo account useful for, Learning how to use the platform, Developing a strategy, Developing a daily routine (sleep, exercise, diet, screen time), Feeling emotional during drawdowns, and losing trades
Lots of new traders neglect demo trading, because they suppose that they have to start off from a real account, because only in this case they will be able to earn money. Actually, some traders can be successful without demo trading, nevertheless, the vast majority of traders is obliged to start off from demo account. It teaches them how to understand all the moves on the market. The main goal of demo account is to meet a trader with the techniques of trading. I believe that traders should try to stay on demo at least couple of days, in order not to have difficulties on the real account actually.