Demo Account or Live Account? Any Comments?

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

  1. TheLastBear

    TheLastBear Banned

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    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.
     
  2. samicapt

    samicapt Trader

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    demo account for practice in forex market. you can do this .
     
  3. Raleigh Lee

    Raleigh Lee Trader

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    I cast my vote for demo.
     
  4. 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. :)
     
  5. Philip

    Philip Trader

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    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.
     
  6. TheLastBear

    TheLastBear Banned

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    It is amusing to me how people waste their most precious commodity.
     
  7. ezrydn

    ezrydn Active Trader

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    Do you want to learn to paint first or just open your art studio without any industry knowledge? That IS the question you asked, isn't it?
     
  8. Fxpipper

    Fxpipper Master Trader

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    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.
     
  9. brokenblade

    brokenblade Trader

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    I believe that every new trader should start out with a demo account.
     
  10. Maria08

    Maria08 Banned

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    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.
     
  11. brokenblade

    brokenblade Trader

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    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.
     
  12. Edward Jones

    Edward Jones Trader

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    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!
     
  13. Fxpipper

    Fxpipper Master Trader

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    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..
     
  14. Molly

    Molly Trader

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    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.
     
  15. ploncito

    ploncito Trader

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    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
     
  16. okon2much

    okon2much Banned

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    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.
     
  17. james88

    james88 Banned

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    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.
     
  18. ituglobal

    ituglobal Master Trader

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    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.
     
  19. andreask

    andreask Trader

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    Demo Account until you gain confidence in your trading strategy.
     
  20. Rambo35

    Rambo35 Confirmed PaxForex Representative

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    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.
     

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