I definitely think so. It allows you to hone a specific trading strategy without the added stress of capital at risk. It has its limitations though as once you are happy with your strategy the bigger challenge of psychology and management come into play and that can only be helped with a live account
Can I really learn forex with DEMO
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That’s right! A demo account is indeed very useful in making new traders familiar with the trading platform and devising trading strategies that they would be using when trading a live account. However, traders should not have high expectations when switching from a demo account to a live trading account because both are completely different.
You’re right. A demo account is very different from a live trading account in terms of pressure, so if someone has won hundreds of trades a demo account should also come with zero expectations because high expectations often lead to severe disappointments. I would also like to advise all the new traders to trade a micro account once they are done trading a demo account so that they risk less capital and incur minimum losses.
Absolutely, I believe cent type live trading account would be a great place to start with; traders mainly don’t face any psychological issue on demo since, it’s a virtual money but they face these issues on their live; this is why, most of the traders have different live trading result by comparing their demo!
The purpose of demo trading is to develop skills and trading strategies. Thus, demo accounts are good to test and learn strategies. But the real trading market is completely different. So to make money and grow as a trader, you have to take small risks and begin live trading.
Demo accounts are practice accounts. So their main objective is to help you build trading skills. They, however, can’t fully prepare you to trade in the market. Successful trading doesn’t account only for technical skills, but a combination of both technical and real-life skills. Beyond the technical aspects of trading, traders should also know how to handle risk and control emotions, which traders learn when they actually take risk and trade in the live market.
You can learn technical aspects of trading with a demo account, such as creating your trading strategies. However, forex trading is not purely technical. There are real-life skills, which includes trading psychology and risk management. One gets to know about them more when they start live trading.
It is correct, you real need enough time to trade on demo to get familiar with the market moves, and will help you to develop your trsding strategy before you jump into real world and taking risk....My advice focus on your stategy by using demo first
I totally agree, demo accounts are a great way to master trading. At a very minimum, two or three months should be enough, but you can always go back to demo testing if things do not work out when you go live.
Even though traders should remember that emotions play a huge role in live trading, that's something demo account can't help us
Even though traders should remember that emotions play a huge role in live trading, that's something demo account can't help us
i would like to say that the importance of understanding the fundamentals well cannot be ruled out.
One can prefer to trade live with small accounts to manage psychology and risks.
Learning forex in what sense? If you expect to come out as a pro trader after spending a few days on a demo account, then sorry that ain’t happening.
Even good traders have a hard time trading live. You use a demo to acquire technical skills. Rest of it, you learn when you step into the live market.
Even good traders have a hard time trading live. You use a demo to acquire technical skills. Rest of it, you learn when you step into the live market.
Yes, You can learn Forex with Demo. A demo account helps you become familiar with trading software and helps you get to know how the market works. It also helps you understand pricing movements and risks and helps you build confidence before you can learn to start trading with your real money in a live account. However, if results rarely correlate to actual trading results, traders should be prepared. But it helps traders to build confidence to earn money in a live account.
Definitely agree it has its purposes but as you say success in demo rarely correlates with success on live due to emotions and the psychological aspects of trading. Small live accounts can help this for sure
Shifting to small accounts after practising on a demo account is a wise decision. Traders learn to regulate their trading psychology. Traders who directly jump into trading a standard account are unable to control emotions due to high risks involved leading to heavy losses and finally quitting.
Not alone with the demo, one can really learn trading forex. It is just built to give traders a basic idea of a trading platform and the nature of the market. The real learning starts when a trader starts trading live. I’d suggest starting with a micro or a cent account to learn to trade live and not losing excess of money.
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