Demo Account or Live Account? Any Comments?

Discussion in 'General Forex Discussion' started by okamiraito, Nov 28, 2012.

  1. okamiraito

    okamiraito Trader

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    Hi Guys,

    Does anyone have comments or suggestion which one could attract most for new traders? Would it be a Demo Account or Live Account?
     
    xerof and SweetPrincess like this.
  2. Fxpipper

    Fxpipper Master Trader

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    Demo, always..esp if you are new to forex, it makes more sense to start off with the demo and move on to live after a few weeks. Sure, it is tempting to start off right away with a live account but if you lack prior experience and knowledge, always do the demo first!
     
  3. Alan58

    Alan58 Trader

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    Fxpipper is right, a lot of people suggests Demo before starting real experience in forex.
     
  4. FxMasterAtwork

    FxMasterAtwork Active Trader

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    I suggest demo playing first also. The only reason is psychological. When earning money you feel like a king. When loosing it you feel like being run over by train :)
     
  5. Fxpipper

    Fxpipper Master Trader

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    Just wish the newbies can resist the lure of the big $$$ until they have some experience in trading (even play money) before investing some of their hard earned $ in a live account. Believe me, the demo is an important aspect of your training and cannot stress this enough, so stick to demo and after a few weeks and good performance, move to live account!
     
  6. krecex

    krecex Trader

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    If you are not practicing with demo account. You will not have an idea what is the trading like. Beside that, demo helps you to learn how you can minimize the lost, prepare yourself for the real trading.
     
  7. ziegler

    ziegler Trader

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    I think first demo account to test. Choose some different brokers and test them. One possibility is welcome accounts, you can later change it to areal account after testing.
     
  8. Easy Trader

    Easy Trader Master Trader

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    Trade demo until you know you are a successful trader, then use real money.
    Or just loose your money.
     
  9. Fxpipper

    Fxpipper Master Trader

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    True words..
    And remember if your broker caps your demo account after a certain period, you can always open another with the same broker or move on to a better broker who provides a better demo with longer time period.
     
  10. PaladinFX

    PaladinFX Active Trader

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    Looks like the whole forum agrees on something, for a change. :D

    Definitely you should start out with a demo account ... not only to learn trading without risking hard-earned money (although that is the most important thing), but also to get used to the software.

    Having real money at stake and not being familiar with your trading platform will drive your blood pressure into the red zone really quickly, hehe.


    Cheers,
    P.
     
  11. Fxpipper

    Fxpipper Master Trader

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    Ah well, we have all been there, trying hard to figure out how the MT4 works while watching with desperation as our $$$ makes its way down the drain..
    It is a cathartic process..and for this very reason and a lot others, just go the demo and believe me, you'll thank us later on.
    And yes, it is funny that we all get to agree on this point..LOL
     
  12. inggo

    inggo Master Trader

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    just like what fxpipper said, demo demo demo, practice demo, learn it then apply what you've learned untill you get comfy, of course treat your money like real, there is a slight difference between demo and live in terms of spreads and execution and mental state. so keep in mind that the longer you stay on demo the better, and when you go live for the first time KEEP IT SMALL, just to test the waters for the first couple of months, coz blowing an account for the first time aint fun at all :D
     
  13. acarrollfan

    acarrollfan Trader

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    Of course live account excites new traders first man!

    LOL....

    But in reality... most traders start with demo accounts first..
     
  14. Maria08

    Maria08 Banned

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    Well in my opinion there is no big different between demo and live trading account. The main difference between demo and live account metatrader is the psychological side of trading. There is no place for emotions in demo account because we use fake money but on the other hand in live trading we may be confused because we invest our real money.
     
  15. Sabbir

    Sabbir Trader

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    obviously demo account is my suggestion for the new trader. because in demo account they will learn about the uses of indicators, how to open a order, when to buy and sell etc. so demo account is the best way of enter into the Forex world. it is also the another way of practice for the real trader.
     
  16. Adam FX

    Adam FX Trader

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    I got good experience with welcome account.
     
  17. okamiraito

    okamiraito Trader

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    Hi All,

    Thank you for your replies.

    I saw that all of you guys prefer to go to Demo Account First.

    Another question, what could be advantage or experience that i will gain if i will open other demo account in lots of brokers? will it help me or it will just consume my time to fill up the registration and be familiarize again with the platform?
     
  18. It's good to start in demo to get a feel for a platform, the charts, indicators and tools. But as many have said here, while demo is good for learning the fundamentals and practices, you can not learn anything about the psychological effects that trading real money plays on your emotions and your mind.

    To learn about this you need to trade live, but that doesn not mean you should jump right in. Once you have become comfortable in demo with the tools and charts and developed an understanding, move onto a micro account. Trade small until you hare comfortable with yourself and have learned how to keep your emotions in check when trading real money.
     
  19. Maria08

    Maria08 Banned

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    I think the platform of the demo is the same as the real will be almost the same compared to other broker. the only difference you will received is that the leverage and the amount of bonus you will get.
     
  20. ziegler

    ziegler Trader

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    Of course open a few accounts with different brokers. It helps you to compare trading conditions with brokers and to choose suitable one for trading.
     

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