Who should own a demo account? - page 3.

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Quote from: Bushdark on December 02, 2023, 12:59:40 PM

Quote from: AakZaki on December 01, 2023, 11:32:52 AM

Quote from: Strongkored on November 28, 2023, 04:11:58 AM

I don't know for sure whether experts still need a demo account, maybe to learn new features on the exchange but not to learn about trading or the market because of course it's like a waste of time for those who are experts even though their trades don't always produce results but if you say expert it means he already understand how to analyze the market and so on, which is different from a newbie who may really need to learn about trading, but sometimes trading directly on the main account will be better even with very small funds because from there you can also learn to control your emotions apart from learning to analyze.

Professionals certainly won't need a demo account anymore because it will waste their time, unless there are new features that they have to try and see how they work.
This is like a trial error so you know what the advantages and disadvantages are. Some beginners really need it and some don't need it at all. this depends on their courage. If you face a real market it will help build trading psychology so that you will be better prepared to trade larger amounts.

We can always decide to use demo trading because it is one of the ways we can become a better and sharp traders.
We don't need to enter the market immediately after we had lesent how to trade and make profits from the market. The best way to master trading is with the use of demo account. It lose like real account but we don't have to be too relax as a trader that is in the market. We need to demo trade like we are using really funds and this is the only way we can make profits from the market.

as we put it, everyone is free to own their demo account, whatever it may give him as an advantage in the actual trading market. but your expectations should not be the same as the market performance is very different when it comes to real trading world.
you can always practice your new strategy in your demo account but the actual, you would have various factors to consider as you don't know what their developers are planning for their project.

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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?

Anyone is free to own a demo account, regardless if you are a pro or a novice trader. If you really want to test all your skills and strategies if they really are reliable before you decide to go on live trading, then it's actually your own choice where you are comfortable doing. But as for me, I feel there is more challenge in trading if I trade without having to test it all from using a demo trading account.

Using demo account does not guarantee mastery in trading, but trading directly in the live market makes me more knowledgeable and skillful despite of the losses that I will encounter, because exposing yourself to trading mistakes and losses makes you become more motivated to improve your performance as a trader, and makes you more inclined to be an effective and profitable trader in the making.

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Quote from: AakZaki on December 01, 2023, 11:32:52 AM

Quote from: Strongkored on November 28, 2023, 04:11:58 AM

I don't know for sure whether experts still need a demo account, maybe to learn new features on the exchange but not to learn about trading or the market because of course it's like a waste of time for those who are experts even though their trades don't always produce results but if you say expert it means he already understand how to analyze the market and so on, which is different from a newbie who may really need to learn about trading, but sometimes trading directly on the main account will be better even with very small funds because from there you can also learn to control your emotions apart from learning to analyze.

Professionals certainly won't need a demo account anymore because it will waste their time, unless there are new features that they have to try and see how they work.
This is like a trial error so you know what the advantages and disadvantages are. Some beginners really need it and some don't need it at all. this depends on their courage. If you face a real market it will help build trading psychology so that you will be better prepared to trade larger amounts.

We can always decide to use demo trading because it is one of the ways we can become a better and sharp traders.
We don't need to enter the market immediately after we had lesent how to trade and make profits from the market. The best way to master trading is with the use of demo account. It lose like real account but we don't have to be too relax as a trader that is in the market. We need to demo trade like we are using really funds and this is the only way we can make profits from the market.

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Quote from: cute nmp on December 01, 2023, 03:23:28 PM

Anyone can own a demo account whether a new trader or an experienced trader. A demo account is very important to a new trader instead of trading with real money ,one can learn how to trade and protect his own money before using the real account .An experienced trader can also use it to try new trading strategies before using it own real account . In general a demo account is important for both a newbie and and experienced Trader.

Well, on this bro I've already commented no doubt, Experienced traders can also have a demo account to test their new strategies. TBH if he's an experienced trader he should better execute his trade in the main account to check out the performance as well as to maximize his profits.

There are mixed types of comments by different users but for experienced traders time matters as for real they can execute their trades in real to even test with proper execution trading skills.

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I don't think experts will use demo account to trade again because it will be like a waste of time them when they have known what to do. Demo account is mainly meant for beginners and not for people that have already known what to do. But if the experts decided to use demo account then he can use it to test the trade but as for there is no need for the them to use demo.

If you have not used the real account before, I will advise don't use it but instead use the demo. Demo account is for practice account and not for making real money. So what you practice from the demo account is different from the 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?

