Importance of Demo Accounts

Brads

Active Trader
Jul 4, 2016
295
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29
35
India
Yeah, it is the best way to have knowledge and experience and skills that we need to become successful in Forex Trading.
 

ema watts

Trader
Feb 2, 2017
22
0
12
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Demo trading is an important tool in trading. It allows you to sharpen your trading skills, test your strategies and learns from the virtual losses. Go live once you have started earning profits consecutively in demo trading.

But keep in mind that when you trade with REAL MONEY in live account you are more prone to emotional trading which can lead to losses. This aspect always remains missing in demo account.
 

jameswilliam

Trader
Jan 31, 2017
32
1
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Demo trading is an important tool in trading. It allows you to sharpen your trading skills, test your strategies and learns from the virtual losses. Go live once you have started earning profits consecutively in demo trading.

But keep in mind that when you trade with REAL MONEY in live account you are more prone to emotional trading which can lead to losses. This aspect always remains missing in demo account.

Yes, you can go for live trading only if you are earning consistent profits in the demo account. But make sure always start with small account initially. As emotions will always play a major role while trading in live account and to avoid huge losses it is suggested to start with small deposits.
 

freezfx

Trader
Jan 16, 2017
62
4
19
34
Yeah, it is the best way to have knowledge and experience and skills that we need to become successful in Forex Trading.
We must go through this process for us to succeed in the market, else things might prove strange when we go live without any formal practice. And it is only demo trading I have seen that can give us that.
 

Brads

Active Trader
Jul 4, 2016
295
4
29
35
India
Yes, you are right, every trader should do Demo before entering the market, it helps a lot to learn about the real scenario of Forex Market.
 

James Hallow

Newbie
Jan 31, 2017
13
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Demo trading account has several benefits attached to it. If you thinking to make good amount of money through Forex markets. I would recommend you to open a demo account and pass the learning stages patiently & carefully.

1. Discipline: Maintain discipline in demo trading because if you are not serious with your demo trades. You would not be okay with live trading. You can lose as quickly as you lose in live trading.

2. Success in demo account: Make sure you keep on trading on your demo account until you make winning trades and achieve something in it.

3. Account size: Do keep the account size of your demo account same as you wish to have in your live account. It makes you believe you are trading with your original funds and want to earn from it.

Do keep in mind that your demo has to behave exactly like live account. The demo account might be absolutely free of cost but in reality it is not free. There is a fee attached which is your time invested.
 

freezfx

Trader
Jan 16, 2017
62
4
19
34
Yes, you are right, every trader should do Demo before entering the market, it helps a lot to learn about the real scenario of Forex Market.

Not many would agree with this concept, but demn such one because they won't be there to help out when you are somewhat lost in the process.
 

freezfx

Trader
Jan 16, 2017
62
4
19
34
I agree! I know everyone needs a demo account especially for no experience with trading but it is not a guarantee that having a demo account will give you exactly the result you need to know.

I know it is not closely related, but definitely we can get some closure into the market using demo account. At you should be able to know a bit of what you want to deal with in the market, and demo can give you that.
 

Brads

Active Trader
Jul 4, 2016
295
4
29
35
India
Yeah, Demo would be the best way to learn about the Forex Trading, you need to understand that if you wanna become successful, you need to have enough practice before trading with Forex.
 

freezfx

Trader
Jan 16, 2017
62
4
19
34
I agree! It is pretty risky to just immediately deal without enough knowledge about it.
You something; forex is not where you joke around, neither is it gambling based on 50/50 chance. You have to be very careful and do things in proper sequence, one of which is demo trading before you move on.
 

Brads

Active Trader
Jul 4, 2016
295
4
29
35
India
Demo is the best way to obtain knowledge regarding the Forex Trading, but only if you are serious enough while Demo Trading.
 

freezfx

Trader
Jan 16, 2017
62
4
19
34
Demo is the best way to obtain knowledge regarding the Forex Trading, but only if you are serious enough while Demo Trading.

Being serious with demo trading can never be overemphasized. Never will simulated trading be same with real, but you can make as nearly as one with your seriousness while using it.
When you don't trade, react like you were trading real!
 

Brads

Active Trader
Jul 4, 2016
295
4
29
35
India
Demo experience is necessary not only for the Fore Knowledge, but also to get a basic idea to learn the process of Forex Trading.
 

freezfx

Trader
Jan 16, 2017
62
4
19
34
Demo experience is necessary not only for the Fore Knowledge, but also to get a basic idea to learn the process of Forex Trading.
True, and sometimes I feel that it isn't just for newbies but for all. Here is what I mean; you can learn something new tomorrow and would want to test it without fear, demo can come in handy.
 

Brads

Active Trader
Jul 4, 2016
295
4
29
35
India
Yeah, we cannot just enter and start trading, we need to have lots of knowledge and experience and skills to become successful in Forex Trading.
 

ema watts

Trader
Feb 2, 2017
22
0
12
43
Yes, you can go for live trading only if you are earning consistent profits in the demo account. But make sure always start with small account initially. As emotions will always play a major role while trading in live account and to avoid huge losses it is suggested to start with small deposits.

True that! one should always invest the amount one can afford to lose, especially in case of a newbie trader.
Go slow and steady!