What is your honest review of the Demo account? - page 6.

Flexystar

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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/

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.

irhact

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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?

Only people who have experience both trading on demo and live account can give an accurate response to this thread, I have experience both and I can say demo trading is nothing like trading with live account. I would recommend practicing with live account with very few dollars you won't mind losing to the market. Live trading has an effect it gives to you when you're trading there than demo.

Demo makes you feel invisible and then come out positive but if you try same level of confidence in live account, you'll be wiped out immediately. Demo is good for few weeks but I'll never advise anyone to spend so much time on trading with demo accounts as there's no real experience on the apps instead go live after you have learnt well.

Unbunplease

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Quote from: Aanuoluwatofunmi on April 05, 2023, 11:44:42 AM

For any new beginner, a demo account is a good recommendation to start with, this doesn't take you anything than helping you prevent simple mistakes you could fall into when you're in the real dealings, know that you can't make mistakes regardless of how small it is when you're trying to make a transaction, you can neither afford to miss any slight mistake on sending to a wrong address or or omitting from the address characters and so on.

The problem is that a demo account should be regarded more as a means of enticement. Usually everything in this account is set up in such a way that a beginner will feel confident. And usually beginners trade much better on a demo account than on a real one. A beginner, excited by successes in trading on a demo account, usually invests large amounts on a real account right away - and loses them. That's why it's better to trade small amounts on a real account than any amounts on a demo account.

milewilda

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Quote from: Falconer on April 05, 2023, 04:03:50 PM

Quote from: Adbitco on April 04, 2023, 10:16:15 AM

Smiles..
I could remembered then when I was carving for trading at my amateur stage, I was trading on demo built my account from 10k to 100k with this happiness I thought I am now a guru that I can maintain my account from 100$ to $1k if I start trading, but I was wrong I never knew those things I was practicing was just like a mirage. The more I practice the more lesser I became weak to understand some technicality that governs trading, until I have to forget about my Demo account and moved directly to my Binance account to start spot trading. It was then I began to understand little things about how to trade and the rest things though currently scalping helps me mostly.

It is a fact that the experience of trading with a demo account and a live account is very different. I don't see a lot of emotions involved when one trades with a demo account, but when it comes to a live account, the fear is on.

Then what is the use of a demo account? For me it's only worth it to acquaint you with trading features including charts, how to buy and sell, and make use of trading pairs. It's not real, but I must say it's great for some beginners who want to start trading. I come to the conclusion, a demo account is good for some reason, but it is much better to start trading with a live account for a small initial budget.

Specially with the emotion part on where it is really that important to mold and enhance with considering that this market is really that unpredictable if we do speak about moving prices.This is why you would definitely directly tell the difference if we do speak about emotions which it would really be just normal since we are really that making use of real money when we do have a live account compared when you do demo's on which you could really be that so confident on taking up positions just because you do know deep inside on your mind that you wont lose nothing and this is where we do able to tell
that it isnt something that you could be able to handle it out if we do speak about real money.

Falconer

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Quote from: Adbitco on April 04, 2023, 10:16:15 AM

Smiles..
I could remembered then when I was carving for trading at my amateur stage, I was trading on demo built my account from 10k to 100k with this happiness I thought I am now a guru that I can maintain my account from 100$ to $1k if I start trading, but I was wrong I never knew those things I was practicing was just like a mirage. The more I practice the more lesser I became weak to understand some technicality that governs trading, until I have to forget about my Demo account and moved directly to my Binance account to start spot trading. It was then I began to understand little things about how to trade and the rest things though currently scalping helps me mostly.

It is a fact that the experience of trading with a demo account and a live account is very different. I don't see a lot of emotions involved when one trades with a demo account, but when it comes to a live account, the fear is on.

Then what is the use of a demo account? For me it's only worth it to acquaint you with trading features including charts, how to buy and sell, and make use of trading pairs. It's not real, but I must say it's great for some beginners who want to start trading. I come to the conclusion, a demo account is good for some reason, but it is much better to start trading with a live account for a small initial budget.

SirLancelot

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Quote from: CryptSafe on April 03, 2023, 08:33:53 AM

OP, demo trading is very much important I must say because from that demo trading, you would get more idea on how to do or go about your trading when you go live. I have had the experience before. When I first registered an account, I was advised to try a demo account before I go live but I insist since I had done something of that nature before thinking is was of the same doings bit knowing that the technique varies. Mate, I regretted my actions then. Before o could realize my mistake I have lost heavily which made me to stop and opted to learn and ever since then, I do not just go into trading like that I do my market analysis before going live trading.

That is what he said, to have an overview but he only add that we must have a limitation of using it. I totally agree with that because both live and demo trade still has their own differences. I think many can relate with what you have experienced. You got too excited there to earn real money so you start live trading immediately. This is the same when we skip the practice mode in each of the video games that we play.

This was not wrong as long as you are very familiar with a similar type of game before. The same thing can be applied with trading. In your case, since you already lose a lot, I hope you already learned your lesson. Doing demo trade might be less effective or may not really make sense anymore. You can just continue doing live.

WatChe

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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.

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.

