- Oct 19, 2016
Demo trading does not make you 100% fit for live trading. However, it should be enough to know about the market. It gives us idea how dangerous this market can be. Thus, we know that we have to be very careful with our investment. Yes, micro account is a good option once we have traded for quite a while in demo trading. In a nut shell, demo trading is the first step of the trading ladder.It is a wise decision to trade with a demo account. A demo account can be used to learn how to open/close a trade and test other features of the platform. Meanwhile, do not feel a demo account can be used to learn all there is in Forex. So many successful Demo traders fail during their first week/month of trading live. Why? There are some factors responsible for this. These factors are present in a live account. Forex Brokers have made possible Micro Accounts for learning/trial purpose. You can deposit a small amount of money and start practicing. My broker offers a convenient micro account. You can deposit $1 and get a bonus of $5 (If your first deposit is greater than $50, you get 10% bonus). Bonus can even be withdrawn at anytime.
Some brokers give you a no deposit bonus for this purpose as well. The interesting part about a micro account is that you get to trade in Cents. For example, if you have $5 in your account, it will be shown as 500cents in your Mt4 balance. Your trading Volume should always be 0.1, so that your capital will last long enough for you to achieve you purpose.
The answer: No. A demo account is not enough. A micro account is also a good tool to learn more about Forex without risking too much.