How long did you demo before going live?

celestial

Newbie
8 0
Hi!

I Am quite new to this game and recently started my FX education.

How long would you recomend to trade demo acount before goning in with real money,

Or mabye I should rephrase the question; How long did it take for you guys before tradeing demo confidently and find strategies to aply on the FX market?



Cheers
 

police

Active member
113 15
not everyone paper trades or does demo first.
for example, lots of people start trading because they fancy a certain share is cheap, so they buy it.
that first trades leads to second, then a third, and so on....
its just that sometimes with trading you can just have a go and take it from there
 

superspurs

Established member
618 138
as long as it takes,keep daily records,weekly records monthly records if needed.ask yourself have i got a long term profitability strategy,if not do not commit a single penny to the market

why pay for harsh lessons when it can be free with patience
 

pnf-trader

Junior member
13 0
I have been trading on demo accounts for maybe 3 or 4 weeks before I put in some real money. During this time I have tested different trading platforms until I found one that I liked most.

In my opinion, trading with real money makes more sense than trading for months with virtual money only. The mental aspect of trading is totaly different when it comes to real money. Also the difference between demo account and real account is huge - think of slipage, order execution and requote/unfilled orders.

If I lose $10.000 of virtual money - so what? I simply reload my account. But if I lose $500 of real money, that's something completely different. Fear and greed are two emotions that every trader has to cope with. But this, in my opinion, can be learned best with real money only.

That does not mean that I encourage everybody to take his or her savings and put it into a trading account. Instead, I suggest to start small. With only $100 to $500 and trade mini and micro lots. There are also brokers that offer cent accounts, so $100 will be displayed as $10.000 (cents) .

You learn to trade under real market conditions with slippage, requotes and slower order execution. Plus, if you lose $500 ($5 that is on a cent account), it will hurt you more than if you lose $10.000 of virtual money. A nice side aspect is, that you even have the chance to build this small account up to a bigger one, where trading can become really profitable.

Demo trading is great to learn how a platform works, to learn how you can open, manage and close orders. But the most important aspects in trading show up, when real money is in the game. Start small - and be prepared to lose it all. And if you lose, be happy that you started with $100 and not with $1.000, $5.000 or even more ;)

The more comfortable you get, the more money you can put into your account. But starting with a virtual money demo account and next step funding a real account with $25.000 is something that not everybody can deal with.
 

Masquerade

Senior member
2,543 283
Jump straight in - trading's all about money. What better way to learn? Only thing is keep it small for now so you don't get burnt.
 

celestial

Newbie
8 0
Nice to hear different opinions on the question.


For me I think I am gong for some demoing a while to at least to work on some systems.


A follow up question; Can annyone recomend som nice video lessions/literature on basic FX strategies and systems to trade the market with and especially so that I get the understanding for the basics.



Regards
 
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pnf-trader

Junior member
13 0
I don't know how basic you want or like it, but this vides series is great if you want to learn about technical analysis:

YouTube - InformedTrades's Channel

He has explainatory videos about indicators like RSI, MACD, Moving Averages, Stochastics, Bollinger Bands etc., introduces into CFDs, Futures, Options, some trading platform and so on.
 

ExpertTradingAdvisor

Junior member
18 1
Another thing you may want to look into is an automated trading system. This way you can let it trade for you while you are trying to learn the market.
 

finvik

Junior member
16 0
i have seen people trying demo for an year or so... i personally when started, there were not enough demo tools, hence i tokk a lot of time in learning the tricks of the trade...
 

tenbobtrader

Guest
450 140
Demo till you win

Hi!

I Am quite new to this game and recently started my FX education.

How long would you recomend to trade demo acount before goning in with real money,

Or mabye I should rephrase the question; How long did it take for you guys before tradeing demo confidently and find strategies to aply on the FX market?



Cheers
I would recommend you set up a nice demo account on a platform you like

I would then load it up with an amount of pretend money that matches your intended future real account size

I would read no trade advice from anyone, just note down news times for the day and week ahead

I would then play away and attempt to make some toy money

when you have something that starts to work

write down in detail exactly what you are doing, every detail, a step by step future guild that if you gave to any other trader with just a basic knowledge he or she could follow without contacting you for additional information

do it again

write down in detail exactly what you are doing, every detail, a step by step future guild that if you gave to any other trader with just a basic knowledge he or she could follow without contacting you for additional information

a good simple method to start with (thread on site) read all the book ! not just the settings. Read it again in a few weeks after play play trading

Decide for yourself what the market is

good luck
 

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mrorange

Newbie
2 0
Celestial,

I was trading a demo account for about a month before I put real money on the line. I would strongly recommend using a demo account for a few weeks at least just so you can at least get used to the platform.

Also, its a good idea to just 'bet' a pound a pip on the demo account because its easier to keep track of exactly how many pip's you are up or down at any time.

Good Luck!!
 

evergreen1

Active member
139 0
hey

i think for your understaning you must do practice on demo account a least 2 week that you know that what is it n how it going on.but you must do demo first.it will help you in your live account treading.
iqbal
 

jiggly

Well-known member
478 64
while 'learning' you should start with a demo account, so you can get used to placing and exiting orders and familiarise yourself with the brokers environement. it is also the best place to test strategies.

however, there will come a time when demo trading will limit your education, you need to get off of a simulated environment as quickly as possible and put something on the line to back your trading decisions. the only reason I say this is because there is a difference between trading with pretend and real money, plus, learning to trade also encapsulates the psychological aspects, which you will not get when you have 'nothing' to lose.

you dont need to pay for your tuition massively, an account can be opened with a miniscule amount and you can trade micros lots, (pennies) until you have a solid plan and refined your methods.
 
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