What is your honest review of the Demo account? - page 5.

Quidat

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Quote from: Vaculin on June 14, 2023, 04:54:36 PM

Demo accounts are only good for those who want to be familiar with how the market trading works. And once you have gained knowledge and familiarity about it, then start taking risk in real trading. That will expose you on how it really works, and let you experience losses and small wins. So demo accounts are just for starters, but it will never be too enough if you are aiming to be a good and successful trader.

1. Familiarization of terms and other tools
2. Knowing about market behavior
3. Backtesting several methods or strategies

But the only thing that lacks on this one is

- Emotion and risks handling.
We know that on a demo account on which it doesnt really involved real money on which the sense of having that meticulous approach
when you do make out a position isnt really there. You do know in your mind that you cant lose nothing which means that you would really be having that kind of
carelessness when it comes to positioning since you arent gambling or risking on something.

Vaculin

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Winding down.

Demo accounts are only good for those who want to be familiar with how the market trading works. And once you have gained knowledge and familiarity about it, then start taking risk in real trading. That will expose you on how it really works, and let you experience losses and small wins. So demo accounts are just for starters, but it will never be too enough if you are aiming to be a good and successful trader.

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A newbie shouldn't spend so much time trading demo accounts. Because it will never give them the main experience of trading. I see demo account as a means to just get familiar with the whole trading experience and the newbie shouldn't spend so much trading there because the volatility and experience is never the same as live trading.

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Quote from: Flexystar on April 06, 2023, 09:31:39 AM

Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

I think you are a little off the track in perceiving demo account purpose. A demo account is not made for wild trading where you already know back of your mind that you can trade any amount that you want and even if you lose it, nothing is gonna happen to you mentally. A trading demo account should be used to learn technical analysis. You should start plotting the graphs, doing technical analysis, and having your strategies in place. This can help you understand whether you are predicting the trading pattern future perfectly or not. It doesn't mean you should put any amount in the trading demo account. You should just put what you would afford in real trading and learn like real scenario.

This can help you a lot in real zone.

I do see demo account as a playing account because you don't lose anything, you trading like a pro without having any feelings even though you lose thousands of dollars. This is not a real account and we should not put our dependency on it because it can affect the way we trade and send us off guard.

We need to be mindful the way we use it to learn how to trade because the simple reason for demo account is to have a feel of how trading looks like and make necessary adjustment when due so you can be able to trade on live when you are ready.

We don't need to spend a lot of time on demo trading because it as big effects than what we are enjoying. There is no feelings when we trade with it and we might not even know how it pains when we lose small amount of funds in the market compare to losing big amount of money.

inthelongrun

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I agree that demo trading is only to familiarize the platform. Although it can be of big help for newbies to learn about trading. But once someone is ready to trade, then demo trading is no longer needed. A newbie trader can deposit a small amount in order to start trading. And as most traders understand, trading is also psychological. You will have no emotion or you can slack and get bored using a demo trading whereas a real trading account even with a small amount is more lively, and motivational because it is real trading. It's like playing in an online casino using play money, it's zero to little fan compared to using real money no matter how small the amount is.

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Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

Using a demo account is not a bad idea but when u say for few weeks to me every human is different when it come to learning and catching up with things fast. i still use demo account even as i know how to trade i use it to back test my strategies know where am wrong and right. yes live account has it own mental psychology when trading with it but demo is for EYE OPENING to actually tell you the truth when using it.

Huppercase

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Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

Demo account are helpful for traders, they actually varies in different type but I prefered the ones that will mimick the activities of what I'm buying in real time. Like the bitcoin demo account in paper trading and Binance testnet, anyone can trade bitcoin and other coins and be able to follow exactly what is happening in the real market, the money in trader accounts are not real but they can use ut to trade and feel exactly how the mainstream traders use their own money and I'm very confident that if anyone want to start trading, it will help them get exposure and experience withiout any loss during training.

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Quote from: alik111 on March 30, 2023, 03:21:47 PM

I think every new users should try demo trading first as it helps user to be an experienced trader. I also tried demo trading and learned a lot. It really helps when you do future trading even if can generate trading strategies with demo accounts.

