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.
Demo Account or Live Account? Any Comments?
- Thread starter okamiraito
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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.
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.
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?
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.
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!
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..
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.
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.
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.