I worked on my demo account for around 6 months before going onto a live account. I think it's about working until you have consistent gains. I still revert back to my demo account to test strategies. More recently I have been working with EAs on demo accounts. They need thorough testing before risking any real money.
I've traded with demo account around 1 month and half now. I do my business full time, currently my income is from affiliate marketing, but I want additional income from forex as well. Since I do my business full time, I have lots of time staring at MT4 chart, opening trades and gain experience. I won some and lose some. I'm not sure whether I'm ready or not to trade with live account, especially with big capital. Can anyone give me the idea? How long do I have to trade with demo account? 4 months? 6 months? To those who's going to post in this thread, how long had you been trading with demo acc? Care to share your experience?
Trading Demo really differs from trading Live. I recommend to trade Demo to familiarize with basic rules and to understand the market movements, especially when it comes to high impact news. Oh, and to try to open all possible orders. Then you can try Cent account and then Standard or others. Better to start step by step and to compare trading conditions between brokers.
Another thing is that brokers can manipulate the charts on demo accounts and it can result in big surprise or loss that after elaborating a good strategy on demo account, this vry same strategy will be totally useless on live trading. I suggest it is worth checking the quotations on demo and real accounts at the same time to make sure that there are no price manipulations