Demo accounts

Purekiller

Recruit
Messages
97
That's a very good question.
Let's start with the advantages of demo account. Its most important advantage is that it is very comfortable to learn from. You can try your skills in trading without risk, maybe even test the trading system and how it behaves in the market. Also with the help of demo it's much easier for you to understand how the market works.
As for the disadvantage, with a demo account you don't feel responsible for your decisions and your choice. You can easily start anew with a new amount of money, although this won't happen in your real account.
 

bigdolly

2nd Lieutenant
Messages
1,009
Yes demo is a great tool but it should be used with caution because it can give false impression off easy wins which is of course not the case. I trained for 3 months in Hotforex demo but then I quit and now use it only for backtesting
It is definitely worth using demo first. It is not quite the same as when you use your own money but it really does help.
 

pezz55

Sergeant
Messages
134
Yes demo is a great tool but it should be used with caution because it can give false impression off easy wins which is of course not the case. I trained for 3 months in Hotforex demo but then I quit and now use it only for backtesting
yeah i think once you are happy with your trading on demo you then need to go live with half the size and expect to make half the returns and work on your mind set as live trading has a whole new impact
 

ForexViking

Recruit
Messages
130
I demoed for about 6 months before making the leap to live account, great way to check if most of your inclinations are correct. Aim for good solid 6 months of profits before going live.

live account is a different ball game as your money is on the line but just stick to your established game plan and don’t panic when trades go into negative :)
 

ScottHughes

Corporal
Messages
97
I still use demo now more so than when I started. I believe a real account with lowest risk is best way to learn how to manage risk. The feeling of losing trades on demo doesn't make you think
 

bigdolly

2nd Lieutenant
Messages
1,009
I still use demo now more so than when I started. I believe a real account with lowest risk is best way to learn how to manage risk. The feeling of losing trades on demo doesn't make you think
Nice I think you should continue to do that further if your progress is deemed to be enough for you.
 

Jim B

Corporal
Messages
96
I demoed for about 6 months before making the leap to live account, great way to check if most of your inclinations are correct. Aim for good solid 6 months of profits before going live.

live account is a different ball game as your money is on the line but just stick to your established game plan and don’t panic when trades go into negative :)
You’re right, demo is good but not the same emotions involved compared to a live account.
 

henyo

Master Sergeant
Messages
437
I demoed for about 6 months before making the leap to live account, great way to check if most of your inclinations are correct. Aim for good solid 6 months of profits before going live.

live account is a different ball game as your money is on the line but just stick to your established game plan and don’t panic when trades go into negative :)


yep thats it.. and yep demo and live are not the same, there will be differences in execution, spreads and things brokers always point to liquidity providers, but demo is a good step too start practicing learning strategies and testing trades before doing any live.. and the emotions.. good lord. it will always get you.
 
Top