Who should own a demo account? - page 4.

_BlackStar

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Quote from: hugeblack on November 26, 2023, 11:11:18 AM

Not using a Demo trading account is considered a form of arrogance, and thus a trader will end up thinking that he understands everything about the market and suddenly loses everything. Therefore, as long as you want to trade, learn from everyone, listen to everyone, and try your plan in Demo accounts, and then you will get a better vision than investing without thinking.

Let's be honest - I don't want to sound arrogant, but I don't use demo accounts. Learning to trade can of course be done with direct practice and several other ways - but of course each of us can do it in different ways. Some users who use demos to test their trading strategies are no more successful than those who take risks with live trading.

From the first day I got to know bitcoin until now - I don't like trading and taking advantage of short-term volatility. I tend to like to buy and hold - that's the plan I've always stuck to until now. It's fine if they want to use a demo account to just understand the market and its various features - but when it comes to live trading, then I think they have a much harder time making decisions due to the fear of losing.

mvdheuvel1983

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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 want to think that there are three types of traders, beginner, intermediate and expert. An expert trader using a demo account is a huge eeg flag for me especially if I want to learn from the person.

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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?

There should be other ways to try out new strategies as an expert trader at that level. There should be tools that expert traders can use to test their strategies other than using a demo environment. Besides losing money is part of the learning curve. If you are afraid to lose money you are not ready for the reality of trading.

GeorgeJohn

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A demo account is what newly investors use to test run their trading but its quite good and understanding that its good to someone who wants to venture into investment of trading or buying a stock goods for investment to be able to understand the comprehensive ways of trading, so therefore I really want you guys to know that learning on your own is more preferable than making use of demo 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?

I am not a experienced trader but I know a guy who is, and I rarely see him using demo accounts I don't know the main reason but I am into crypto for long enough that I can guess the reason, that would be when a newbie is started trading, he worries about the money and afraid that he might play by the market as by market sentiments. So, to control that first and to set a risk free or less risky trading strategies, he tries demo accounts.
But when real game starts sentiments changes and mind don't think straight, but if we talk about a experienced traders who don't afraid of market anymore because experienced traders had mastered the skill of managing the risk and they are real GOATS now and they can control there emotions and cannot be played by the market' sentiments.
But its not that they can never be, Its just the ratio of newbies is more than experienced one. That might be the only reason that experiences one don't care to try strategies on demo account they dare to test that on the live field in action.

Distinctin

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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 chose not to own a demo account because I still think that even if you have a demo account but your skills and strategies are not sufficient enough, you will never be a successful trader. So I'll just focus more on honing my skills and best working strategies through trading most often, that way I will gain more confidence to trade. Having a demo account is never a guarantee that you will never lose again with trading, as there will always be trading losses and mistakes no matter how proficient you are as a trader.

However, owning a demo account is always a choice, regardless of your position in the market. The essential thing here is you got to learn from your demo account in preparation for your live trading account, otherwise, demo trading account will end up useless.

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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.

Latviand

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I don't have the experience of using a demo trading account but I've seen a lot of mixed opinions about it, some people seem to like it as they've said it's a useful tool for newbies to try and experience trading without the worry of losing real money and those that say that demo trading account is a waste of time because what could've been a win in the demo could've been a win in the real trading and some of those people believe that you got to experience the real deal to be able to really do it. For me, if you're a newbie in trading I feel like it's going to do you good if you do this to at the least make a feel for the environment of trading and you're risking nothing practicing in there for awhile.

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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 really believe that trading beginners really need a demo account to learn how to trade on the exchange, to understand how strategy is and also how to analyze it. However, newbies also have to understand that a demo account is a dmeo account where the nominal funds in the demo account are only fake, not our real money. Due to several conversations in the telegram group, I have read about missing information regarding funds in the demo account. This is a little funny to read.

However, for pro traders or experts? I'm not sure that they still need a demo account. Even though they have a demo account feature in trading, maybe they no longer use it. If the aim is to test strategies, they are pro traders and I'm sure they prefer to use small amounts to test strategies from their latest indicator analysis. This will be more real, not only the fighting but also the emotional and mental stress. However, whether this happens to all pro traders or not, because I personally am not a pro trader either.

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Everyone who is still just learning to trade should use a demo trading account. This is so that it can help them understand the trading process and what they need to learn. Using a demo account can provide trading and learning experiences while practicing what they have learned.

Unfortunately, many beginners in trading do not want to use a demo account and prefer to use a real trading account directly. They feel no tension when watching the market move and also cannot feel the real profits if they use a demo account. Actually, it's up to them because we can only give suggestions and the rest is their decision.

Actually, there are many benefits to using a demo account. We can try many things when learning to trade. And if we lose, we won't experience a real loss either. In fact, it can help us to understand where the mistakes are so that we can learn better.

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Quote from: hugeblack on November 26, 2023, 11:11:18 AM

Not using a Demo trading account is considered a form of arrogance, and thus a trader will end up thinking that he understands everything about the market and suddenly loses everything.

I don't trade much and I don't consider myself a pro as well. But I usually don't trade or make strategies on the Demo account. My thinking of a Demo account is that it does not carry the same value as real accounts do. You don't feel the same emotion when you lose trades in a Demo account. Thus trying out the same strategy on a real account could cause emotional interference. For this reason, even if I have to try out something new which I have no idea about, I try to do it in the real account with less amount. The minimum amount that is required for opening a position. That way, I can feel the real emotion and can control it in the future. It is not out of arrogance, but rather it feels more logical to me that I trade on real account.

