I started with a demo and would suggest the new traders do the same. There is no shortcut for making money in forex. Following a systematic approach is important. Start trading with a demo account then switch to a micro account and then the standard account is the right approach.
Demo - for getting acquainted with the market & testing strategies. Micro - when you are ready to take small risks.
A demo account is a useful tool for practising trade execution and strategy testing without having to use real money. Best thing for system testers as well as beginning traders.
As new to the trade, I would like to start off with a demo account to learn more about it along with that I believe in reading more about it as well. So that I can read and practice both after some time if I feel confident I might start with a micro account but not now.
This is the best thing to do for any newbie, especially if you do not want to loose your funds too soon. I remember my early days in the market I was scared of loosing my funds, so I stuck with just demo trades with Forex chief for too long not knowing there would have been a better way to go about it. It would have been profitable for me to take advantage of their micro live account after learning for a while, that way I will be safe while practicing live what I was learning. So my advise for any newbie is to learn through demo for a while, then start a micro live account to practice what you learn.
Yeah, it's always a good idea to start with demo account as you are still learning and will make alot of mistakes so it better if you loosing fake money. Once you are more familiar with trading then micro/cent account is a good idea as it still requires lower capital commitment and risk.
Receiving adequate learning on a demo account, then utilize the Micro account as the risk and capital traded are low and live trades can be explored.
I started off trading on a demo account before switching to a micro account. Demo accounts assist you in improving your technical knowledge and developing market knowledge. Only use micro when you are prepared to take a genuine risk.
Demo trading is a must as it allows traders to learn and practice trading under live market situations without involving their hard earned money. One should remember a diver first learns to swim in a pool and then dives in the ocean.