It is not a must to try demo trading. I never use demo trading, I have no problem with trading so far. I can get the trading knowledge by reading articles or watching YT videos. I also tried directly trading in a such platform with small money, so I got experiences and won't have big risk to lose huge money. The main thing to do is to focus learning and use small money first if you are still a newbie. Anyway, for newbies, it is better to stay away from future trading. It is not a proper place for newbies.

Ojima-ojo

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Quote from: Adbitco on April 04, 2023, 04:15:41 PM

That is it!
From my previous post if you read correctly you would noticed were I said of starting with at least $30 or $50 because I know this are minimal amount most exchange allows to trade, though Binance is from 10$ but is too little to start that was I said of $30, this would make you focus as a newbie than just toiling with a Demo account that won't add any value to your trading journey.

Instead of wasting time on demo account it is indeed better to use a smaller amount to start trading at least that will build in the newbies the consciousness of wanting to profits and need to learn more along the line, demo account could be of great help also, at least it will allow the trader to learn the basic feature of the casino before risking real money but thos demo practice also harass limitation just as I mentioned above.

Trading requires a lot of time and experience and as a newbie the faster you learn the better for your trading journey, so whatever ways either through a demo account or a real trading account it all boils down to how the trader makes use of the time and chances along the line.

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Quote from: alik111 on March 30, 2023, 03:21:47 PM

I think every new users should try demo trading first as it helps user to be an experienced trader. I also tried demo trading and learned a lot. It really helps when you do future trading even if can generate trading strategies with demo accounts.

I also agreed that every beginner in trading should start with Demo trading, however trading a Live account is absolutely a different ball game, I demo traded and had made a lot profit consistently probably maybe emotions wasn't attached me, while trading however when I switched to Live trading I had blown my account several times though I traded with $20 just to have the feelings of Live trading of course it was a different experience compared to Demo trading, I think every newbie shouldn't waste much time on demo rather they should start live trading with the amount of money they can afford to lose after consistent profit earning thereafter they should increase their funds.

Synchronice

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Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

From my experience, trading with demo account significantly differs from trading with your actual money. With demo account, you are more relaxed, sometimes you take risks easily, you know that you lose nothing if you lose demo coins. Psychologically, you are in a different, more relaxed state but when it comes to trading with your own money, usually you overthink, you are more anxious, you always want more profit and if you lose, you always try to firstly get back what you lost and then profit but sometimes it happen that you lose even more and then it's absolutely like gambling to my mind.
My recommendation is, always trade long-term, never look at market cap every day. Every day picture of cryptocurrency prices will push you to make more mistakes, believe me.

benalexis12

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A demo account can be a place for you to learn a trading platform so that you can see how you can begin to strategize in conducting trading activity here in crypto trading. It's just that sometimes other people use the demo account for bad reasons to deceive others just so they can get the bad motives they have. But all in all for me the demo account is okay because it really helps newbies.

RealMalatesta

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Quote from: Flexystar on April 06, 2023, 09:31:39 AM

I think you are a little off the track in perceiving demo account purpose. A demo account is not made for wild trading where you already know back of your mind that you can trade any amount that you want and even if you lose it, nothing is gonna happen to you mentally. A trading demo account should be used to learn technical analysis. You should start plotting the graphs, doing technical analysis, and having your strategies in place. This can help you understand whether you are predicting the trading pattern future perfectly or not. It doesn't mean you should put any amount in the trading demo account. You should just put what you would afford in real trading and learn like real scenario.

This can help you a lot in real zone.

Yeah, this is something most people forget about and use demo account like it's nothing important. They trade whatever they feel like trading and try to see if their gut feeling could make them rich, and then if they somehow manage to do that, then they go into real trading thinking they could do the same again. As we all know that's not the purpose of it and we should be avoiding that as much as possible.

I believe that it is important to know the difference between TA and wild trading, if you do TA and draw on the chart, literally use something like tradingview to figure out what to buy and when to buy it, then check it on demo account. That is what you should be using it for.

