Hi Traders
One of the features of the forex market is the ability of the investor to insulate himself from drastic market swings. This is partly because of the 24 hour nature of the market. With the exception of weekends, there is a forex market operating somewhere day and night. A good trading plan should include both "stop loss" and "take profit" orders. These are simply instructions to change your currency position when either your profit or your loss reaches a certain point. The stop loss order is more easily understood. This is simply bailing out before things get too bad. The take profit approach usually meets with more resistance, and it is true such an order might prevent you from making even more profit should a volatile change keep propelling the value upward. Volatile is volatile, however, and what goes up fast may come down faster. As you can not monitor your account twenty four hours a day, you want to know that if your profit point is reached while you are soundly sleeping, at least your expected level of profit will be realized.
One of the biggest advantages of the internet age regarding forex trading is the ability to freely use demo accounts - which are basically virtual forex games. These programs give you a chance to invest virtual money and see how well you do. Once your personal trading plan is formulated, execute it using a demo account. By doing this you will get a chance to see how it works, iron out any bugs, and fine tune your entries and exits, before you risk a single penny...
Yes, being able to use a demo account is nice but you shouldn't waste too much time using them.
Many traders start of with demo accounts and find themselves to be profitable, but once they start using real money they fail miserably. You need to get better at forex trading using real money, not fake.
Demo accounts are really only useful to test out trading strategies to make sure they will work in real conditions. You shouldn't learn forex with a demo account, because you will become good at paper trading and not real trading.
Yes, being able to use a demo account is nice but you shouldn't waste too much time using them.
Many traders start of with demo accounts and find themselves to be profitable, but once they start using real money they fail miserably. You need to get better at forex trading using real money, not fake.
Demo accounts are really only useful to test out trading strategies to make sure they will work in real conditions. You shouldn't learn forex with a demo account, because you will become good at paper trading and not real trading.
Why not, if you do EXACTLY everything in the demo account like you would do in the real account, with real money?
Why not, if you do EXACTLY everything in the demo account like you would do in the real account, with real money?
Whats the difference?
..
There are a few differences in a demo account and a real live account, however it depends on your system...
And on your broker.
But for the differences demos run more smoothly no reqoutes ,freezing, etc
Exactly. When you trade with a demo account, you act differently then you would with real money because there is no risk if you mess up.
When you actually trade with real money, your emotions are completely different.
How about this lionking:
Try playing a game of monopoly with real money, and see how different you will play the game.
I hope you see my point now.
Yes, if you used a real account EXACTLY like you used the demo account then it wouldn't matter. But trust me, most people are not capable of doing this.
Exactly. When you trade with a demo account, you act differently then you would with real money because there is no risk if you mess up.
When you actually trade with real money, your emotions are completely different.
Yes, if you used a real account EXACTLY like you used the demo account then it wouldn't matter. But trust me, most people are not capable of doing this.
Hi
You are correct that demos are just for practice and real are for making money. Demos helps in test strategies and real helps us to make that strategy perfect.
You are correct that demos are just for practice and real are for making money. Demos helps in test strategies and real helps us to make that strategy perfect.
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