Can demo accounts give us all we need?

Discussion in 'Newbie Questions' started by Peter Brandley, Sep 13, 2012.

  1. Fxpipper

    Fxpipper Master Trader

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    That's pretty much what some of the top traders do..test out diff strategies on demo, test it in real time under real market conditions and then apply the same to live account.
     
  2. George A

    George A Trader

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    I agree with all that demo accounts will NOT give us all we need , BUT in my humble opinion , it is an extremely important phase a trader needs to go through , because , we MUST learn before we trade , and trading a demo will give the trader / learner , a live market conditions to apply their learning , whilst NOT under the pressure of money losses which can cloud a learners thinking
     
  3. Fxpipper

    Fxpipper Master Trader

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    Oh yeah, a demo is perfect for new traders to learn more about the market. Of course, a nano/micro live account is better but you can always do the demo and move shortly to live acc.
     
  4. jlangeles

    jlangeles Trader

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    Well, a demo can give you practice, knowledge and experience, but as some have already said, there's something missing, and that's the emotional thing, no demo can show/give you the feelings and emotions that a live account has, still I'd say that a demo gives you 95% of what u need.
     
  5. miles

    miles Banned

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    I would say yes, because demo is one of the major thing that will straight and prepare you up in order to trade successfully in the real forex market.
     
  6. lee.belisar

    lee.belisar Confirmed Gdmfx Representative

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    I've been using a demo account for more than three weeks now. And I am enjoying it. But I learned that it is not recommended to be used for a longer period of time as this can result to bad trading habit, like taking to much risk.
     
  7. miles

    miles Banned

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    I think trading with demo account first can give us like 60% enlightenment in the forex market out of 100% that we need, for we can't just jump in to market without no knowledge about it, It's like head to the river without knowing how to swim.
     
  8. lee.belisar

    lee.belisar Confirmed Gdmfx Representative

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    Demo account is indeed a good place to try our Forex trading skills. It allows us to have a general grasp of the trading process and at the same time permits us to hone our knowledge about the said process. But demo account does not give all what we needed in Forex trading. It is just one of the steps to know more about the subject matter.
     
  9. dodo

    dodo Confirmed ProfiForex Representative

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    I still recall back that i was able to get some experience about forex market through demo account despite that it can not give us everything but it is good for practicing forex market if you want to know more about forex. I really enjoy the demo with broker for there is no restriction and the good part is that, it is user-friendly.
     
  10. triplet

    triplet Active Trader

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    Demo cannot really give you all you need. demo cannot help you to control your trading until you go into live proper for you to experience that.
     
  11. stephane

    stephane Trader

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    I agree to that, but another thing is that if you cannot make it on demo, you will not make it on live, for it is even harder.
     
  12. duxingxia

    duxingxia Trader

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    Obviously, demo account can't teach us everything, it works as instruction manual for new ones and you can try different trading strategies. if you want to be successful then demo accounts are a must!! its a phase that we all have to go through
     
  13. Steve Lock

    Steve Lock Active Trader

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    I agree, you can't move on your trading Forex without demo (especially if you're a newbie), but it can't teach us everything. I think it's better to trade with a micro account or use money which broker gives you. For example, freshforex has a current no deposit bonus.
     
  14. Dmitriy Enrst

    Dmitriy Enrst Active Trader

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    I agree with you, on demo account you can practice, experience movement of currency pairs and analyse volatility, but if you have nothing to lose (I mean you don't have your own money on deposit), you feel relaxed and in most cases you will lose your money. If we are choosing between a demo account and no deposit bonus $500 from FreshForex, the last option is definitely better.
     
  15. David M

    David M Confirmed IronFX Representative

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    Demo accounts are a good way to get a feel of what trading forex is like but I definitely don't believe it is enough. When I started trading I think I spent too much time with demos and this wasn't good. You also need to get educated with what is happening in the market. I started trading with ironfx because they were able to provide me with useful education that allowed me to gain a better understanding of the markets. I was sent emails about what their analysts were talking about but was also given training on the platforms they had. This was useful because it allowed me to gain a different approach to trading. I wasn't one directional, it allowed me to see that fundamental and technical analysis is very important also.
     
  16. markiva

    markiva Confirmed ProfiForex Representative

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    A demo account is a very good learning tool and is very useful for all traders. A demo is a practicing account but it cannot give you all there is about forex trading. If you want to experience real trading you need to open a live account.
     
  17. fxapex

    fxapex Active Trader

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    It gives a virtual market experience, you can every thing that you do in a regular trade only thing is that you cannot earn from here.
     
  18. koyl

    koyl Trader

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    As much a demo is a great tool for learning and practicing it cannot give you all you need in forex because you can only gain real experience when you go into live trading and also you will only learning the psychological aspect of trading when you trade in live account.
     
  19. chriswhite010

    chriswhite010 Newbie

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    Really not. Demo accounts can never provide you the most satisfactory and beneficial services as compared to the paid accounts. Demo account have less facilities and quality services. But being a newbie, you can go for it for few months.
     
  20. fxapex

    fxapex Active Trader

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    But it could give you a real trading experience, and you dont have to risk your money.
     

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