Do demo accounts have the same information as the real life markets corresponding to them, or is it just made up random scenerios?
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Quoting radronOmegaDislikedDo demo accounts have the same information as the real life markets corresponding to them, or is it just made up random scenerios?
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Quoting PalmerDislikedNot sure how much of a Newbie you might be but just remember the following:
Demo-trading has very little (if any) psychological consequences when you lose 'demo-dollars'. You're not making or losing any money. It's like playing 'free' poker on-line, there is no sick feeling in your stomach when you lose $25,000 on one hand of Texas Hold'em. If you want a little taste of the psychological stomach pill and if you play cards or dice or Roullete, open an account with $100 on-line and get the feeling when you lose $100 of your own money.
If you have decided on a broker, demo trading is a good way to learn the platform that you will be trading from. Right click here or left click there, modifying orders, or saving templates. Study the way the quote feed works around news times, or session open times. Get the feel of the platform first before you go live. I've switched accounts a few times and have always taken the time to learn the platform before going live. A good 'excercise' is to call the broker to find out how fast, courteous, and 'user friendly' they are as well.
Good Trading To YouIgnored
Quoting stockwetDislikedWoooaah. Hang on there guys. While it is true that prices are the same, a demo account will not fully replicate a live environment. In a live environment, you may experience slippage, slow order execution, price spikes and another anomalies that will not necessarily occur on a demo account. If you're trading fast moving markets, a demo test of your strategy will give you a basic idea of how the strategy holds up, but, you might experience considerable slippage which causes your trade to be unprofitable in a live account.
So, keep those things in mind. Use a demo account to test your rules. Then use it to create habits of trading your rules. Then move to a small live account and deal with the psychological aspects of trading.
Regards,
stockwetIgnored