I think it’s important that you place at least 60-85 demo trades on the platforms you’ll be using before you start trading with your hard-earned money as I believe practicing on a demo account is a good way to gain empirical knowledge without exposing yourself to any real risk. I also did the same when I was new to the market, some of the demo accounts I used were of icm, xm and currently using fxview demo to backtest my strategies.
The main reason why beginners are advised to use a demo account before live trading is to understand about the live trading because it has the same replica of the live account. And by practising on a demo account, a trader can develop new strategies and build confidence to take a certain risk in live trading.
I would like to add that the main purpose of a trading on demo account before going live is to create a trading system not just learning setup or managing risks etc you should have a complete or somewhat effieceint system to go live imho
The demo account serves as a kind of simulator for developing trading skills and gaining experience in the Forex market.
Yes only real money is not involved rest everything else is same so traders should practice on demo account sincerely.
I know it’s not my real money that I am putting in, I just can not seem to take demo accounts seriously. Is it of any use then?
In that case you could go for a broker like instaforex or avatrade, you can start practicing with a smaller deposit, with avatrade it starts from $100.
Even Fxview and XM are good for that matter, I practiced on fxview with only 30 euros as my first trade.