Question about demo accounts

[Amazin-Trade]

I want to open up a demo account and practise and practise until I can make money on a consistent bases before I deposite some real money in. I'm I being naive for thinking that? or do I need to loss £100,000+ before I start making money? I don't have much money and want to do everything I can to prevent that happening. Can you only open one demo account per site? Once you run out of money, can you open up another one on the same site? what would be the minimum buyin to start trading?

If you have the experience, please comment/help

 

[Trader333]

I'm I being naive for thinking that? or do I need to loss £100,000+ before I start making money?

No that is not the case. Traders differ in how they start using real money when trading but most at least try either paper trading or using a demo account. The problem for many is that demo trading is, at best, only of minor benefit in my view. You cannot know how you will react when real money is on the line and it helps when using real money to have an approach that effectively writes off the money you have in the account and accept that this is the cost of learning how to trade.

 

[0007]

Demo trading is well worthwhile in my book - you can learn procedures, test strategies and train yourself to react as you should. However, (and it's a big However) it's very much like training in an aircraft simulator - you can crash & burn but still walk away. The real thing ain't like that!

So treat demo training for what it is - an excellent practice and training tool that will help prepare you for that big day when you go solo.

NB. - others will disagree.

 

[Amazin-Trade]

thanks for the comments guys, so what is the smallest amount of money I can deposite in trading? I read it somewhere on here that some brokers allow people to trade in pennies before they deposite proper amount. It would be great if I can trade in Pennies but I think most broker only accept £1/2