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Therefore, as long as you want to trade, learn from everyone, listen to everyone, and try your plan in Demo accounts, and then you will get a better vision than investing without thinking.

Learning is a never-ending process that's for sure. But this is what I think works the best for me. Maybe my perspective is different from others.

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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?

Demo account can be used by all traders, both professional and newbie traders can make use of demo account for practicing their trade. If you don't want to risk losing money you can make use of demo account but they have their negative parts too as demo accounts gives you too much confidence and not enough real life experience. There's a difference between been live in the market and trading with fake money. You don't take the same type of risk in both situations.

As a trader you have to choose which one will works very well as some individuals can trade with demo accounts as they'll do with live account but others will approach both situation differently and for traders that do that, they won't have any benefits of using a demo account to trade. You can risk some money to get the same live experience when you're trading for practice. There's nothing better than having to experience trading live and learning from that experience.

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Quote from: hugeblack on November 26, 2023, 11:11:18 AM

Not using a Demo trading account is considered a form of arrogance, and thus a trader will end up thinking that he understands everything about the market and suddenly loses everything. Therefore, as long as you want to trade, learn from everyone, listen to everyone, and try your plan in Demo accounts, and then you will get a better vision than investing without thinking.

Considering the wide variation between demo trading and real time trading, good traders not using a demo account shouldn't be considered as arrogance. Demo trading is simply another world of trading where the role of emotion is not recognised. Why will I take it serious when if I blow $5k, it ends as a virtual money and will not in any way affect me. How about if I mistakenly profit $50k, it will offend me the more because I cannot withdraw.

An expert trader can use less than $5 to test a new strategy before going in big. I still believe that demo account is a thing of the newbies and not for experts.

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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?

The answer is Yes. Even now, having had the experience of almost 2 decades in the market, I still have my demo account running. This is despite that I am running at least 3 live trading accounts excluding my exchanges' account, so it doesn't matter, the purpose of opening the demo account is what is important.

A demo account is needed for various purposes. There are traders who are still struggling in the market, they need a demo account, and there are those who are no more struggling but might want to try a new trading strategy or system, they need a demo account. Again, there are some assets that are new to the trader in terms of pricing and lot sizing, and to avoid making costly mistakes with the real account, traders might want to try it first on the demo account to be sure of how its lot sizing is being calculated (I do this a lot).

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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?

It's ok to own a demo account as a beginner for practice but it's not a wise thing to do for someone who has become profitable trading their strategies. What's the need for it? We don't expect a professional driver to still be taught driving, do we? The only time I guess professional traders should use demo accounts is when they're testing new strategies. Otherwise, reverting to demo when one's already earning is a complete retrogression. How does one move forward by constantly looking back. Demo trading is looking backward for profitable traders.

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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,

Other people may have more experience when it comes to crypto trading, but personally the knowledge I have is enough for me to use in crypto trading and make good profits.

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

do you still have a demo account for trying out new strategies?

There is no demo account, neither is the strategy, there is no change in doing crypto trading, I still do the same thing, so do crypto trading with knowledge.

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Quote from: adaseb on November 27, 2023, 12:26:45 AM

I don’t think demo accounts are good for new traders. It seems strange but you will lose less money if you just start trading with real money than demo money.

People on demo got no emotions and can easily turn $1000 into $1M with minimal effort. These people then just assume they are geniuses and borrow a large sim of money and start to trade big. Then they discover it’s not as easy as they assumed and run into huge losses. Hence why it’s better to just trade with small positions like trading Pennies because you will get some emotions and trade for like in real life.

I don't think so; the demo account was created solely for beginners. It is to be used to try strategies and skills; it was created so that beginners can try their skills and see if the knowledge they have is enough and effective; it will also help them to execute their strategies and see whether they will be effective or not; if they try in the live account, then they have practiced some executions in the market; and why would a beginner lose less money from a live account? It is the opposite; trading in a live account could cause their capital to be lost and, at worst, could decrease their confidence in trading. A demo account is very important and helpful for beginners, so don't think that doing a demo account first is a bad idea; in fact, it is a good practice to build up courage, skill, confidence, and knowledge.

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I don’t think demo accounts are good for new traders. It seems strange but you will lose less money if you just start trading with real money than demo money.

People on demo got no emotions and can easily turn $1000 into $1M with minimal effort. These people then just assume they are geniuses and borrow a large sim of money and start to trade big. Then they discover it’s not as easy as they assumed and run into huge losses. Hence why it’s better to just trade with small positions like trading Pennies because you will get some emotions and trade for like in real life.

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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.

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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 a tool to test your strategy. Everyone should a solid strategy for trading. You should first backtest your strategy with historical data. If it holds good on historical backtesting the next step is to test it in real time using a demo account. It tests whether the strategy is as profitable at current time. Anyone trying to test their luck with demo account are misusing it. Inner instincts holds no ground in trading but instincts you get from the overall mindset of traders, news and financial report would count as an strategy.

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

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 can be used for trading or investment with DCA strategy. It is useful when you want to test a strategy for your trading or investment but Demo is not like what you experience with actual trading or investment. Because when you use real money, you will be affected by emotion, greed, panic and a lot of psychological things. With Demo accounts, you won't be affected by those things.

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