Whether or not many agree or are against demo trading, it doesn't change these two facts; - Demo trade does help a trader in some way - It's not the same with live trading
The point exactly, wish forex was easy as posting a thread or reply here life would be much better. I believe you have to take full advantage of all avenue of the market before you succeed well.
People think that Forex will make them billionaires in few weeks. But that's not true. You'll ahve to learn the Basics, available forex trading strategies, work on your psychology, invest some cash (it's unreal to earn $1mln from $200 deposit) Also, a lot of beginners fail making their first steps and leave Forex. In order not to lose all your starting capital for trading, do some practice on free demo account first
I will never forget what a friend told me from the onset; he said: "Hey man remember to start small and don't rush or be too hasty". Those words have guided me over the years.
I have a buddy with a live futures account, and has been on demo mode for about 5 years. I think in that time he has taken 6 trades total, all intraday, not swings or long-term. Almost every month he is "trying out" some new indicator, tool, signal service, or whatever. This is a prime example of too much demo mode actually causing mental issues, well beyond the necessity of understanding how your platform works, and the particulars of the instruments one wishes to trade. At this point, I suggest his demo mode instilled habits and the psychological issues it has caused, are irreversible, or at best, have zero impact for creating a long-term successful trading income should he ever begin pulling the trigger for real.
It's a good advise indeed, one you should never forget. This is especially important for newbies, you can't just expect to jump in and not get some bad results.
Exactly, there is no Holy Grail in the market. You might get fortunate sometimes, true, but you should not expect it to happen all the time.
For 5 years? When he expect to move to live account? I think he really got some mental issues at least skewed perception of trading risks. He should be then too aggressive or too conservative in trading when his account hit losses.
I've played tennis for 20 years without ever making a dime or expecting to. Does that mean I must have mental issues? After all, professionals make money at this so that must be the only reason to do it right? Maybe the dude just enjoys it as a game, nothing says you have to play the trading game for money any more that the thousands of other games out there that don't require you play for money. I've heard that projection is a thing when it comes to mental illness though.