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General Forex Discussion
Downsides To Demo Accounts
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[QUOTE="jimcarter, post: 207347, member: 51429"] Demo trading has some drawbacks, despite being designed and implemented to improve the trading experience: [B]1) Lack of Real-Time Consequences:[/B] Forex demo trading provides a virtual environment in which to trade with virtual money. This environment is opposed to real-time trading. The lack of risks makes it difficult for traders to accept the fact that one wrong move can completely derail their trade. [B]2) Unlimited Investments:[/B] Because demo trading accounts are virtual money, you can start every trade with a million dollars! Would you be able to do that in a real-world situation? Most traders will be working with their own money, and even the smallest mistake can cause them to lose it all. You're bound to lose control when you have unlimited potential at your disposal. [B]3) No Real-Time Market Fluctuations:[/B] A real-time Forex market fluctuates horribly and has enormous destructive potential; a demo trade, on the other hand, does not replicate this trait. You will be working worry-free on demo trades, as there will be no risk or loss to worry about. Real-time trades will be terrifying once this becomes a habit. [B]4) Inadequate Emotional Preparation:[/B] Dealing with risks, losing money, and trading in real-time all have emotional consequences. While exchanging currencies, each trader's heart is filled with either fear, greed, or confidence. Learning how to deal with these emotions is just as important as trading itself, and demo trading will not prepare you for it! [/QUOTE]
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