Who should own a demo account? | Bitcointalksearch.org

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Quote from: MFahad on December 16, 2023, 12:15:14 PM

Demo accounts are useful for new traders mostly and users who are engaged in real trading also if they have good trading strategies how could they have time to engage themselves in the demo account? Because when someone enters real trading he has to know about the methods and more upcoming strategies and the way he has to face problems, these all things should be kept in mind. But every trader should have own choice.

Then he only has time to invest that in real trading. Although still those users who are much experienced in the trading may be have some demo account through which they teach some users to trade in different ways.

I agree with what you said, that most of those who are new to trading of course they have to try first on a demo account so that they can understand more about the trading they are going to do because if they don't understand trading well and immediately try to trade with money Of course they will experience failure in their trading.

Those who have a good understanding of trading certainly have a different way from others in teaching new users how to trade and they will also find it very easy to explain to new users about trading with the experience they have.

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Quote from: Gladitorcomeback on December 18, 2023, 09:22:18 PM

Quote from: terrific on December 18, 2023, 10:31:17 AM

Quote from: Zigabel on December 16, 2023, 02:00:55 PM

See professional traders make use of demo account to test new strategy and also for back testing of their trading chart meanwhile newbies mostly use it for the purpose of learning and getting aquinted with the trading platforms

That's the main purpose of it, they are for demos and testing to see if the strategies a trader has is going to work.
And there's no risk on it but don't think that if it works there, it's going to be instantly effective on it when you do the actual with real money.
It doesn't go like that usually so expect some surprises.

I don't think professional trader need demo account any more. Demo account is just for newbies who don't know how to trade and what risk poses by each trade. He will learn the basics of trading and then go for real trade to become pro trader and once become pro trader then as tvplus006 said they will enter small money to check any strategy because demo results is not as good as playing with real money.

It is still for everyone. If there are pro traders that do that, it's common that they're testing it and will apply it eventually to real money.
There could be times that small amounts won't do it but there are other traders that don't want to spend any penny testing some experiments.
But then yeah, it's like that you've said they can do that with small amounts but it also happens that some don't want to spend for tests.

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Quote from: terrific on December 18, 2023, 10:31:17 AM

Quote from: Zigabel on December 16, 2023, 02:00:55 PM

See professional traders make use of demo account to test new strategy and also for back testing of their trading chart meanwhile newbies mostly use it for the purpose of learning and getting aquinted with the trading platforms

That's the main purpose of it, they are for demos and testing to see if the strategies a trader has is going to work.
And there's no risk on it but don't think that if it works there, it's going to be instantly effective on it when you do the actual with real money.
It doesn't go like that usually so expect some surprises.

I don't think professional trader need demo account any more. Demo account is just for newbies who don't know how to trade and what risk poses by each trade. He will learn the basics of trading and then go for real trade to become pro trader and once become pro trader then as tvplus006 said they will enter small money to check any strategy because demo results is not as good as playing with real money.

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Quote from: tvplus006 on December 18, 2023, 03:47:05 PM

Quote from: Mauser on December 18, 2023, 02:21:20 AM

...Before putting money into our new strategy, we can let it run for a few weeks in our demo accounts and see how well it performs. Also, in the demo accounts we can make small changes to our strategies without paying transaction fees directly. For me demo accounts are a free tool that I try to use as much as possible.

There is no point in returning to the demo account again to test a new strategy, since it can be done much more effectively on a real account with a small amount of money. And in this case, if your testing is correct, you just need to increase the amount of the bargain.

and also it gives more authentic feeling towards the market instead of some demo account where we used some fake money and certainly the emotion felt would be different and if its emotion that we are talking about then im almost certain that its the one thing that sometime could be the decisive factor on whether we gonna make money or not.
i also always trying to test my strategy with some small money just to test the water and see whether the strategy is good enough for me to put in more and more capital in it and see some flaws before hands.

Quote from: leonair on December 16, 2023, 07:34:37 AM

Quote from: Fuso.hp on November 26, 2023, 09:22:57 PM

At one time I was new in trading and when I was new I did not use any demo account in trading I directly used main account and tried to trade with main account. As I don't have any experience using demo account, I can't say how demo account actually works and how long it lasts and how to manage it. There is no rule for beginners to use a demo account so I don't want to go through this trouble because if I used a demo account I would have to create a main account again. I don't feel the need to use the demo account as it is possible to work with the main account.

