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Is demo a step before real trading?

  • #241
  • Feb 10, 2018 8:59am Feb 10, 2018 8:59am
Quoting AgusKurniaw
{quote} Yes demo is a step. It's a wrong decision not to use demo before live trading. To know how the online trading system works you need to practice in demo. You also need demo account to test your strategy. You can't test your strategy in real account. It may incure huge loss. But yes real learning start with real money then too you need demo.
Frankly, I'll never understand people who start directly on a live account. That kind of confidence is quite odd, in my opinion. One needs a certain period of time on a demo account to learn the actual software at the very least.
  • #242
  • Feb 20, 2018 6:03am Feb 20, 2018 6:03am
I agree demo account is good to use in order you try out the functionalities of the platform. As soon as you can use the platform you need to trade on real account. There is almost no risk in trading microlots.
  • #243
  • Feb 22, 2018 3:50am Feb 22, 2018 3:50am
Not only beginners demo works for all kinds of trader if you can use it accurately , in my trading career , after passing a long time I still using demo account where I use all my trading strategies to see the performance how it works, this approach always helps me to avoid unfortunate losses and risk when trading in live.
  • #244
  • Mar 11, 2018 5:33pm Mar 11, 2018 5:33pm
Quoting mlawson71
{quote} Frankly, I'll never understand people who start directly on a live account. That kind of confidence is quite odd, in my opinion. One needs a certain period of time on a demo account to learn the actual software at the very least.
Question; how long is too long? I completely agree that a demo account allows people to simulate the mechanical side of trading but the psychology that so many people talk about here can never truly apply to a demo account, regardless of how you model it. You'll know in the back of your mind that if anything goes wrong you can make a new account just like that.
Because of this, what point needs to be reached for a trader to know his strategy is good enough to start a live account?
  • #245
  • Mar 11, 2018 6:22pm Mar 11, 2018 6:22pm
@ aD-
I personally made a commitment to Log 5 profitable weeks in my Demo before I allowed myself to go live.

  1. Did I have a day or 2 of losses in a week? Of course, but they did not exceed my daily loss allowance and ended the week in the green.
  2. Did I meet my daily profit target everyday? No

I made it 3 weeks then had a losing week so I had to start over.

The logic was that if I could not log profitable weeks on a demo how would I do it Live....
Yes it will be emotionally different when you go live, but I treated my demo as if it were.
Don't over trade your demo. I started with 10-15 trades a day... Now only 2-3 to get to my daily goal then I stop. (discipline)
I have not had a losing week in 2+ years...

If I want to review new things I do it on demo first... but that is not often as my system works. It ain't broke!

Attitude can reflect outcome in life and trading!
  • #246
  • Mar 12, 2018 12:50am Mar 12, 2018 12:50am
Quoting krmo
@ aD- I personally made a commitment to Log 5 profitable weeks in my Demo before I allowed myself to go live. Did I have a day or 2 of losses in a week? Of course, but they did not exceed my daily loss allowance and ended the week in the green. Did I meet my daily profit target everyday? No I made it 3 weeks then had a losing week so I had to start over. The logic was that if I could not log profitable weeks on a demo how would I do it Live.... Yes it will be emotionally different when you go live, but I treated my demo as if it were. Don't over...
Are you mlawson71? I see aD- asked the question to 71!
  • #247
  • Mar 12, 2018 2:16pm Mar 12, 2018 2:16pm
I appreciate the answer; whilst I quoted mlawson71 krmo gave a good answer so I'm happy
  • #248
  • Mar 13, 2018 11:27am Mar 13, 2018 11:27am
Quoting aD-
{quote} Question; how long is too long? I completely agree that a demo account allows people to simulate the mechanical side of trading but the psychology that so many people talk about here can never truly apply to a demo account, regardless of how you model it. You'll know in the back of your mind that if anything goes wrong you can make a new account just like that. Because of this, what point needs to be reached for a trader to know his strategy is good enough to start a live account?
Personally, I think one should stay on a demo account for at least six months, but different people learn differently. Some are ready earlier, some are ready later. It's a highly subjective issue. In the end you're ready when you feel you're ready.
  • #249
  • Mar 14, 2018 12:26am Mar 14, 2018 12:26am
Quoting mlawson71
{quote} Frankly, I'll never understand people who start directly on a live account. That kind of confidence is quite odd, in my opinion. One needs a certain period of time on a demo account to learn the actual software at the very least.
Same opinion! Learning is obvious here; no one can make money here without learning! So, demo is the 1st job to the new Forex traders.
  • #250
  • Mar 14, 2018 10:51am Mar 14, 2018 10:51am
Quoting Majeeda
{quote} Same opinion! Learning is obvious here; no one can make money here without learning! So, demo is the 1st job to the new Forex traders.
True.
All that said, I think that a demo account is just a stepping stone. Sooner or later one has to move onto a live account, because the learning process will continue then. A demo account is a great educational tool, but it does not prepare you for everything.
  • #251
  • Mar 24, 2018 1:59pm Mar 24, 2018 1:59pm
Demo is the best thing forex can provide newcomers with. And not only newcomers. I'd read a great number of articles about trading in forex and I had a wrong impression of it untill I tried trading on demo account.
  • #252
  • Mar 24, 2018 7:12pm Mar 24, 2018 7:12pm
Why use Demo Account when there is CENT/NANO ACCOUNT?
Deposit $10 and you got 1,000 USDC to trade, deposit $100 you got 10,000 USDC.