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Quote from: summonerrk on April 07, 2023, 01:35:21 AM

Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

Trading on a demo account on the exchange is only necessary in order to understand the technical subtleties of the exchange's functionality: to understand where which button is responsible for which functions. Because, you will agree, it will be a shame if you trade with real money, or cryptocurrencies, and lose part of the deposit due to ignorance of the functions of the buttons.

But psychologically, a demo is not real money and your trading style will be different. So there will be no sense from such practice.

Style would really be that different because you are making use of real money on which it would really be making you serious because you cant really just afford or do make out actions just like on what you have

done in demo.In demo we could really just make out those max position because we arent that afraid on what goes wrong because we cant just lose up money which it would really be just a normal approach
that we would really be doing.This is why experience would really be different. Its true that it would really be just good for technical aspects but it would be totally different when you are
already making use of real money in trading.Demo is good but only when you are really just that practicing that things needs to be practiced on.

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Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

Trading on a demo account on the exchange is only necessary in order to understand the technical subtleties of the exchange's functionality: to understand where which button is responsible for which functions. Because, you will agree, it will be a shame if you trade with real money, or cryptocurrencies, and lose part of the deposit due to ignorance of the functions of the buttons.

But psychologically, a demo is not real money and your trading style will be different. So there will be no sense from such practice.

Mahanton

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Quote from: Adbitco on April 06, 2023, 02:54:45 PM

Quote from: SquallLeonhart on April 06, 2023, 02:45:45 PM

Quote from: WatChe on April 05, 2023, 01:47:26 PM

Quote from: Adbitco on April 04, 2023, 04:15:41 PM

Snip

This is right thinking that paper trading or demo accounts doesn't teach you anything as much as you learned with actual trade regardless of how much capital you have. Rather then wasting time doing paper trading or trying demo account, its good idea to see how you take care of your capital in crypto trading. If demo accounts can teach you trading then everyone would be a successful trader. We dont have pressure while we play in Demo account and so our mind is not that much active.

I would say that demo trading should still be done, even if just to see about how you know or not what you are doing with the buttons, like literally even if for nothing else, that would alone be enough to actually fix everything figure it out. I know many people do not approach the situation as something normal or not, but that is the thing we should be considering about most of the time when we are trading.

So start with a demo account, even if for just a week, just to see how it feels, then you can start with smaller amounts and then try to invest and see how it is doing and that's how you could make a profit from it but doesn't mean you should be doing that.

It all depends on the individuals, using Demo is like toiling around without a meaningful results or being determined with the trading mission.
Domo is good though but it will only end up guiding you to know how to manage your trade and prepare you for a better chance of trading real account.

Its really just good for familiarizing when it comes on how indicators should be used and familiarizing yourself when it comes to those technicals but speaking on molding up your emotion then it would really be an another story.This is why it would really be that suggestable that whenever you do already have the good grasps when it comes to demo then better start up with live account and the rest of learning would be
surely be able to face off and able to meet on this kind of trading where you do make use of real funds or balance which you would really be that too careful on making up positions,
unlike when you are really that using up a demo.

Adbitco

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Quote from: SquallLeonhart on April 06, 2023, 02:45:45 PM

Quote from: WatChe on April 05, 2023, 01:47:26 PM

Quote from: Adbitco on April 04, 2023, 04:15:41 PM

Snip

This is right thinking that paper trading or demo accounts doesn't teach you anything as much as you learned with actual trade regardless of how much capital you have. Rather then wasting time doing paper trading or trying demo account, its good idea to see how you take care of your capital in crypto trading. If demo accounts can teach you trading then everyone would be a successful trader. We dont have pressure while we play in Demo account and so our mind is not that much active.

I would say that demo trading should still be done, even if just to see about how you know or not what you are doing with the buttons, like literally even if for nothing else, that would alone be enough to actually fix everything figure it out. I know many people do not approach the situation as something normal or not, but that is the thing we should be considering about most of the time when we are trading.