There are some advantages of using a demo account that if someone does not understand anything about trading or has no idea about the market relationship, there is no possibility of any financial loss if he trades through the demo account. So there he can practice trading as he wishes. And when he realizes that it is possible for him to trade and avoid losses, he can trade with real money in the main account.

but i would advise not to immediately put some big money into the trades after trying out demo account because thing can be a whole lot different, you know the tension of using fake $1000 money and rea $1000 money is really different even more so when we don't really have much money in the first place.

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Quote from: Mauser on December 18, 2023, 02:21:20 AM

...Before putting money into our new strategy, we can let it run for a few weeks in our demo accounts and see how well it performs. Also, in the demo accounts we can make small changes to our strategies without paying transaction fees directly. For me demo accounts are a free tool that I try to use as much as possible.

There is no point in returning to the demo account again to test a new strategy, since it can be done much more effectively on a real account with a small amount of money. And in this case, if your testing is correct, you just need to increase the amount of the bargain.

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Quote from: Zigabel on December 16, 2023, 02:00:55 PM

See professional traders make use of demo account to test new strategy and also for back testing of their trading chart meanwhile newbies mostly use it for the purpose of learning and getting aquinted with the trading platforms

That's the main purpose of it, they are for demos and testing to see if the strategies a trader has is going to work.
And there's no risk on it but don't think that if it works there, it's going to be instantly effective on it when you do the actual with real money.
It doesn't go like that usually so expect some surprises.

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Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

Yes, I still have a demo account and use it from time to time to check strategies and also have a live watchlist. Demo accounts are free and in my opinion everybody should use them to get better at trading. When developing new strategies and trying out new ideas we tend to focus on past data and analyse it as much possible. Finding the best possible strategy for historic data is good, but it's no guarantee that the future prices are going to follow the same pattern. When testing new ideas, I would recommend to have some historic data test and also some live testing in a demo account. Before putting money into our new strategy, we can let it run for a few weeks in our demo accounts and see how well it performs. Also, in the demo accounts we can make small changes to our strategies without paying transaction fees directly. For me demo accounts are a free tool that I try to use as much as possible.

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Quote from: Zigabel on December 16, 2023, 02:00:55 PM

Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

Demo account has no user restrictions hence anyone can own a demo account, this includes a professional and a newbie trader Thay all can own a demo account probably for different purpose hence we could see it as a free account for everyone who wishes to own one at any point in time when they do feel the need to but most often it's common with newbie traders than it is with professional traders who has got experience in trading who mostly use a live account to trade.

See professional traders make use of demo account to test new strategy and also for back testing of their trading chart meanwhile newbies mostly use it for the purpose of learning and getting aquinted with the trading platforms

Yes, you are right on what you have said.Anyone could really make use of a demo account on which it is something that feature on which you could really be able to familiarize and learn up as a newbie
and having those back testing as a professional. It would really be just that depending on how you would really be making use of it but in both people who are making using it, then we do know that
emotional learning or control cant really be learnt up on this kind of dealing up considering that demo accounts does have that unlimited fund or fake money on which you can make use.
This is why on the time that you do make out some trial trades then it wont really be involving any emotions just because you arent making use of real funds.

This is why it would really be that best that you should really be able to utilize on whats the real purpose of demo account. Yes, it could be helpful specially when you are a noob
but on the time that you do able to see that you could handle up yourself with live trading then as soon as possible you should deal off with real funds or accounts
because this is where real learning would kick in.

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Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

Demo account has no user restrictions hence anyone can own a demo account, this includes a professional and a newbie trader Thay all can own a demo account probably for different purpose hence we could see it as a free account for everyone who wishes to own one at any point in time when they do feel the need to but most often it's common with newbie traders than it is with professional traders who has got experience in trading who mostly use a live account to trade.

See professional traders make use of demo account to test new strategy and also for back testing of their trading chart meanwhile newbies mostly use it for the purpose of learning and getting aquinted with the trading platforms

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Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

I believe using a demo account aims to prepare yourself to prevent from future losses in trading. But that is only on the newbie's point of view as it's like a necessity for them to use demo account before they take risk in the real scenario of trading. However, for expert traders, it could be another way around. Using demo account is not useful anymore, as they have the skills and trading experiences that they can rely to prevent and limit their losses in trading.

In the end, using a demo account is left on the individual traders if they still think it would still be helpful for them or they just have to trade directly with their real account.

