Importance of demo account in forex

I want to wait for all of you to participate. Still I am not sure it is a good training way, but I think it helps. If we see good results, we will repeat this method which is the training article followed by a test.

My goal is helping you learn to pick the strong setups and ignore the weak ones. This helps you improve your success rate and become profitable finally. In this article, I am talking about the demo trading and its importance. They believe demo trading causes the novice traders not to learn to trade with discipline, and this will be ended to failure finally. It will be a disaster if these bad actions become a habit in you.

Pros and Cons of a Demo Account in Forex - nihoyuyipe.web.fc2.com

This is true only when you are not a serious learner and you are practising forex just to see what it is. So you open a demo account and you take some positions to see how it works. However, when you are serious to become a professional and full time trader, and when you want to make a living through trading, then you should behave completely different.

Before you open a demo account and start demo trading, first you should learn everything you need to know. I have explained this in details here: Do You Think You Are on The Right Track to Become a Profitable Trader? First complete your knowledge and then start demo trading. Spend enough time to follow the videos and articles I have listed in the above article.

If you start demo trading while you are not ready yet, you will only make yourself confused, frustrated and disappointed. Do not let your mistakes make you think that you can not make money through forex. I can not emphasize on this more. It is very important. Take the demo trading as serious as possible. Forget that it is the demo money and nothing happens if you lose. Treat it as a live account and your real money. Do you like to lose money with your live account so easily?

If not, then do not lose with your demo account so easily too. If you trade carelessly with your demo account, you will do the same with your live account too. If you take positions with your demo account while there is no strong trade setup , you will do the same with your live account too. If you over-trade with your demo account, it becomes a habit, and you will do the same with your live account too.

Does it make sense to open a live account and trade with the real money while you have not become able to make money with the demo account yet? You think live trading is different?

If you are not knowledgeable, experienced and disciplined enough to make profit with the demo account, you will not make profit with the live account too. You will always have time to open a live account and start live trading. Your demo account size has to be the same as your live account size. This helps you behave with your demo account exactly as your live account.

This helps you take your demo account serious. Keep in your mind that your demo account has to be treated exactly as your live account. You are spending your time on it. You are building your experience and discipline with it. So not only it is not free, but it is too expensive and valuable. This is it for now. Please take the above advice s seriously, and read all the above articles I recommended, very carefully. We are going to learn a lot of things through it.

Also, please participate in the below poll too. These polls not only help me to know who I am dealing with on this website, but also help you to know what most other forex traders do and what situation they have.

We can learn from each other:. Hi, In my opinion demo trading has almost nothing to do with real trading. For beginners losing real money is big trauma. When you are stressed your body cells secrete adrenaline. This adrenaline changes everything, it prepares your body for fighting with an enemy, runing away or….

The same is with exams. Why we feel that our head is empty before an exam?

What we feel when an exam is finished? We are comfortable and know everything. Every couch knows that young sportman must take part in competitions, the more often the better for his career. To familiarize this young man with stress, the earlier the better.

Demo trading is as learning to swim from a book in empty swimming pool. In my opinion if one has learned what you wrote about, hi or she should start real trading with the smallest account.

This real trading is not trading, it is learning. This is my opinion. Hi Any, I like your point of view. It works only if you take it as serious as live trading. You should forget that it is demo money.

You know that nothing happens if you hit a mountain. You can trade with lot sizes of small amounts just to get conditioned to losing trades and then work your way up to larger amounts.

You cant teach yourself the psychological and emotional barriers that you need to achieve on a demo account. Chris, Thanks for the article. Thanks for the advice. Make sure to read this article too: This is a great way to think about Demo accounts — thanks for sharing your perspective with us Chris. I thought I share my first demo performance. It was a 2 week demo account. And also try to make less trades, but with more reward. Also will leave a part of the position open without target, as you do.

I plan to demo trade at least until the end of this year. I hope I will do much better by then. What do you think about this? Hi Otto, I believe you are on the right track. If you wait for the strong setups only, you will see that your success rate will go much higher. Keep up the good work. The same method we are using to trade on long time frames, which is candlestick patterns plus Bollinger Bands and some technical analysis sometimes, is the best for all time frames.

However, the problem is that short time frames will not make money for you in long term and you only torture yourself if you spend your time on them. We have too many articles about this topic on LuckScout.

Here is some of them: Somebody who like to give tips for a broker you can send message to these email: Hi, I opened a demo account, but they asked what commission price to take: You have to ask your broker.

Thanks for the article Chris. I am learning day by day. I like your site because you use candlestick a trader I copy use it and recommended it and I intend to stick to candlestick with BB. I have read the article on leverage, margin balance, equity, free margin severally.

