i been doing fss from 2 months .. on lower lot size in demo account n got good results also and wud like to start a live one...but my friend says u not ready yet as even a proffeesional takes several months or years to do it...n live account is not like demo ..u will blow it ...is that true?
demo account
- Thread starter shilpi
- Start date
- Watchers 11
Yes demo account is not like micro account in the sence that real money is involved in micro account but real money is not involved in demo account. If you want to trade forex and make real money, practice a demo account for a long period of time since any loss can affect you. You will not be affected when practicing demo account because whenever you lose you can make a new start and correct the errors involved. You can be a business guru only if you practice a demo account well because it is the solid foundation of every trade in forex.
Trading on a live account is more difficult. First, because there is a risk of loss of real money, which adds a lot of emotions to trader's mindset. Second, because execution of the live trades may be different (much poorer) than that of demo trades with the same broker.
If you really want to try live trading, I suggest starting with micro account and risking only some small amount of cash that you really can afford to lose.
If you really want to try live trading, I suggest starting with micro account and risking only some small amount of cash that you really can afford to lose.
This is true to an extent. If your only experience is with a demo account, it will be very difficult to get same success with a live account. This is because both trading environment is different. I would advice you to spare $50 or less or even more. Open a micro account with a very good broker. (This is what I did on my first experience years ago with my broker). You will be given a bonus to add to your starting capital. Use this money to trade. Always open 0.01 lot size to reduce your risk. Practice with a Real micro account and prepare yourself for a successful future career in forex.
Pro's do not demo, so your friend is off on that. Where your friend is right is that good demo results do not really matter. You won't know until you actually start to trade.
A demo platform is essential to understanding a broker's trading system and to check the actual quality of execution. Itcan be useful to see how prices and spreads vary under different market conditions. A demo can give you an idea of how good the execution quality of your broker is, but only if it behaves the same as the real one.
Being that you are getting bad results on your demo account, I don’t think you’re ready to switch to live. I think the first thing to do is take a step back and look at your strategy so that you can fix the problem before bringing real money into the picture. I’m sure you’re eager to open your live account, but you’re likely to lose your investment starting this way. Remember, patience is key!
Dude definitely stick with demo for another few months it's only a few months and you could make real progress in the meantime.
After you could use a small account to get the real feel for live conditions
After you could use a small account to get the real feel for live conditions