Expert traders always do demo account before they use it in a live trade. Backtesting is not enough to guarantee that your strategy will work because live trading is different from backtesting. There is an emotion involved in live trading that can affect your trading execution, which is not true to backtesting.

Quote

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?

Definitely yes. It helps me to develop my confidence in trading. It also help me to determine the win rate of the strategy.

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

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 don't anymore.

But it's open to everybody and I think it's easier to play around with such risks on these demo accounts because no real money is involved.

You'll get to see the difference of how risk takers we are but in real life when real money is involved, we change. That's the reality of it in trading but some strategies can be tested there.

And if you are bored and you want another level of game, just go to your demo account and play it all with the market.

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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?

Everyone can have a demo account. However, the use is definitely different. Especially for beginners, it will definitely be very helpful, but unfortunately not all nwbies can use it.

Meanwhile, for professionals, I don't think they need it even for trial and error of their new strategies. but I don't know, I'm not a pro trader.

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Anyone can own a demo account whether a new trader or an experienced trader. A demo account is very important to a new trader instead of trading with real money ,one can learn how to trade and protect his own money before using the real account .An experienced trader can also use it to try new trading strategies before using it own real account . In general a demo account is important for both a newbie and and experienced Trader.

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

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 is not necessary anymore, you can just have you chart analysis, save the data or do the screenshot and you can just wait for the result of it and know if your new strategy can work in favor to you. Experienced trade move faster than we think and having a demo account is just a waste of time for me especially if you are not newbie anymore so for me, I don’t need a demo account just to try new strategy.

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Quote from: jaberwock on November 28, 2023, 02:29:02 PM

Quote from: Hamza2424 on November 26, 2023, 03:16:06 PM

There's nothing wrong with trying a demo account to enhance the trading experience and trading strategies, but this is what newbies try, if an experienced trader is also trying out his new strategies and risk management on the demo account it really questions what kind of seniority he possesses.

TBH, an experienced trader is well aware fo all the risks nd his devised strategy of 80% performs well, so he should try out things in the real market, where he should acknowledge what things should be taken into count while playing with new strategies. The newbies should practice things as much as they can on the Demo account.

In demo trading, there is no real money involved, so I don't see it as a problem if an experienced trader will use it to practice his new found strategies. I know they can earn more money now with their experience, but what if they value even each of their pennies? They don't want to lose them when practicing in the real mode. I don't wonder anymore on why they are successful in building and growing their wealth.

Even if we are not a crypto trader, a trait like that is still needed, so that we won't struggle financially, or if we are also dreaming of becoming a wealthy person like them, then we should be able to start by there. On the basics.

For back testing purposes then it would really be that relevant or something that would be useful and its true that not only newbies could really make use of demo but also with those veteran or old traders too.

Demo trades are really that good on trying out to familiarize specially when it comes to terminologies and on how indicators being used bust just like on what most people been saying that
you could really be able to enhance your trading skills via technical but one thing you would really be lacking on which it is really something that you cant really be able to know
about emotional handling because dealing up with demo wont really be giving out that kind of thrill.

This is why if you have been able to practice on demo trades and if you do find out that you are learning sufficiently then it would be always best
that you should try yourself on live market.

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Quote from: Strongkored on November 28, 2023, 04:11:58 AM

I don't know for sure whether experts still need a demo account, maybe to learn new features on the exchange but not to learn about trading or the market because of course it's like a waste of time for those who are experts even though their trades don't always produce results but if you say expert it means he already understand how to analyze the market and so on, which is different from a newbie who may really need to learn about trading, but sometimes trading directly on the main account will be better even with very small funds because from there you can also learn to control your emotions apart from learning to analyze.

Professionals certainly won't need a demo account anymore because it will waste their time, unless there are new features that they have to try and see how they work.
This is like a trial error so you know what the advantages and disadvantages are. Some beginners really need it and some don't need it at all. this depends on their courage. If you face a real market it will help build trading psychology so that you will be better prepared to trade larger amounts.

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Quote from: Hamza2424 on November 26, 2023, 03:16:06 PM

There's nothing wrong with trying a demo account to enhance the trading experience and trading strategies, but this is what newbies try, if an experienced trader is also trying out his new strategies and risk management on the demo account it really questions what kind of seniority he possesses.

TBH, an experienced trader is well aware fo all the risks nd his devised strategy of 80% performs well, so he should try out things in the real market, where he should acknowledge what things should be taken into count while playing with new strategies. The newbies should practice things as much as they can on the Demo account.