Aanuoluwatofunmi

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stead.builders

For any new beginner, a demo account is a good recommendation to start with, this doesn't take you anything than helping you prevent simple mistakes you could fall into when you're in the real dealings, know that you can't make mistakes regardless of how small it is when you're trying to make a transaction, you can neither afford to miss any slight mistake on sending to a wrong address or or omitting from the address characters and so on.

Hypnosis00

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Quote from: xSkylarx on April 03, 2023, 11:55:55 PM

Quote from: Hypnosis00 on April 03, 2023, 03:49:51 PM

A demo account has been created for the sake it gives the chance for newbies to learn to trade using their platform and they can do trading while using free money. It helps a trader to become ready for real trading, however, the situation is quite different. Honestly, it was a different feeling when you are in practice trading where you can't feel stress and worry as you will never incur losses. But if you are in actual trading and using your hard-earned money, there you feel how trading looks like, there are emotions built.

But if you treat demo seriously it is the same with real one I mean it is just our emotions playing us because when we play on demo the back of our heads telling us that we wont be lossing anything so it is okay to lose and try it again but if you practice it like a real one then there are no problem on it. But again this is not for all people as others tend to learn more mostly if they lose money in real trading

Then I hope all of the demo account users will think that way and consider this like actual trading. In this way, they will practice controlling their emotions and make all decisions seriously. Having a good beginning will also have a good ending and this is what we have to do while we are demo accounts and take the opportunity to learn more. We put this as a learning experience and make it a reason for our success as we can say to ourselves that we can handle managing our emotions while it was free money, how much more if we are using our own.

Adbitco

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Quote from: WatChe on April 04, 2023, 11:19:13 AM

Quote from: Adbitco on April 04, 2023, 10:16:15 AM

Smiles..
I could remembered then when I was carving for trading at my amateur stage, I was trading on demo built my account from 10k to 100k with this happiness I thought I am now a guru that I can maintain my account from 100$ to $1k if I start trading, but I was wrong I never knew those things I was practicing was just like a mirage. The more I practice the more lesser I became weak to understand some technicality that governs trading, until I have to forget about my Demo account and moved directly to my Binance account to start spot trading. It was then I began to understand little things about how to trade and the rest things though currently scalping helps me mostly.

Then one must start with small money, if you are not doing paper trading or using demo account (invest as much as you can afford to lose). The biggest mistake people make is that they start straight away with huge money, thinking that crypto is a place where one can get rich overnight. That shouldn't be your mindset while you start doing crypto trading. You have to understand that bitcoin trading has its own risk and one must be willing to undertake such risk in order to proceed.

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.

justdimin

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Quote from: Mpamaegbu on April 04, 2023, 09:45:34 AM

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

Do you think that should spend so much time trading on a demo account?

Nope, not at all. Just spend a few days on demo platform to get acquitted to the platform, then move quickly to the real thing. Demo is simulation. It doesn't have emotions attached to it like the real thing. Years spent on demo trading won't translate to being successful on live trading. In fact, if one overstays on demo trading, it could make one to panic when the real trading kicks in. Instead of dwelling on demo for long, I advise that you fund a live account and reduce your risk to the nearest minimum.

I would say that you are wrong but at the same time not for the reasons you think. It's not there so you could learn if you are a great trader or not, you think that demo is there to make sure you are a great trader, or you could make a profit.

It's not the reason, the reason why demo exists is to make sure you know how your strategy works and test those, even when you are a veteran and want to try a new strategy then you can go back to demo and test it there. It's the testing ground for trading and trying new things and newbies have all the things that are new to them, so it takes time and not quick thing to make sure you understood how it works and how to follow your strategy.

Pokapoka124

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Demo accounts are used by trading students as part of the learning process to test their strategies and analytical skills, I think every experienced trader had a demo account in the beginning. There is a confidence/arrogance that comes from having good trades consistently on a demo account, newbies think winning trades on a demo account prove you’re a good trader and ready to trade for real. They psychology is different when trading with real money, when a trade goes bad and you’re losing money, emotions (fear, greed, denial) starts to play on you because this is the first time you’re losing for real. It’s a reality check, and that’s where you begin to doubt all you thought you knew and may end up deserting your trading plan. Someone recommended trading like a robot, that’s impossible to do because we are human, even though we can control our emotions, but the truth is we can’t totally get rid of our feelings.

Hamza2424

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Demo accounts Haha it's nothing really in demo accounts you can learn at least 90% of the demo account traders are nonserious if you want to gain the experience then jump into the field there you'll learn what you never can in the tutorials and demo accounts. Let me explain the demo accounts case with an example.

A person from a small village was nominated for the Event speech in a village in front of the whole village and chief guests, He was well-spoken but lack of confidence someone recommended he go to the fields and practice speech in form of the crops and he did it, He was confident now to speech in front of the audience but when he came up to the stage and heard the different voices cheering and clapping his total confidence lost.

Now coming to demo and trading to a real market is like bro same to same in the demo you never get motivated on profits and never gain any experience on the losses because the funda is not and you don't realize their value to your portfolio so start with small but start with real.