Thank you very much. I think demo trade accounts are the only way to start. I see people talking about how demo accounts do not cause you to feel the emotions that you feel when you lose real money.

This is true and is its own learning experience that also has to be gone through. My demo account is teaching me how I trade and what greed and fear look like when I trade. Or what it means in my mind to revenge trade or trading overconfident. It is as important to learn what these things look like in you as it is learning what a score trade set up looks like. Only when you achieve this can you trade live and learn those skills with any hope of success.

The Importance of a Forex Demo Account: Why it is Fundamental to Test Your Broker

Anyway thanks to Chris and the whole team for all that you do! This site is GREAT! Hi Kerry I was one of the people who was thinking demo account is a waste of time and it has nothing to do with real account. THE ONLY WAY to become a profitable Forex trader.

Hi sir, Happy to c this site.

To forex but my friends. Are saying its a waste of time and type of gambling. I cannot say your friends are completely wrong. Not everybody passes all the stages and become profitable. Most people waste their time and money without any success.

Those who start from the right place and follow the right track are lucky to become profitable forex traders.

Please take a look: I trade on a live account but whenever I feel I need to iron out some bad habits or practice, I use a demo account. I also think that its a question of how much time you are prepared to spend on your education and demotrading.

The Importance of Trading on a Forex Demo Account - Forex Demo

When you take the demo seriously it will pay off. Just feel like sharing, Well after one year of trading a small live account, winning and losing, winning and losing, and not been able to become consistently profitable I decided to open a demo account and take it as serious as I can. Thank you very much about your site and keep on going….

I have lost and suffered a lot in Forex and stock market. So there aint no time or mind for me to continue my old wrong ways. I truly believe if i cant have discipline in demo trading i can never ever trade live account.

Thanks chris for your emphasize on demo trading. I feel i am on the right track for the first time in forex trading. I just want to share this great experience, I have been trading forex since , i have use both fundamentals and technical, i even use signal. I have taken my time to read almost all Chris Message or rather strategies and they have been a blessing to me because i have been taking my time to follow them as he state them and i equally follow that of Kamal.

Please i want to know if i can now open live account after this month of September? I would keep on repeating my success for a few more months.

It never becomes too late to open a live account. Kan Thanks for sharing this. After all the ups and downs you had in Forex you are starting to feel you are doing good. So great to hear that. Its a real motivation for people like me who has just opened the demo account after loosing money in the real account. Trading without stop loss will make you wipe out your account sooner than later. Just a bad trade can blow up all the profit you have made, unless you are disciplined enough to close your losing positions on time and before it becomes too late.

You have to force yourself to set a stop loss. If you know that trading without stop loss will ruin your account, you will do it. So try to believe this. Have you downloaded and installed the MT4 platform on your computer? If not, then please do it first and let me know to tell you how to sign up for a demo account: And one more Chris, supposing in my demo trade I have enough profit and contented with it; how to execute or how to make an exit for it?

Thank you so much Chris. Demo trading is not a waste of time. Hi Chris, First of all let me thank to you for sharing your valuable knowledge and experience. I come across Luckscout accidentally while i was looking for some genuine and comprehensive forex trading educating website and Luckscout became the best place for me along with few better sources. However now im using a demo account around 2 weeks analyzing how forex market works while getting familiar with MT4.

So my question is when i do genuine trading in demo what are the calculations or checklist that use for measuring the success before moving to the real trading? Get Our New E-Books For Free. The Importance of Demo Trading and Your Demo Account By: Enter Your Email Address and Check Your Inbox: Which One Sounds Like You? Thank you for voting. View Results Hide Results. LEARN A PROVEN BUSINESS PLAN. August 12, at 9: August 13, at 4: January 28, at 6: August 12, at 2: August 13, at 3: August 12, at 4: August 25, at 6: August 26, at 7: September 27, at 5: September 28, at 1: October 28, at 7: October 28, at 9: Alejandro O, Bastida says: November 10, at 1: December 9, at 2: December 9, at 3: January 28, at 8: January 29, at September 12, at 3: February 12, at 7: February 13, at 5: April 19, at May 16, at 6: May 22, at 4: May 23, at 1: Amir hossein Sh says: August 29, at September 10, at 4: September 9, at 6: September 11, at 6: September 10, at September 11, at 8: September 16, at 6: October 2, at 9: October 10, at 9: October 14, at 6: April 29, at 1: May 18, at 8: May 26, at June 18, at The Easiest Way to Get Rich Fast.

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