In demo trading, there is no real money involved, so I don't see it as a problem if an experienced trader will use it to practice his new found strategies. I know they can earn more money now with their experience, but what if they value even each of their pennies? They don't want to lose them when practicing in the real mode. I don't wonder anymore on why they are successful in building and growing their wealth.

Even if we are not a crypto trader, a trait like that is still needed, so that we won't struggle financially, or if we are also dreaming of becoming a wealthy person like them, then we should be able to start by there. On the basics.

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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 don't know for sure whether experts still need a demo account, maybe to learn new features on the exchange but not to learn about trading or the market because of course it's like a waste of time for those who are experts even though their trades don't always produce results but if you say expert it means he already understand how to analyze the market and so on, which is different from a newbie who may really need to learn about trading, but sometimes trading directly on the main account will be better even with very small funds because from there you can also learn to control your emotions apart from learning to analyze.

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Quote from: target on November 27, 2023, 01:15:37 PM

It isn't mandatory to have a demo account. If you feel like you need one, you can use a demo account ffor practice trading. However, the market in the demo account is not very realistic as you don't risk money in trading. One would feel the need to learn when there is really a risk even just a small amount.

To make a trader learn and feel the pressure, they still recommend just a minimum practice in the demo like familiarizing the interface will do good, and then straight away trade with real money.

I would say it is still quite good because you are not risking money. That is not a bad thing, that is a good thing, people who have absolutely no idea how to trade should use demo to see if they know anything at all or not. I understand that it may not be all that great because when you start to trade for real you will not make all that much money, and you will want to not risk that crazily, when in demo you could go all in and not worry about it and that's not going to be true in real trading.

However, if you are losing money in demo, then you will 100% lose in real life, so it is definitely good to at least get your start there. You are right that it is not a must, but it should be at least tested out a bit here and there before you start for real.

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Quote from: lienfaye on November 27, 2023, 08:03:44 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 is not only for newbies, even an experienced traders can use it for new strategies that they want to try. Actually, it's an advantage if you're still using demo account, just shows you're careful and wise to try first if your new strategy can work.

However, if you're already an expert, had many experiences, probably you already learn from those. Therefore, even you're not using a demo account, still, you're able to profit for being good of what you do. Experience is still the best teacher and that's how you can gain ideas on what to do when you trade.

First, we have to know the purpose of using a demo account, considering that most people are shocked when transitioning from a demo account to a real account. but actually this difference only lies in our own psychology, which when we can manage it, a demo account will be able to help us practice trading. What you say is absolutely correct, this can be used to try new strategy systems in trading

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Quote from: lienfaye on November 27, 2023, 08:03:44 PM

-snip-
However, if you're already an expert, had many experiences, probably you already learn from those. Therefore, even you're not using a demo account, still, you're able to profit for being good of what you do. Experience is still the best teacher and that's how you can gain ideas on what to do when you trade.

That experience is based on how much you trade on the real market, and of course it will not always be profitable,
there will definitely be losses that make us all learn not to get stuck in the same losses.

Demo accounts are for users who are completely new to trading, do not yet understand how trading works.
And to switch from a demo account to a real account, using that type of Spot trading would be better.
Sometimes ordinary people use trading futures because it looks easier, but in reality it will be more difficult and more detrimental.

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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 is not only for newbies, even an experienced traders can use it for new strategies that they want to try. Actually, it's an advantage if you're still using demo account, just shows you're careful and wise to try first if your new strategy can work.

However, if you're already an expert, had many experiences, probably you already learn from those. Therefore, even you're not using a demo account, still, you're able to profit for being good of what you do. Experience is still the best teacher and that's how you can gain ideas on what to do when you trade.

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Wouldn't expert traders have their own methods and whatnot that they can use to test whatever strategy they're planning to use? Demo accounts are in the end mostly suitable for new people in the scene, to familiarize them with what trading is in the first place as well as the site's usage of functionalities and what not (basically what button X does etc.). Not that I can confirm they have something they use, not a part of them but I reckon they should have a variety of tools they can use to simulate and whatnot.

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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?

It is true that strategies can be tested through a demo account otherwise, there is no point in using a demo account if someone is an expert in trading. Taking losses, and making mistakes is part of the trading journey and a trader should risk his assets to trade because this will motivate him to do more work on his trading strategies. You can not learn from other people's experiences when you don't know you will face the same challenges that person is facing. If you want to test your strategies, then you can back-test with historical charts to see how your strategy would have worked in those market scenarios.

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