I strongly agree with you. There is every reason to avoid the snare of making money the first time. I am not sure if there is a first time profit. A new trader must be patient enough to learn and there is no two ways about this.
Demo Account or Live Account? Any Comments?
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I strongly agree with you. There is every reason to avoid the snare of making money the first time. I am not sure if there is a first time profit. A new trader must be patient enough to learn and there is no two ways about this.
The only way you will learn how to trade or become a better trader is by being in the market and actually trading.
However, you can start learning how to control your emotion when using a demo account, but its not real. Your battle with emotion begins when you start trading live.
I have to agree that starting with a demo account would be the best. They are actually very helpful because they are essentially a virtual trading platform where you can buy and sell various currencies without risking real money. In providing this service, Forex brokers replicate live online Forex trading within a test environment where no trade actually gets sent to the market. So, in the end it just works out better for you. You don't have to worry about losing your own money while you're still learning how to trade. If you want a demo account, then I would suggest just going with concordbay.com/en because they have the best ones that you can try out. I worked with them, and I have to say that I'm very happy with the results that I got from them. They are pretty much the best that is out there.
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Most of newbie traders would go train themselves in demo account, learn how to analyze in order to make a profitable trading. There's no difference between demo and live account but funds, you wouldn't get any cash even if you made $100k profit in demo account 😀
With the Demo accounts we have to focus on learning and know that if we are able to make best use of such trading accounts then our trading income will continue to increase in the coming months 🙂
Demo account if for practice in real market condition with use virtual money, although this different in psycholigical but still useful to implemented certain system trading before used on real account, demo account as early preparation for beginner, while real account is already in real battle with use emotion.
Demo trading accounts can help you in case you are having time to spend in this business. This is why we have to first look and understand the requirements of the business before doing our trades 🙂
Yes many suggestion for newbie before they jump to real account hence they need practice to learn in demo account to implemented such system trading and also learn how to manage the risk in trading, if they can make good habit in demo might later will help if handle real account.
Demo and live accounts are not same they are different in their nature . trading is same but effect is different . Demo is for practice , when you are enough experienced in trading then start live trading .. Live trading is difficult in this manner that here every thing is done with our money. Loss or profit are suffered by trading we do on it.
As a Forex trader we have to do our trading using real trading accounts. We should also know that unless we have the clear understanding of trading it will be useless for us to do our trades whether it is the Demo trading accounts or the Live trading accounts 🙂
This is the best place for newbies to adapt themselves with lots of things about forex trading, but sometimes, some newbies ignoring this importance and going to live trading without any proper preparation (both knowledge and experiences).
For some trader that prefer use ea in their trades, before using ea on real account hence test in demo account for several month is important because they don't know before performance robot, although as owner robot claimed as good robot that can work on many market condition.
Demo trading is only what its name says- DEMO...
No matter how similar the simulation it is never the same as live....
Few reasons:
1.Slippage: unless it is trading with a Market Maker broker-instant execution,( which I never recommend, regardless how tempting their conditions look at the beginning-no deposit fee, 0 spread etc..on long term they dont want you to profit..but that is another discussion..)
On the real market, the slippage is quiet normal issue and a trader should be aware of it , especially on news and events..
2.Psychology: its not the same letting the loss run on a demo and loosing thousands $, and in live...loosing real money makes people's mind black out ..and they start disobeying their trading rules/strategy...
SO yes, test the strategy on demo, but move live with the money you are ready to loose, and that you'll be fine IF you loose it...
No matter how similar the simulation it is never the same as live....
Few reasons:
1.Slippage: unless it is trading with a Market Maker broker-instant execution,( which I never recommend, regardless how tempting their conditions look at the beginning-no deposit fee, 0 spread etc..on long term they dont want you to profit..but that is another discussion..)
On the real market, the slippage is quiet normal issue and a trader should be aware of it , especially on news and events..
2.Psychology: its not the same letting the loss run on a demo and loosing thousands $, and in live...loosing real money makes people's mind black out ..and they start disobeying their trading rules/strategy...
SO yes, test the strategy on demo, but move live with the money you are ready to loose, and that you'll be fine IF you loose it...
Practice in demo account is useful for early preparation although demo account can't give everything but for early preparation this is useful for beginner trader, and trading in real account should investing money that afford to lose before imagined easy profit because real account will involved emotion in trading.
If we will do good amount of Practice then a time will come when we will be able to get a stable income in this business. This is also important for us as we all know that unless we will do the right kind of trading we cannot become successful 🙂
Practice will make perfect, although we use demo account, because sometime if we treat forex only as part time business might we faced worst condition get margin call account, and if not capital in real account we can forward test in demo account again.
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