That’s the beauty of demo; till now demo is the best way of learning Forex! On the other hand, starting with live is a dangerous choice!
Importance of Demo Accounts
- Thread starter Adam Smith
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I think a demo account can be a great helper in many cases. It all depends on how you use it and how often you use it. I agree that demo is a great solution for beginners who are not familiar with the market at all. You should at least understand how to buy a deal before making a financial investment. In addition, the demo helps you to master new strategies and to assess whether they are suitable for you and whether they can be used for profit in your particular case. I have read a lot about the demo, its advantages and disadvantages. I remember that I saw the opinion that you cannot use the demo all the time because you may lose your skills in working with real money. Also, when you use a demo account, you don't feel the emotions that arise in the real market, when you risk your own real money.
To be honest, I wouldn't say that they are important. At first, maybe - because any new comer won't have a clue what they are doing, but people also need to learn risk management, that is also a massive factor (as important as strategy). I would encourage a new comer to trade 0.01 lots on a real account, or even risk 0.1% of an account.
agree 100%. i stil l keep a demo open when i am live trading. i like to try out new assets and try different strategies ina demo environment before using real money on live 🙂
Demo accounts are A MUST! You will eventually have a system, forged from your demo trading, and you follow it religiously. You then trade real money. But a very small amount. Then you repeat this trial again with the real money.
In doing so, you have taken emotion out of the equation, which is crucial. You are bullet-proof. You are ready to trade real money.
In doing so, you have taken emotion out of the equation, which is crucial. You are bullet-proof. You are ready to trade real money.
Nice to see your approach on demo, basically traders need to practice their demo until they are consistent enough!
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