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How many of you, still prescribe demo trading to others?

  • #41
  • Feb 3, 2019 6:18am Feb 3, 2019 6:18am
I sort-of needed the pinch of real money on the line to keep myself focused.
People differ in their emotional setups. I have no problem sticking to my rules under any circumstance so long as I believe they’re correct.
  • #42
  • Feb 4, 2019 6:41pm Feb 4, 2019 6:41pm
Hey All,

IMHO demo trading is not meant to show anything other than if an idea is viable. Live forward testing with cash is the only true way to test viability in the wild. Start with the smallest amount available by your broker. Grow slow over time. If it does not not work, scrap the plan and start something else. This way you dont blow all your on untested plan.

- Ric
Be humble or get humbled
  • #43
  • Feb 5, 2019 6:31am Feb 5, 2019 6:31am
Quoting Ivanyo
i think it's good to give demo trading a go to understand how the system (mt4 or whatever platform works) so you are familiar with all the buttons and functions then open a small live account for actual paper trading because people react differently when they have money in the game
I've been familiarizing myself with the platform and a trading strategy for more than a month. Glad to stumble in this thread, I guess I need to open a micro real account soon.
  • #44
  • Mar 6, 2019 3:41am Mar 6, 2019 3:41am
trading in a micro real account is more appropriate than a demo particularly for acquiring live trading knowledge, from demo we get nothing , because there is no real money and no emotions, as a result traders trade at random with no analysis.
  • #45
  • Mar 14, 2019 8:31pm Mar 14, 2019 8:31pm
Quoting MarkFxAnde
trading in a micro real account is more appropriate than a demo particularly for acquiring live trading knowledge, from demo we get nothing , because there is no real money and no emotions, as a result traders trade at random with no analysis.
100% agree
Be humble or get humbled
  • #46
  • Mar 15, 2019 11:51am Mar 15, 2019 11:51am
So why is it a bad idea then? Can you please specify?
  • #47
  • Mar 16, 2019 12:11pm Mar 16, 2019 12:11pm
Quoting hellsbells
{quote} I'm an aspiring pro, I would not call myself a pro. I'd still recommend demo for a couple of months, but adjust account size to what live will be ( I think you can do that ). Default demo account size when I started was $50k which is ridiculous. I think demo default account should be $500, less likely to set clients up to fail. I also think the training wheels need to come off after 2 months, even just trading .01 on $200 account. When I started I thought well if I can make $20/day on small account, no dramas making $200/day on larger account...
Lots of arguments for and against but my biggest step forward in trading was starting a small live account.

Too easy to be flippant on demo, and no emotion involved. Trading live is a different ball game, and mastering your mindset and emotions when trading your own money is a key aspect of trading forex successfully.
  • #48
  • Mar 17, 2019 4:04am Mar 17, 2019 4:04am
Perception of high stakes is important, trading on micro account you still behave in a little bit careless way. That's why I preferred to jump from demo account right into live account with decent deposit like 1000 bucks.
  • #49
  • Mar 18, 2019 9:59pm Mar 18, 2019 9:59pm
Quoting LanaBanana
So why is it a bad idea then? Can you please specify?
Hey LanaBanana,

In demo you may take risks or do things you would not do in live. There is no reset in live accounts. Also there is a HUGE psychological barrier between Demo and Live. Trading a few cents per pip live VS unlimited demo money gives you real perspective on how the live market works and how your trading does in the real world.

Good Luck,

- Ric
Be humble or get humbled
  • #50
  • Mar 19, 2019 9:47am Mar 19, 2019 9:47am
Quoting MonkeyPlanet
Perception of high stakes is important, trading on micro account you still behave in a little bit careless way. That's why I preferred to jump from demo account right into live account with decent deposit like 1000 bucks.
New traders need to focus on learning instead of earning; that’s why small trading capital is always helpful; since it provides small amount of profit as well as lose.
  • #51
  • Mar 19, 2019 11:15am Mar 19, 2019 11:15am
Quoting RachFX
{quote} Lots of arguments for and against but my biggest step forward in trading was starting a small live account. Too easy to be flippant on demo, and no emotion involved. Trading live is a different ball game, and mastering your mindset and emotions when trading your own money is a key aspect of trading forex successfully.

this is very well said. no shame in taking as long as you need to practice first with demos before going live when you are ready.
  • #52
  • Mar 21, 2019 2:07pm Mar 21, 2019 2:07pm
Stay in demo account as long as you develop your own trading strategy. Than go to real account with small lot to learn how to control your emotions.
  • #53
  • Mar 22, 2019 2:35am Mar 22, 2019 2:35am
demo is a great deal for a newbie, it where you start your proper learning, but i agree with most for a real experience small account is best but only after you are fully satisfied with your demo account results.
  • #54
  • Mar 22, 2019 5:02am Mar 22, 2019 5:02am
I would recommend demo trading to every new trader any day. You'll get the experience of trading, so that you don't just jump into it without knowing what it entails. For the real experience, a micro account would be more appropriate since you'll still lose less
  • #55
  • Mar 22, 2019 6:27am Mar 22, 2019 6:27am
I personally recommend that a trader should not trade for so long on demo after developing and testing a strategy. That's a waste of time. Micro or mini account is more useful for any trader who is serious enough to catch up first. But all in all, demo is still important
  • #56
  • Last Post: Mar 23, 2019 5:17am Mar 23, 2019 5:17am
Personally, I would recommend any new trader to use demo account first, in order to familiarize with trading and develop a trading strategy that works best. You'll not feel the loss since you only trade using virtual money instead of real money. This would really boost a new trader's confidence
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