Advantages of DEMO account

[archiemishra]

Hello all, I am beginner in forex trading and also lacking confidence but one of my friend suggested me to first go for demo account. So, can you let me know what are the benefits of using demo account?

 

[nitrader]

Hello all, I am beginner in forex trading and also lacking confidence but one of my friend suggested me to first go for demo account. So, can you let me know what are the benefits of using demo account?

Advantages:

1. You will not lose any REAL money.

2. You can test out your trading "method" BEFORE you go with a live account.

Disadvantages:

1. It does not have the full emotional pressure that you will feel when you trade with
real money.

In summary your friend is correct - START with the demo and then when you are happy with your method and are CONSISTENT you should move to a live account

 

[Michelle graystone]

A demo account is usually used to give the trader an overview of how trading works on the platform. The main advantage is that you do not lose your money as "Nitrader" told you. However, I don't think that all brokers gives you full access to the platform with a demo account... This would be too easy for us, don't you think?

 

[drtro]

Many people misuse demo/paper trading so never get the point of why it has advantages.

Trade realistically and develop a strategy in paper money. If you are planning on opening up a $1K account to trade Forex, do that. Don't trade millions of dollars. The goal is to keep it as real as possible.

 

[forker]

demos are too slow at delivering enough screen time. With a good market replay tool you can pump out a days worth of screen time in an hour or less

 

[nitrader]

demos are too slow at delivering enough screen time. With a good market replay tool you can pump out a days worth of screen time in an hour or less

Hi Forker

Do you have any experience / suggestions on a replay tool?
I will have a google search but if you have any recommendations please
let me know.

 

[forker]

Try forex tester although it is limited to fx. I recall esignal being able to do it and I am sure other platforms can also but I have not used that feature in them.

 

[Lightning McQueen]

mt4 has a replay function of sorts I recall? or maybe not?

 

[Forexmospherian]

Hi Forker

Do you have any experience / suggestions on a replay tool?
I will have a google search but if you have any recommendations please
let me know.

Yes Intellichart Pro had the facility - but its normally $100 a month

I think you can get it on a 7 day free trial

I used their charts for about 5 yrs and loved them - but then as brokers platform charts improved I decided to save the $100 a month and presently use the platform features of Ctrader / Dukascopy and GFT .

Personally I think it best to trade with real live money asap - once you know after a month if your strategy as legs.

Even if on micro mini lots - you might risk your daily loss to say £2 a day so even if you lose every day in a year - its hardly much - and it gets you used to controlling your emotions when real money is involved.

Real money kills maybe 50%+ of all great demo traders.

Regards


F

 

[AtulVajpayee]

Trail of your account shown in Demo account, Here it define the best and safest way of your transaction of money. Demo account is very useful in Forex marketing or Trading to understand the main functionality of your Account.