Spread betting: Demo accounts vs reality?

Brain dead

Newbie
2 0
Hello,

Last week I opened an account at Spreadright, but decided to make some investigations on spread betting before sending any funds to start trading. Well, actually Spreadright wants me to send AN ORIGINAL UTILITY BILL and copy of my passport and after that they are able to open my account. I've been wondering for some time this utility bill-thing. Is this the only way in England (USA also) to check where a person lives? I am from Finland, and sending some bill written in Finnish to some foreign company just to verify what is she/his home address sounds absurd.

I'm not interested about a credit account, so why Spreadright wants an utility bill in every cases, but eq. Finspread only if a person wants to open a credit account?

To the main question, finally.

I have demo account at Capitalspreads and I have made 15 trades mainly EUR/USD-markets. 14 trades I have closed with a profit and 1 FTSE trade I closed plusminus zero. So, no any losses. What is the true story behind demo accounts. Are those demo accounts just a way for SB companies to get more suckers into this SB and when live trading starts you a far from easy money? I just can't believe that I would be so damn good trader if I was betting with a real money.

What are your demo account vs real account experiences? Was it easy to win with play money and profits went down after you started to bet with your "hard earned" cash, or what?
 

oatman

Senior member
2,879 22
Demo accounts are great for getting used to the software.
Real trading is completely different.
Send a Finnish utility bill :LOL:
 

Skimbleshanks

1
2,325 16
The utility bill thing is annoying, but it's a quick check which gets them past the money laundering legislations introduced since 9-11, although many were in place beforehand.

Just send them a utility bill, and they'll eventually send it back to you. And for a bit of fun, dig out a recent one which will make no sense whatsoever to a muppet outside of Finland. Then at least you get a laugh out of it all. :D
 

TheBramble

Legendary member
8,394 1,170
Skimbleshanks said:

Just send them a utility bill, and they'll eventually send it back to you. And for a bit of fun, dig out a recent one which will make no sense whatsoever to a muppet outside of Finland. Then at least you get a laugh out of it all. :D

It's a pity Brain Dead doesn't live in Japan - sending them one in Kanji would be the ulimate...
 

dc2000

Veteren member
4,766 129
When trading with a demo account you have to have a trading plan just as you would with a real account by this I mean Know where you want to get into the market, know how many points you are looking for per trade and how much capital you intend to risk per trade. risk/reward ratio and lastly place stops just as you would when trading. it is easy to make a profit paper trading forgetting that the market went 100 points against you first.
 
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