how long to stay on demo
- Thread starter Carollynne
- Start date
Curious, why only one month? there's no need to hurry, yah know.
No matter if you stay on demo for a long time, but when you see you're good in demo, just try live. You can lose your money several times because lack of real-experience but demo is a good background to start. I had stayed demo for 3-4 months before opening a live account there.
I know there was no need to hurry but I was in a great hurry. As I was returned to demo after losing a lot, so only one month was enough for me, I only tested one method with extreme discipline and ti paid well.
Pipsqueamish
Recruit
- Messages
- 9
Hello Carollynne,
Most people are saying between 3 to 6 months and I'd have to agree. The only thing I'd add is that no-matter how much experience you get on demo, it doesn't translate directly to trading with your own money. So whatever the case, be prepared for some upheaval when you go to trading live with your funded account. Your risk appetite will naturally differ when it's your own cold hard cash on the line.
Hope this helps.
Happy trading!
Most people are saying between 3 to 6 months and I'd have to agree. The only thing I'd add is that no-matter how much experience you get on demo, it doesn't translate directly to trading with your own money. So whatever the case, be prepared for some upheaval when you go to trading live with your funded account. Your risk appetite will naturally differ when it's your own cold hard cash on the line.
Hope this helps.
Happy trading!
Red Herring
Corporal
- Messages
- 388
I stayed 4 months on Demo and I am fine with live now.
RahmanSL
Major
- Messages
- 2,938
If newbies are afraid to loss money, then stay on Demo forever because that way they can never ever loss any money
Demo account is excellent as an indicator on what you can do or will be able to make with a given budget. Just don't start a USD100k Demo account, make tons of virtual money, and then hurriedly deposit USD100 and expect to earn tons of real money too on that small account.
Even after more than 3 years live trading, I still practice on Demo accounts to see how what would happen if I were to start live account with USD5k, USD10k, USD15k, USD20k, and up.
Occasionally, I take part in broker's competition to see how I rank among other traders/competitors. Also, I check to see how and what the other competitors are trading and try to learn something from their style of trading.
Learning and practicing never stops. Just learn how to trade in your own style and strategies that you will be comfortable with. Following other seasoned traders can be counter effective because these systems/strategies might not be suitable for you.
Demo account is excellent as an indicator on what you can do or will be able to make with a given budget. Just don't start a USD100k Demo account, make tons of virtual money, and then hurriedly deposit USD100 and expect to earn tons of real money too on that small account.
Even after more than 3 years live trading, I still practice on Demo accounts to see how what would happen if I were to start live account with USD5k, USD10k, USD15k, USD20k, and up.
Occasionally, I take part in broker's competition to see how I rank among other traders/competitors. Also, I check to see how and what the other competitors are trading and try to learn something from their style of trading.
Learning and practicing never stops. Just learn how to trade in your own style and strategies that you will be comfortable with. Following other seasoned traders can be counter effective because these systems/strategies might not be suitable for you.
Triantus Shango
Sergeant Major
- Messages
- 1,371
short answer is: no. you just end up losing money right away, as opposed to later. but sure, you'll learn a lesson or 2. but why lose money right away when you can learn so much from demo/paper trading? also, since trading is a mind game, you should observe you mind state when trading demo, the emotions you go through, if any. then later, when trading with real money, repeat the observation experiment. perhaps your mind states will be the same, perhaps completely different. again, you'll have learned something crucial.
eventually, when all is said and done, you have to learn how to handle the pain of losing, especially losing real money. and learn how to handle all the other emotions that usually arise when losing--anger, sadness, despair, rage, you name it. and eventually, you'll to learn to let go of these emotions so that you can trade like a machine and only focus on fine tuning your craft, finding your edge, and using it to make profits.
finally, do not be fooled should you one day be able to, for example, quadruple your real money account, and now feel on top of the world. immediately observe that feeling, do not trade while elated, and let it pass--do not trade when you fill like 'now, i got it. i'lll be rich.' take a break, re-assess. control your emotions. become like a machine again. then go back into the fray, and grab the profits knowing that whatever profits you make, you are just only as good as your last trade and every trade is a new one. basically cultivate the mind of a monk--a money monk, that is.
eventually, when all is said and done, you have to learn how to handle the pain of losing, especially losing real money. and learn how to handle all the other emotions that usually arise when losing--anger, sadness, despair, rage, you name it. and eventually, you'll to learn to let go of these emotions so that you can trade like a machine and only focus on fine tuning your craft, finding your edge, and using it to make profits.
finally, do not be fooled should you one day be able to, for example, quadruple your real money account, and now feel on top of the world. immediately observe that feeling, do not trade while elated, and let it pass--do not trade when you fill like 'now, i got it. i'lll be rich.' take a break, re-assess. control your emotions. become like a machine again. then go back into the fray, and grab the profits knowing that whatever profits you make, you are just only as good as your last trade and every trade is a new one. basically cultivate the mind of a monk--a money monk, that is.
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