Demo is like monopoly cash, you wouldn't hesitate to tear it or burn it. and same way is demo You will not hesitate to take trade and manage them because you got no emotional attachment to the the demo money once you shift to a real account with real money, It will be all about emotions and less about trade plan.
Why is it easy to make consistent profit in a demo account, but it is not as simple as it seems when live trading and the market in live trading is also difficult to predict even with EURUSD currency pair?
Step 1: double a demo account using small size Step 2: trade live small size Step 3: double live small account Step 4: scale up
I haven’t met a trader in my life that doesn’t use demo accounts. I mean who wouldn’t want to check if a strategy is usable or not, without risking money. Traders who directly go into the live market don’t do anything other than making stupid decision to waste their money.
Yeah, demo trading is fine but it shouldn’t be done for more than a week. It makes traders set unrealistic expectations that they never achieve when they go into the live market.
The major difference between the demo and live is that trading in demo account there is no risk or capital involved in it and traders mostly use it to develope new strategies or practice various skills. Live trading involves real risks and capital in it, traders trade with caution to make profits in it.
Beginners without any forex trading experience should use demo accounts to understand the forex market and the trading platforms. After gaining enough experience in demo moving to micro account is a wise choice because the loss and capital are lower than other accounts.
right now i am using demo where i am doing couple of trading straegies to see the perfromance how it works.
From my experience I can that the demo is the best tool for beginners to train and understand how the forex market works without taking any real risks or money. Live trading on the other hand has risks and real money involved in it, so traders need to gain proper experience in it before expecting consistent profits.