Demo account useful for beginners only - page 4
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Yes Demo is for beginners who want to learn Forex trading. Demo account help new trader to learn get confidence in forex market.
I don’t recommend demo trading because traders learn bad habits when trading with play money. I also don’t think “letting it all hang out” right away is wise either. Start off doing trades and taking risk that is relatively small but still makes a difference to you if you win or lose; about a quarter to a third of what you expect to reach as your trading matures is reasonable.
I don’t recommend demo trading because traders learn bad habits when trading with play money. I also don’t think “letting it all hang out” right away is wise either. Start off doing trades and taking risk that is relatively small but still makes a difference to you if you win or lose; about a quarter to a third of what you expect to reach as your trading matures is reasonable.
Agree to some extent. But don't forget the fact that traders get the first hand experience using demo trading. At least to get an idea about the platform.
Agree : everything first demo and then, only if it survives demo, maybe on live
That's also my personal motto. Demos are used forever by me, though I also trade live. Demos are needed to test any new trading ideas before adding them or using them to replace the existing ones.
That's also my personal motto. Demos are used forever by me, though I also trade live. Demos are needed to test any new trading ideas before adding them or using them to replace the existing ones.
Do you have any spare strategies to share?
What is the purpose of the demo account?
Brokers having a demo account for the beginners to practice are showing abet to their clients. But some traders simply ignore it.
IMO
Yes,by reading this all everyone of you will understand, that demo is very usefull, BUT:
There's a big difference between demo and real! With a Demo there's a total absence of emotion. When you switch to a live trading you will shock your emotional body. Once you know that you'll be risking real money,you will be doing things that you weren't doing in a Demo - closing out winning trades too soon instead of letting them run and questioning your judgment, causing you to miss opportunities,etc. In other words you'll have fear clouding your judgment. For one thing,you should trade a Demo exactly like you would a live account;you should fund your Demo with the same amount of money that you would be trading in your live account;and,instead of trading your Demo for an additional 2 months,I would start trading a live account starting with micro lots.This way you will ease your way into live trading without getting hurt if you start losing.
And later i should use demo only for testing strategies or indicators.
Demo account is very helpful for the traders and it helps them to learn the basics of Forex trading properly and improve their trading knowledge and experience so beginners should spent proper time in demo account to understand properly.
It is not true that demo account is only useful for beginners, in fact it is more useful for expert traders, when they want to test any new trading system or strategy or any Ea they can easily use demo account for this purpose.
I do not think so. Experienced traders also still need demo account. For example when they want to trade using EA, i think demo account is good for testing EA. We also can use demo account to take part in demo contest, i also use demo account from TenkoFx to take part in demo contest.