Ojima-ojo

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Demo accounts have been helpful to most newbies traders this way they can familiarize themselves with the site before making a real trading account this has been the most effective trading tool and even some centralized exchanges such as binance and the rest of others have what their call Trading Academy.

This way newbies are thought the fundamental things they need to know before they start trading, so having a demo account will also help to prepare the trader ahead before they involve real money.

Yawa2020

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Talking from personal experience, as a beginner one could lose a lot of money using live account without practicing with demo account for a starter. I remember my first day trading with demo account after finishing the verbal class with my mentor then. I open my broker account and enter a trade with 5 lots Grin

In less than five minutes I recorded a lost of over $100. I had no idea of what exactly was going until my mentor returned and explain more to me about lot and how it works. Imagine it was a live account and not demo Grin

Sincerely, I won't be able to sleep that day.

alik111

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My honest review about demo account is it is very essential to every crypto trader and it will help to gather experiences if you are thinking to trade by using leverage. It will also help for spot trading and I will suggest every new trader to use demo account before going to trade with your real funds.

WatChe

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Quote from: Adbitco on April 04, 2023, 10:16:15 AM

Smiles..
I could remembered then when I was carving for trading at my amateur stage, I was trading on demo built my account from 10k to 100k with this happiness I thought I am now a guru that I can maintain my account from 100$ to $1k if I start trading, but I was wrong I never knew those things I was practicing was just like a mirage. The more I practice the more lesser I became weak to understand some technicality that governs trading, until I have to forget about my Demo account and moved directly to my Binance account to start spot trading. It was then I began to understand little things about how to trade and the rest things though currently scalping helps me mostly.

Then one must start with small money, if you are not doing paper trading or using demo account (invest as much as you can afford to lose). The biggest mistake people make is that they start straight away with huge money, thinking that crypto is a place where one can get rich overnight. That shouldn't be your mindset while you start doing crypto trading. You have to understand that bitcoin trading has its own risk and one must be willing to undertake such risk in order to proceed.

Adbitco

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Quote from: _BlackStar on April 04, 2023, 10:07:55 AM

Quote from: Adbitco on April 04, 2023, 09:59:20 AM

Demo is just a startup account that will refresh your memory from the old way you usually think to a new ways of reasoning, usually Demo can not be taken serious while handling it why because there's no effects or love to show you are serious while dealing with Demo. Although it's advisable for a newbie to start with it but for me I will suggest newbies to funds their account with at least $30 to $50 of their real money into the real account for them to show seriousness while trading.

Demo account make you very lazy and possibly one might think he is making progress while is a setback, only a real account that could detect how faster we are leaning otherwise demo makes no effects our body.

I also don't fully recommend beginners to start with demo account if they have basically learned some strategies. Currently, in my opinion, demo accounts are no longer needed, especially if you just want to learn, and whoever they are, it will be easy for them to learn how to trade and understand some of its features with a guide.

The most important thing before starting trading is that they have to learn, that includes strategies and how to do analysis. Get deposit and start trade, it is what I think is better than spending lot of time on the demo account.

Smiles..
I could remembered then when I was carving for trading at my amateur stage, I was trading on demo built my account from 10k to 100k with this happiness I thought I am now a guru that I can maintain my account from 100$ to $1k if I start trading, but I was wrong I never knew those things I was practicing was just like a mirage. The more I practice the more lesser I became weak to understand some technicality that governs trading, until I have to forget about my Demo account and moved directly to my Binance account to start spot trading. It was then I began to understand little things about how to trade and the rest things though currently scalping helps me mostly.

_BlackStar

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Quote from: Adbitco on April 04, 2023, 09:59:20 AM

Demo is just a startup account that will refresh your memory from the old way you usually think to a new ways of reasoning, usually Demo can not be taken serious while handling it why because there's no effects or love to show you are serious while dealing with Demo. Although it's advisable for a newbie to start with it but for me I will suggest newbies to funds their account with at least $30 to $50 of their real money into the real account for them to show seriousness while trading.

Demo account make you very lazy and possibly one might think he is making progress while is a setback, only a real account that could detect how faster we are leaning otherwise demo makes no effects our body.

I also don't fully recommend beginners to start with demo account if they have basically learned some strategies. Currently, in my opinion, demo accounts are no longer needed, especially if you just want to learn, and whoever they are, it will be easy for them to learn how to trade and understand some of its features with a guide.

The most important thing before starting trading is that they have to learn, that includes strategies and how to do analysis. Get deposit and start trade, it is what I think is better than spending lot of time on the demo account.

Adbitco

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Demo is just a startup account that will refresh your memory from the old way you usually think to a new ways of reasoning, usually Demo can not be taken serious while handling it why because there's no effects or love to show you are serious while dealing with Demo. Although it's advisable for a newbie to start with it but for me I will suggest newbies to funds their account with at least $30 to $50 of their real money into the real account for them to show seriousness while trading.

Demo account make you very lazy and possibly one might think he is making progress while is a setback, only a real account that could detect how faster we are leaning otherwise demo makes no effects our body.

Topic: What is your honest review of the Demo account? - page 6. (Read 1082 times)