Fully agree with your words. Every trader must have a demo account at his hands because there will be a time when a trader will be needed in a new strategy or a little break from live trading just because he/she is exhausted mentally. However, if the author speaks about the longevity on staying on demo at his initial stages, then I guess it would be better if he tests his strategies and skills some time, for about a couple of months I think. Despite the importance of demo, it also can become an anchor fora trader, because he will be sank in it and it will be very difficult to him to start live trading.Most beginners stay on demo till they make consistent profits and have gained enough experience.
I suggest having a demo account always, even when trading live to build new skills and try new strategies.
I think that staying on demo more than couple of months can cause bad consequences for a novice. If he/she stucks on demo account then he won't be adopted to trading on a real account and what is more significant is that it will be very difficult for him/her to adopt to it. You know, demo account is a good instrument for practicing while you're still in th process of learning, moreover you are able to test your strategies there and come back to it any time you see that something wrong goes with your strategy. Nevertheless, it's very dangerous to stay on demo for too long, because there are no risks on demo hence trading on a real account with high risks can harm novice a lot.Yes I think this is one advantage forex, we can learn and practice in a demo account without restriction, but its also depending with broker policy, but at least practice in demo account more than six months trader already get more understanding with the risk, before starting live account make sure demo account success.
So how is your trading going did you make some good trades?Hi, I m new trader. I traded demo more than 2 months, and still trading demo on mondays. I started trading stocks, then went to FX.
FX has more up and downs while stocks are mostly trading higher pulling back time to time. That's why swing trading is more applicable to FX than to stock trading, strangely many newbies miss this point.Hi, I m new trader. I traded demo more than 2 months, and still trading demo on mondays. I started trading stocks, then went to FX.