Discussion in 'General Forex Discussion' started by dojo, Sep 24, 2011.
at least you give it a try. just allow yourself to learn from any tests you have had.
I hope newbies would also stand back up after their first big mess up with their traders account,I guess on a positive note it always helps to make mistakes then correct them in the future
Right, that's what newbies should learn. That mistakes you have today, will be benefit in the future, you get to understand and correct mistakes and make it right. That way, less risk, less loss.
As long as you learn your lessons. Don't let the losses destroy you, use them, learn from them and most of all learn how to avoid them or at least how to better manage your risk.
I still use them because I think that they can be handy. The more that you use them the more that your confidence will start to go up. But I'm always cautious because you may cause you to develop certain risk-loving behaviors that will surely ruin your live account in no time. It all comes down to trading psychology. Top Forex brokers will try to caution you against putting too much faith in trading results achieved with a demo account, mostly because such achievements are emotion-free.
My first demo account was blown due to uncontrollable ego, the second one got blown due to lack of analysis. Now, I'm handling both live and demo account. Train any technical analysis and apply it later on live account. The real emotion control is on live account because you're trading with your own fund...
Remember, there's no reason to stop learning...
I wonder are ten $500 demo accounts (helpful) = one $5.000 live account ?
Both of them are the same. The most important is to train your Money Management. Why don't you try both of them?
Most brokers only give you limited options in setting up the initial fund. 5k$ is available but $500 is not, how do you open $500 demo account?
It's not about how many demo accounts, but it's about how long you're learning thing or two about forex itself. It takes months to learn and understand, to find a trading technique that suits to you.
As mostly demo accounts are for 1 month . I need at least 4 accounts for basic practice. In this time period I will try to learn all about trading. Until you not learn and understand trading should continue demo practice. It is very helpful before step forward to live trading.
I think that for my trading needs i will use more than 2 Demo accounts because i want to test the different types of trading systems with it. This is also a reason why my trades are done in the different time periods
So many trader can't maintain account more than six month, I think we an prepare use account demo at least also six month to test ability, if during these period of time still often fail hence we an trying mnore time
It relies on how you use those account. But follow me, 10 x $500 demo accounts are useful than one. Everytime you blow an account, it's the chance to review you trading performance and gain experience. 10 times must be better than 1.
Yes I think so too, one fail but stil continue to next account will develop ability because they will learn from msitake that ever commited, and if get fail again then try again with next demo account it will make beter than before, but beteralso kep discipline during practice.
One demo account for practice is necessary, once you get a grip on your strategy, then you can go on live for practice as well.
NOw I am rarely using demo account to test skill, because already use real account and this is real challenge because already involved emotion in trading, and trading in real account make more satisfied if able generate good profit, but sometime take part in demo contest
Never stop learning. Sometimes it happens that come to mind the new ideas of forex, you need to implement, test. I have 2 test demo account and one main live - account that brings me a profit.
I used about 50 demo accounts before start trading. And use it now. Strategy must be successful!
Yes of course, we don't need to stop learning although maybe suffering with failure, if not yet ready start in real account beause might we don't willing to spent money, hence we can use demo account or take part in demo contest, this might better than despair
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