A small amount in the account is a safe option for starters but you will get real benefit from it when you have learned about forex trading this learning is only possible with demo accounts. Just amount will not be safe your skill is a must for trading. You can do much experience with micro accounts and it will be easy after some time to switch to a big amount account for trading.
Start practising stop loss on demo account as it will be a great tool to minimise your losses while trading on live account. The major difference between demo and live account is our investment. We trade with our own funds in live account and virtual funds on demo account. Also, we experience a difference in execution speed in demo and live accounts with some brokers.
I found I was able to make my live account feel like a demo account by ensuring I really didn't care about the money in my live account - I started with a small amount that really didn't matter if I lost it.
I mentally prepared myself as though I had already lost it - and because I wasn't attached to the money, I felt like I traded better.
I also agree with previous posts from forum members that demo trading is a must for beginner. Even there you should practice with SL limits, without any excuse. When you decide to start trading on real account then first start with minimum investment
Pls am a newbie in the business of forex trade. I seem to be doing well in my demo account but am still not comfortable with cos I still think there is a big difference between trading in a demo account and trading in a life account. Pls what are the major differences? I will like to know this please cos am trying to open a life account.
My second problem is I ve not been trading on my demo account with stop loss how does that affect my trade. Thought I still make profit. How will that affect my trade when I state trading on a life account? Hoping to hear from you guys.
you need to trade a demo as if it was real. if you are going to be using sl then set them on the demo. if you are thinking of a 1k live account then use a 1k demo every thing has to be mimicked as if it was real