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Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

Demo accounts are useful for new traders mostly and users who are engaged in real trading also if they have good trading strategies how could they have time to engage themselves in the demo account? Because when someone enters real trading he has to know about the methods and more upcoming strategies and the way he has to face problems, these all things should be kept in mind. But every trader should have own choice.

Then he only has time to invest that in real trading. Although still those users who are much experienced in the trading may be have some demo account through which they teach some users to trade in different ways.

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Quote from: JunaidAzizi on December 16, 2023, 10:16:56 AM

Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

Yes, I think most of the professional traders still use demo accounts for trading. The demo is not only beneficial beginners but also for the professional's ones. Mostly when beggainers start trading they are advised to use a demo account before going to live trading because of the high risk and less experience when they have experience and know about the strategies they can go to live trading, but the professionals also use demo accounts not only save the money but to develope the new strategies, testing the already existant strategy. They also use demo account to manage emotions and analyze market trends. So I think it will be not good to say that the demo account is only the beginners

A demo account may do little to help beginners gain trading experience. because I'm sure the sensation you will get when you trade with your real account and a demo account will be different. whether everyone feels it or not, but that's what I feel.
whereas for trader that are already professionals in trading, I'm not sure why they would open a demo account to start trading. they can apply their techniques and analysis directly to market conditions. they shouldn't have to.

I think a demo account is worth trying for those who are professionals when trying a new platform. and for beginners, I think it is more appropriate to study the interface of the exchange platform and the functionality of some of the existing features.

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Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

Yes, I think most of the professional traders still use demo accounts for trading. The demo is not only beneficial beginners but also for the professional's ones. Mostly when beggainers start trading they are advised to use a demo account before going to live trading because of the high risk and less experience when they have experience and know about the strategies they can go to live trading, but the professionals also use demo accounts not only save the money but to develope the new strategies, testing the already existant strategy. They also use demo account to manage emotions and analyze market trends. So I think it will be not good to say that the demo account is only the beginners

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Quote from: Queentoshi on November 26, 2023, 11:06:49 AM

There is no restriction to who can own a Demo trading account, a new trader or an expert trader. I know many traders may feel like they are now bigger than demo accounts, and only new traders should have demo accounts for demo trades, but I think that to avoid losses still, expert traders should also have demo accounts for trying out new strategies before they try it live. What do you think?

Do you as an experienced trader that has made profit from the market repeatedly, do you still have a demo account for trying out new strategies?

You ought to have been specific about demo account in the first place. Demo basically means "demostration of something" and in trading, it means demostrating your techniques in trading using virtual money i.e money that was never in existence, your gains and losses are just tests and would acrue anything in the end, no deposit is need and you wouldn't be able to make any withdrawals either.

There is a catch about this demo trading of a thing, demo trading specific to crypto are good because they are in real time in relationship to what is happening in the crypto market, the trades are directly link through API so that the behaviours of your trading pairs can behave like normal market, this makes you understand the crypto market and perfected it very much and make you prepare for the real trading. However, you see FX demo trading, kindly avoid them for practice, they will give you false hope and want to make you believe that you are good but deep down, you know nothing, until you try the real trading.

Though, I don't use the demo trading because I see it as a waste of time and lag me behind instead of going straight to the main market but what I did was that I only traded with a little to test my knowledge and understanding of trading.

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Quote from: leonair on December 16, 2023, 07:34:37 AM

Quote from: Fuso.hp on November 26, 2023, 09:22:57 PM

At one time I was new in trading and when I was new I did not use any demo account in trading I directly used main account and tried to trade with main account. As I don't have any experience using demo account, I can't say how demo account actually works and how long it lasts and how to manage it. There is no rule for beginners to use a demo account so I don't want to go through this trouble because if I used a demo account I would have to create a main account again. I don't feel the need to use the demo account as it is possible to work with the main account.

There are some advantages of using a demo account that if someone does not understand anything about trading or has no idea about the market relationship, there is no possibility of any financial loss if he trades through the demo account. So there he can practice trading as he wishes. And when he realizes that it is possible for him to trade and avoid losses, he can trade with real money in the main account.

