Importance of Demo Accounts

Discussion in 'General Forex Discussion' started by Adam Smith, May 31, 2016.

  1. Brads

    Brads Active Trader

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    Demo Account is the best way to earn through Forex trading. I have also traded through Demo Account for around 6 to 8 months.
     
  2. radex78

    radex78 Active Trader

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    Yea will good as early preparation is newbie willingly to spent time practice in demo account, and also will better in demo already become profitable trader before jump to real account, but usually demo account start with huge capital and not same with real account
     
  3. inggo

    inggo Master Trader

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    demo accounts are good for alot of things, i hardly can remember how many demo accounts i have used with hotforex and still using actually.
    - demo can be used for practice and learning the interface and basic functions
    - demo can be used for back testing strategies
    - demo can be used for testing EAs
    - demo can be used to trade trades that are riskier to be done on live just to learn the outcome

    and honestly many more. and the fun part is ITS FREE
     
  4. ArslanKemal

    ArslanKemal Trader

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    demo account is good not only for beginners. I trade about 2 years and sometimes I return to demo account to try new strategie or analyse how some indicator works. but when I started I traded on demo only 2 months
     
  5. BagIt

    BagIt Newbie

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    Most of the importance of demos are mentioned here but one thing I believe we can learn from the importance of demo accounts is taking demo trading as serious as possible ,we should forget the fact that it is the demo money and nothing happens if you lose rather we should treat demos as a live account and the virtual money on it as real money. This way we get to properly discipline ourselves.
     
  6. Brads

    Brads Active Trader

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    Yeah, the best part of demo is that it is free and it also eliminates the risk of losing money which lets us to trade without any hesitations.
     
  7. radex78

    radex78 Active Trader

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    Yes in demo account we can test with free of risk because only use virtual money, but also will better using demo not only a week, it will often fail in real, at least six month many trader suggested for newbie
     
  8. Brads

    Brads Active Trader

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    Yeah, it would be quite beneficial for the newbies to learn the Forex Trading and the best way would be through Demo Trading.
     
  9. Brads

    Brads Active Trader

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    Demo trading would be the best way to earn through Forex Trading, each and very traders should learn to trade with Live account through Demo Trading.
     
  10. Citron

    Citron Trader

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    IMHO it's necessary for every newbie cuz it's the best way to learn what Forex is really is
     
  11. Free2Breath

    Free2Breath Trader

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    Demo account is very important for new trader like me. But when you use demo account, there's one missing important factor trading when you use live account, it's a fear factor.
     
  12. radex78

    radex78 Active Trader

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    Yes usually about psychology trading in demo and real account is different, in demo account will free from emotion pressure and if already in real account usually will involved emotion like as fear, greedy, panic, anxiety etc
     
  13. boo_sl3

    boo_sl3 Trader

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    Demo account like simulations account for us to be able to train skills without the risk properly and therefore, we need to utilize a demo account with either. In the demo accounts we can test trading strategies and we can build a trading plan. And the most important thing we can practice comfortably in a demo account so that will make us be better prepared to trade real account
     
  14. jellyeb

    jellyeb Active Trader

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    Make sure your demo account is unlimited, cuz all your trading tests and valuable trading history will be erased in case demo expires ( if you don't trade 3-4 months there)
    Thats why I use unlimited demo from hotforex for more than 3 years, can look up my old trades and trading experiments, very useful if you are serious trader
     
  15. radex78

    radex78 Active Trader

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    Might not all trader having same opinion about forex demo account, some trader suggested to keep practice in demo account until understand and able manage money in account and increasing profit day by day, if in denmo often fail hence in real account also will hard to making money, but some trader lazy use demo because they having opinion only waste of time
     
  16. Brads

    Brads Active Trader

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    Yeah Demo is the best way to learn about the each and every aspect of Forex Trading, It is the best way to get acquainted to the scenario of Live Market and that too without any element of risk of losing money.
     
  17. radex78

    radex78 Active Trader

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    I think if demo account used with seriousness when practice with involved and implemented risk management and learn system trading with test strategy it will really giving lesson later if already on real account
     
  18. Mark Fahad

    Mark Fahad Trader

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    In Fx trading, demo account is mainly considered as a master place to acquire all basic fundamental knowledge which is very supportive to continue a live account in a proper way. But practically we the traders in particularly the newcomers don’t believe the importance of this trading place at all. In my trading career, after passing a long time, I am still dependable on demo trading. I use all my trading techniques in my demo trading first of all to see the performance how it works. It helps me always to be a sincere trader when live trading.
     
  19. Brads

    Brads Active Trader

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    Yes, of course, you need to take demo seriously, if you really wanna learn the Live trading properly. Many traders don't take Demo Seriously and then complains about losing and it is not good.
     
  20. daniele roos

    daniele roos Newbie

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    Trading in a demo account benefits both beginners and experienced traders. For those who are new to trading, demo trading is the best way to start and learn how to trade. They can experience live trading environment with virtual investment, refine their trading skills, test their trading strategies. Whereas experienced traders can build, test their trading strategies in a demo account before applying in live trading. It is the best way to learn trading, gain confidence and test trading strategies.
     
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