Trading real money is different experience from trading Demo. Trust me!
Test your system/strategy/money management/emotion, etc in these cent accounts. If you could grow the account successfully and consistently, then you know you on the right track.
If you bust the account, just reload it... it is only $10, and evaluate what you did wrong, and try not to repeat it (over trading, over leverage, not enough technical skill, etc)

Here is a good quote: "Take risks: If you win, you will be happy. If you lose, you will be wise."

Can't/won't afford to risk $10 for your trading career?
My advice: Close your trading platform and don't look back. Trading is not for you.

Cheers and green pips always!
That which does not kill us makes us stronger
  • #253
  • Apr 6, 2018 11:16am Apr 6, 2018 11:16am
Quoting Hunterr
Demo is the best thing forex can provide newcomers with. And not only newcomers. I'd read a great number of articles about trading in forex and I had a wrong impression of it untill I tried trading on demo account.
How many months you used the demo before your live trading?
  • #254
  • May 9, 2018 2:33pm May 9, 2018 2:33pm
before real account there are some inevitable parts of trading that we have to make sure if we want to lead a knowledgeable trading life. from all demo is the foremost but we ignore it even though this is the master place to be a knowledgeable trader.
  • #255
  • May 10, 2018 5:28am May 10, 2018 5:28am
Quoting Majeeda
{quote} How many months you used the demo before your live trading?
I'm running a demo account for 6 month and tried all forex strategy until i found one strategy and pair that fit to my self.
  • #256
  • May 10, 2018 7:46am May 10, 2018 7:46am
Quoting oliver1007
{quote} I'm running a demo account for 6 month and tried all forex strategy until i found one strategy and pair that fit to my self.
Which currency pair did you pick in the end?
  • #257
  • May 10, 2018 9:31am May 10, 2018 9:31am
Indeed a demo is great way to start but the learning process continues even a lot after the switch to real environment. In my view trading is never ending learning process.
  • #258
  • May 10, 2018 3:25pm May 10, 2018 3:25pm
Forex is a place where there is no way to stop learning , until the end of time you have to ensure learning process if you want to lead a comfortable trading life . that’s why as a place , there is no way to ignore demo for practicing , you don’t believe this trading place , it’s your own issue.
  • #259
  • Aug 8, 2018 6:52am Aug 8, 2018 6:52am
Demo trading is the general precedent of live trading. So utilize the time spent on demo trading well otherwise it’ll be of no use and you’ll suffer greatly in live trading. Demo trading is as serious as live trading. Moreover demo accounts can come in handy even when you’ve become an experienced trader for testing your strategies.
  • #260
  • Aug 8, 2018 9:25am Aug 8, 2018 9:25am
Quoting Drew-pips1
Demo trading is the general precedent of live trading. So utilize the time spent on demo trading well otherwise it’ll be of no use and you’ll suffer greatly in live trading. Demo trading is as serious as live trading. Moreover demo accounts can come in handy even when you’ve become an experienced trader for testing your strategies.
It should be this way, but a lot of traders use unrealistically large accounts and lots in demo trading, which leads to unrealistic expectations.
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