Yes using demo account is not bad in my opinion everyone should practice well by using demo account before start trading with real money. Then his trading experience will be much better without losing any money. And if someone jumps into trading with real money without having any good trading knowledge then he has to lose a lot at first. So to minimize the possibility of loss, first it is necessary to become an expert in trading. Many people like to take risks so they don't feel the need to use a demo account. But those who prefer less risk should use demo account

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Quote from: Fuso.hp on November 26, 2023, 09:22:57 PM

At one time I was new in trading and when I was new I did not use any demo account in trading I directly used main account and tried to trade with main account. As I don't have any experience using demo account, I can't say how demo account actually works and how long it lasts and how to manage it. There is no rule for beginners to use a demo account so I don't want to go through this trouble because if I used a demo account I would have to create a main account again. I don't feel the need to use the demo account as it is possible to work with the main account.

There are some advantages of using a demo account that if someone does not understand anything about trading or has no idea about the market relationship, there is no possibility of any financial loss if he trades through the demo account. So there he can practice trading as he wishes. And when he realizes that it is possible for him to trade and avoid losses, he can trade with real money in the main account.

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Quote from: Mate2237 on December 14, 2023, 03:15:49 AM

Demo account is for starters for a new trading platforms but one can still use it when the platform he is using is giving him some tough times to trade again. He has to use the demo to cross check some the features of the platform. And using with demo account is good because it will guide you what will happen in the real account. Therefore demo account can be used at all time and whenever one needs to practice more trading knowledge. Demo account is always a practicing account. But another thing you have to know is that, you don't have to trade the way you used demo account because there is a different among them. Real account is faster than demo account so when trading be careful.

I've seen pro traders engaging in demo accounts, as we all know that learning never stops and we learn till the very last day of our existence on planet earth. The market is volatile and there's specifically no such thing as trading without profits, rather we hope for the best results and also engaged in good strategies that will bring the money flowing in on regular basis. Demo accounts are mostly managed by newbies in the space, they have no idea, no clue on the basis necessities, more reason they're subjected to using a demo account to learn about trading and ensure to improve in every stage they found themselves.

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Quote from: synchronym on December 04, 2023, 12:19:13 PM

op I have never used a demo account myself. But I had some problems with the account I use, then my friend told me about the demo account that it is very good to use. I have not used the demo account myself, but I have a lot of faith in this account. So whoever wants can definitely use Demo account.

Demo account is for starters for a new trading platforms but one can still use it when the platform he is using is giving him some tough times to trade again. He has to use the demo to cross check some the features of the platform. And using with demo account is good because it will guide you what will happen in the real account. Therefore demo account can be used at all time and whenever one needs to practice more trading knowledge. Demo account is always a practicing account. But another thing you have to know is that, you don't have to trade the way you used demo account because there is a different among them. Real account is faster than demo account so when trading be careful.

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Quote from: Marvelman on December 10, 2023, 09:43:51 AM

Trading with play money versus actual money are two totally different ballgames. When you've got no skin in the game, it's easy to make calculated moves and stick to your strategy. but when your hard-earned cash is at stake? The emotional rollercoaster comes into play.

Fear and greed rear their ugly heads, causing you to second-guess your every trade. Impulses override logic. You find yourself glued to the screens, unable to pull the trigger orcut your losses. What once seemed like a surefire trade suddenly looks like a disaster waiting to happen. The risks that seemed perfectly reasonable with fake money now seem reckless when real cash is in the mix.

So while paper trading can teach the technical aspects it falls short in preparing you for the psychological battleground. There's just no substituting for the visceral experience of having your own money at risk.

Demo accounts have their virtues but without a doubt they teach us nothing when it comes to the management of our emotions and all the things that can happen when there is actual money on the line being traded, and even a regular account with a small amount of money does not teach that, as it suffers from the same problems, as even if now there is real money at risk, its amount is so low that it fails at generating those intense feelings.

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Trading with play money versus actual money are two totally different ballgames. When you've got no skin in the game, it's easy to make calculated moves and stick to your strategy. but when your hard-earned cash is at stake? The emotional rollercoaster comes into play.

Fear and greed rear their ugly heads, causing you to second-guess your every trade. Impulses override logic. You find yourself glued to the screens, unable to pull the trigger orcut your losses. What once seemed like a surefire trade suddenly looks like a disaster waiting to happen. The risks that seemed perfectly reasonable with fake money now seem reckless when real cash is in the mix.

So while paper trading can teach the technical aspects it falls short in preparing you for the psychological battleground. There's just no substituting for the visceral experience of having your own money at risk.

Topic: Who should own a demo account? (Read 678 times)