I am about to start forex and wish to know if there’s a thing like a good demo account in terms of reliability and has nicer spreads as well. I tried a few demo accounts after going through a couple of online trading discussions and noticed the spreads were higher on most common pairs (I checked with the UK timings). They were even higher than real account. Can you please point me towards a demo account that provides trading experience closest to a live account? Or can see if the spreads are almost same with demo and live accounts. Thanks for sharing your thoughts.
Nothing compares to putting your hard earned dollars at risk. The fear and greed will be muted in demo and exaggerated in real trading. Trust your system and have conviction in your trading. As long you have a edge you will come up ahead for example over the course of 10,000 trades. Minus commissions and slippage.
Demo accounts wont give you a real market conditions, you will not encounter slippage and executions delay on demo like that or a live account, so its very hard to find something that exactly replicates a live market but There are brokers like FXCM and Oanda which give a real good broker service and have a good customer support you can try it out.
You’re so right. You can only have a good idea about a broker trader when you work with them on a live account. Fortunately micro account brokers like lqdfx, turnkeyforex, lmfx make it easier to test live trading conditions of a broker.
What spreads are you looking for? I can suggest Hotforex zero spread account, it offers quite tight often zero spreads on major pairs which is perfect for scalping.
The benefit of using a demo account is that you can practice all you like without losing any money. If you make a mistake, it doesn't matter because you can click a few buttons and reset your account to how it was before. All demo accounts are the same as real accounts. The main difference is that you are not making any real money on a demo account.
Trading tiny size is 10000x better than demo account trading. You'll learn a fkload more trading a micro or 1 share vs sim account. Psychology is fundamental and you don't get that "fuck I just lost real money" experience from a fake account.