When novice traders already felt confident to start into a live account, the micro account is an appropriate type of account, a trader can start with small bucks and work in a live account to get an understanding of real psychology trading.A demo account is required to test a trading strategy. It is better to study on cent accounts in order to work out your trading psychology.
Same case with me when I started trading back in 2018. Demo taught me many things like how to make right use of basic indicators and not to forget stop losses, though on demo it does not matter but that was time and now I never skip adding that on trades.It took me around a year to start trading live on a micro account.
That`s may be 90% of all newbies path.I had more than one "demo phase". I used to overestimate my skills and jump straight to trading when I wasn't ready, lose money and start again, occasionally opening a demo account. Rinse and repeat I'm getting much better with trading now, but still, use a demo account to hone my skills so to speak.
It took me two months to do that. Though I still had times when I went back to the demo account to test stategies or exeute a trade I am not sure of |