So start with a demo account, even if for just a week, just to see how it feels, then you can start with smaller amounts and then try to invest and see how it is doing and that's how you could make a profit from it but doesn't mean you should be doing that.

It all depends on the individuals, using Demo is like toiling around without a meaningful results or being determined with the trading mission.
Domo is good though but it will only end up guiding you to know how to manage your trade and prepare you for a better chance of trading real account.

SquallLeonhart

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Quote from: WatChe on April 05, 2023, 01:47:26 PM

Quote from: Adbitco on April 04, 2023, 04:15:41 PM

That is it!
From my previous post if you read correctly you would noticed were I said of starting with at least $30 or $50 because I know this are minimal amount most exchange allows to trade, though Binance is from 10$ but is too little to start that was I said of $30, this would make you focus as a newbie than just toiling with a Demo account that won't add any value to your trading journey.

This is right thinking that paper trading or demo accounts doesn't teach you anything as much as you learned with actual trade regardless of how much capital you have. Rather then wasting time doing paper trading or trying demo account, its good idea to see how you take care of your capital in crypto trading. If demo accounts can teach you trading then everyone would be a successful trader. We dont have pressure while we play in Demo account and so our mind is not that much active.

I would say that demo trading should still be done, even if just to see about how you know or not what you are doing with the buttons, like literally even if for nothing else, that would alone be enough to actually fix everything figure it out. I know many people do not approach the situation as something normal or not, but that is the thing we should be considering about most of the time when we are trading.

So start with a demo account, even if for just a week, just to see how it feels, then you can start with smaller amounts and then try to invest and see how it is doing and that's how you could make a profit from it but doesn't mean you should be doing that.

Mr.right85

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Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks.

The idea isn't far from getting acquinted with the trading with trading environment and the various conditions that persist there but, what we can't do is place a timing to it.

One can't qualify in time, how long it would take to understand and get acquainted with the trading environment and some mastery of trading. Obviously, you are not pained on a lose with a demo account as you would be on a live account. Your sure it ain't any real money but, you are still very conscious of the fact that, your not being good at your trade and your loosing your trading capital.

One should go live when, your most likely to make more profit than loses.

deathcode

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Quote from: Flexystar on April 06, 2023, 09:31:39 AM

Quote from: Davidvictorson on March 30, 2023, 03:12:33 PM

What is your honest review of the Demo account?
Do you think that should spend so much time trading on a demo account? I believe that in demo trading, there are no real consequences for losing "money". If you notice, the pain is different than the one felt when you actually experience a loss on a live account. Demo trading simply helps the newbie get acquainted with the trading platform, and it should only be for a few weeks. Compared to live trading, demo trading lacks the ability to mental and emotional resilience. For me, the real trading education starts where demo trading ends. What do you think?

1. admiralmarkets.sc/education/articles/forex-basics/...f-forex-demo-account
2. http://tradethatswing.com/when-to-switch-from-demo-to-liv...rading-real-capital/

I think you are a little off the track in perceiving demo account purpose. A demo account is not made for wild trading where you already know back of your mind that you can trade any amount that you want and even if you lose it, nothing is gonna happen to you mentally. A trading demo account should be used to learn technical analysis. You should start plotting the graphs, doing technical analysis, and having your strategies in place. This can help you understand whether you are predicting the trading pattern future perfectly or not. It doesn't mean you should put any amount in the trading demo account. You should just put what you would afford in real trading and learn like real scenario.

This can help you a lot in real zone.

Whether it will help newbie traders or not in real trading it depends on whether the individual himself can use it properly or not.
If newbie traders understand what a demo account really is, and they just want to use it to help them get to know the functions and features of the platform used, then that's okay.
But the problem is that most newbie traders misunderstand this. There are still many newbie traders who simulate and think that the demo account will be similar to the situation as when live trading and eventually they get used to the conditions so they think and believe that live trading will be as easy as doing a trading demo account.
If beginners have such an understanding, it is not good because the conditions in a demo account are very much different from live or real trading both technically, liquidity and moreover they are not trading with their own money it will not be able to stimulate or bring out psychological aspects of newbie traders.

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