Demo Account or Live Account? Any Comments?

TheLastBear

Banned
Jul 11, 2012
192
0
0
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?
Live micro-account, $100 and only 0.01 lots until you start to learn how to make profits on a weekly base. Demo account does not give you what you need in order to learn as it is different when real money is at work.
 
May 3, 2012
24
0
17
Glasgow
In Honesty, both. You want to demo thats for sure. This helps to develop your understanding of how the market works, how to use your technical indicators etc and how to read the impact of the fundamentals.
However, the psychology of trading can only be learned live. So when your learning of the principals and the the 'action' of trading is done in demo, you should really have a micro account with a small amount of capital set up after than to learn the psychology of trading. This can not be undervalued. :)
 

Philip

Trader
Jan 8, 2013
7
0
12
If you are a newbie so always start with demo trading. As a newbie we don’t have enough experience to start trade with live account.
 

TheLastBear

Banned
Jul 11, 2012
192
0
0
If you are a newbie so always start with demo trading. As a newbie we don’t have enough experience to start trade with live account.
It is amusing to me how people waste their most precious commodity.
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
I would suggest demo, of course LB and I do differ on this but then again, we have agreed to disagree. I would suggest demo and after a while and some profits, move on to nano accounts.
 

Maria08

Banned
Oct 23, 2012
49
0
0
I believe that every new trader should start out with a demo account.
Demo account is best for learning purpose.

You should test your emotion when you will trade real, not when you are learning. You should test you forex strategy and techniques with demo account first. If you find that your strategy is working fine, then you move to real account.

Remember, emotion is your main opponent while trading and you should try to avoid emotion in trading.
 

brokenblade

Trader
Jan 14, 2013
7
0
12
Demo account is best for learning purpose.

You should test your emotion when you will trade real, not when you are learning. You should test you forex strategy and techniques with demo account first. If you find that your strategy is working fine, then you move to real account.

Remember, emotion is your main opponent while trading and you should try to avoid emotion in trading.
That's pretty much my way of doing it.

However, I hardly got a weeks worth of practice from a demo account before I opened up a real account. I just made sure that whatever I trade is very small in proportion to all I have so that I am less likely to get emotional.

I took the "risky" approach anyway. However, I am still in profit.
 

Edward Jones

Trader
Jan 11, 2013
2
0
17
Canada
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?
Surely Demo accounts are good options for attracting clients. Demo accounts are good for practicing and getting experience... and thus getting ready for the real one. So, Start with Demo!
 

Fxpipper

Master Trader
Oct 26, 2011
1,132
1
49
Yes, the demo is perfect for learning how to trade effectively. Contrary to most popular theories, the currency market is NOT an atm or a slot machine. So yeah, you have to work hard to make a few pips. Given this, doing the demo is important since it allows you to develop a trading strategy..
 

Molly

Trader
Oct 12, 2012
12
0
12
The best way to try forex - trading on real account by participating in forex contests or using welcome account with broker's money on your deposit.
 

ploncito

Trader
Mar 12, 2013
3
0
12
i think it's necessary to trade demo first and then go real...

in demo it's possible to elaborate your own strategy and try, try, try without the stress of losing
 

okon2much

Banned
Mar 9, 2013
59
0
17
www.profiforex.com
It is very important for you to use a Demo account before you switch to live account. You can use a demo platform to learn about the platform itself. The only way to learn about the platform without risking your money is on a demo account. While you trade on a demo account, you get use to the various options, money management, how to open and close a trade successfully, how to use SL and TP and so many other things. You cant risk your money because you want to learn. A demo account is designed for this purpose. After trading Demo for just one month, I opened a live account with PROFIFOREX and things were so easier. I started making profit almost immediately because I had already gotten use to the system. My broker was even helpful because there was no trading restrictions, there was very low spreads and the execution speed was something I like most. SO, your major concern now should be a demo account and after one month or two you can switch to a live account with a very good broker.
 

james88

Banned
Mar 11, 2013
11
0
0
New traders who are sensible would always want to trade with demo. Also, new traders who don't want lose their money would do same. A demo account is compulsory for all new traders unless a trader have enough money to waste.
 

ituglobal

Master Trader
Apr 17, 2013
468
20
59
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.
Hi, I'd be happy to say I agree with everybody on this thread. Your ideas are really what they are: the truth about demo accounts and live accounts. Forex is the only business in the world where you try your trading ideas risk-free with real market conditions.

However, until you've a live account, you're not yet a real trader. Even some, including me, mayn't take you seriously.
 

Rambo35

Confirmed PaxForex Representative
Apr 22, 2013
909
13
32
Canada
I would disagree with everyone about demo accounts. I think they are a terrible mistake and partially the reason 98% of people fail as forex traders. They give you a false sense of accomplishment and do not teach you how to trade.