How many test accounts did you need?
- Thread starter dojo
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just use as many demo accounts as u want till u think u are ready, i lost track of how many demos i had, but before going live at hotforex i think i did 3-4 demos in a span of 6 months, and i do still keep a demo accounts.
Trade on a demo for as long as it takes for you to become comfortable and decently consistent, as well as finding your own strategy. Try to treat it as if it's real money as best as you can. That way you can learn best.
It will good if trader they can learn seriously in demo account with treat demo like as on real account, learn manage money with risk management and learn plan trading that havig good result with making trial and error etc
if I was a reckless trader. so, I've never made a test strategy on a demo account. I only use demo account when I first get to know the forex business. and I still have a lot to learn tools for trading.
I have two Demo and one Live Account. You'll definitely do better on a demo than live account. Why? The simple reason is because, on a demo account, you are emotionless. There is no attachment to the money in your demo account. So nothing, simply nothing would cloud your judgment or influence your trading decisions. But that isn't the real world of Forex. You'll never get the real experience if you focus more on Demo Account. So The sooner you move to a live account the better it is for you. My Advice? Start small and build up, then you will gain an understanding of what the real world trading is all about.
more demo accounts help you to learn more and a trader is always a learner.... so make th demo accounts and keep learning.however it is necessary to be selective while making an account. i m using signaltimes and its worth using.
I agree that one is enough if you trade live on one type of account. I had (and still have them) 2 demos, one for Classic, one for ECN. I started with them more than three years ago. It was the other broker , I switched to another one later, but types and margin/leverage/etc remained the same
Well, I used only one demo trading account in my practice session, even my demo trading capital was only 300$, since I wanted to use my practice account as like my live trading account! And yes, I also started my live trading account with the same amount of money! But it’s true, I used my demo for a long time, I worked with multiple trading strategies in there!
Agreed, demo accounts should be treated as like the live trading accounts. Although, there cannot be any defined number of demo accounts to be used before live trading. Having one demo account is also sufficient if you trade efficiently with proper learning & strategies. However, if one wants he can also opt for 2-3 demo accounts with different brokers to test the trading conditions.
Anyway, not all the conditions will be clear. Moreover, you can never test your psychology on demo 🙂
They say, many brokers have slightly different charts for demo and live, probable people who say this, used to work with market makers. Though , I've never noticed great difference between my demo and my live acc (opened with one broker)
I absolutely agree with you, psychology is the one factor which makes huge difference between demo & live trading. But if one keep control over emotions and treat demo to be the same as real; to some extent we can avoid psychological barriers.
I used only one demo account, but the thing is I used my demo for a long time! On the other hand, I used micro account before starting my professional live trading.
Well, I used only one demo account but the duration was too long! Basically, I used that practice account fully one year! Before opening this demo, I learned basic things like how to use demo! So, I wasn’t so quick, as a result now I am enjoying my live trading account!
Demo account is a good thing to learn and almost every new trader should trade it for a minimum of six months before going to trade live.
I respect your opinion; but I think traders shouldn’t have any particular target on demo like; 6 months-8moths! Because, new traders need to use the demo until they get a consistent result.
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