The demo account is an important trading tool in forex because it helps beginners and experienced traders build new skills. In a demo account, traders can trade risk-free to understand how the platform works and get used to the broker's trading conditions.
I spent three months on demo before moving to live trading, I should say demo trading helped me a lot especially backtesting feature.
in fact, a demo can solve a lot of questions about the work of a trader, but for some reason many neglect it
speaking about demo its helps you build a strategy and test its strike rate but its hard to prove consistency on a demo since it involves 0 emotions and real trading is 80% emotions As a beginner a month or two on demo is great to understand how execution works and then moving on to a real account with real money involved is the best way to learn even if it is as small as 100$, it is a great way to understand and manage emotions till you get funded or build your own funds.
Cant be emphasized enough crucial part of learning to trade . I still demo to this day tweaking my strategy
Yeah it is important to spend enough time on demo account to learn properly all platform features, for example I was playing for a year on Hotforex demo before deposit serious amount of money for profitable trading.
It is important to have the knowledge about trading but with just theoretical knowledge you can not actually do trading. Initially one must go with the demo account and if he/she feels comfortable and confident enough then they can switch to a live account.
Very nicely said. I must say that there is a huge difference between in demo and live trading, when it comes psychology factors. One cannot experience the emotions played in demo as compared to live.
I believe that the demo has its important part to play that we can never neglect. Starting directly with a live account is really a bad move. And the psychology can be trained with time. Spending time on a demo account is better than losing money in a live account.