Are you using a Demo account to practice trading?

[MrSpasybo]

I am a crypto holder, I am loyal to DCA and hold crypto for 1-2 years, however I am still interested in regular trading, especially learning technical analysis methods to predict market fluctuations.. Normally, I code strategies on TradingView to backtest, but gradually I feel that backtesting is very boring and does not create much emotion in the market, so I look for Demo Accounts on TradingView. I tried Binance's Mock Trading but didn't really like it because it required me to use my phone regularly to buy/sell. I often use a computer to work with TradingView so Paper Trade feature is the most suitable choice for me.

Demo Account has both advantages (No risk, Self-analysis, No stress, Practice, Confidence, Statistics) and disadvantages (Slippage, Commissions, Psychology, Adjustment)^[1]. Experiences with Demo Account help me learn a lot of things such as managing trading time, choosing the right time frame, and most importantly, managing psychology. Demo Account also gives me more motivation to monitor market fluctuations every week, helping me understand the psychology of other investors in the market and communicate with them more effectively.

After all, Demo Account helps me to be better prepared in both knowledge and psychology in the process of holding crypto and waiting for the distribution zone in 2025. Many professional traders I know also maintain Demo Account to continuously practice with many markets. I think every trader should use a Demo Account to practice their skills and psychology before officially entering the market with real money.

Have you been using Demo Account? On which platform do you use Demo Account? Do you think Demo Account is important for your investment journey?
[1] 6 advantages and 4 disadvantages of a demo account

[Yamane_Keto]

I used the Demo Account at the beginning of the learning journey, but over time the psychological factor becomes important in the market, and sometimes a small loss is much better than trying to avoid a loss, as it teaches you to think better, while in the Demo Account, the zero loss makes your application of the strategy give less good results compared to what You will get it when you trade.
Demo Account is good for beginners and for those who trade from time to time, but for those who want to trade on a daily or weekly basis, it is better to try it directly in your account, even if you achieve losses.

[Charles-Tim]

Have you been using Demo Account? On which platform do you use Demo Account? Do you think Demo Account is important for your investment journey?

You do not need demo account for investing in bitcoin and other cryptocurrencies of your choice. All you need are noncustodial wallets that is reputed. Cold wallets are the safest.

You make this in trading discussion board. Probably you are referring to trading and not investing. Demo account can be useful for newbie traders.

But newbie traders should know that demo account is just a means to learn trading and trading with money may be kind of different. Trading is very risky.

[Geey]

I am a crypto holder, I am loyal to DCA and hold crypto for 1-2 years, however I am still interested in regular trading, especially learning technical analysis methods to predict market fluctuations.. Normally, I code strategies on TradingView to backtest, but gradually I feel that backtesting is very boring and does not create much emotion in the market, so I look for Demo Accounts on TradingView. I tried Binance's Mock Trading but didn't really like it because it required me to use my phone regularly to buy/sell. I often use a computer to work with TradingView so Paper Trade feature is the most suitable choice for me.

Demo Account has both advantages (No risk, Self-analysis, No stress, Practice, Confidence, Statistics) and disadvantages (Slippage, Commissions, Psychology, Adjustment)^[1]. Experiences with Demo Account help me learn a lot of things such as managing trading time, choosing the right time frame, and most importantly, managing psychology. Demo Account also gives me more motivation to monitor market fluctuations every week, helping me understand the psychology of other investors in the market and communicate with them more effectively.

After all, Demo Account helps me to be better prepared in both knowledge and psychology in the process of holding crypto and waiting for the distribution zone in 2025. Many professional traders I know also maintain Demo Account to continuously practice with many markets. I think every trader should use a Demo Account to practice their skills and psychology before officially entering the market with real money.

Have you been using Demo Account? On which platform do you use Demo Account? Do you think Demo Account is important for your investment journey?
[1] 6 advantages and 4 disadvantages of a demo account

using a demo account is very good for us so that it increases our knowledge in analyzing trading in the market and also increases our insight into how to trade well, I also use a demo account to increase my insight in trading because I know that by learning to use this demo account, we can increase knowledge in trading... this is even more suitable for beginners in crypto trading so they know how to buy/sell at the right time and they also don't need to spend capital for it...

[bitbit97]

Using demo account to practice trading is like believing of being a best businessmen and trader after playing monopoly against family members. I think users can use demo account only to get familiar with the platform and test what each button do and look for a result. It is enough to play with it for 10-15 minutes to test every feature trading platform offer to get familiar with everything. Demo account forgive trading fails. They make fails meaningless, while they suppose to be one of valuable experiences trader could get.

[ajiz138]

Using demo account to practice trading is like believing of being a best businessmen and trader after playing monopoly against family members. I think users can use demo account only to get familiar with the platform and test what each button do and look for a result. It is enough to play with it for 10-15 minutes to test every feature trading platform offer to get familiar with everything. Demo account forgive trading fails. They make fails meaningless, while they suppose to be one of valuable experiences trader could get.

Or in other words, get to know more about the features that are in it, how to use it and what are its uses.

If learning from a demo account continuously is actually good, but mentally the demo account does not teach that in my opinion. Because by using a demo account we do not become worried whether we will profit or lose because what is traded is not the money we have.

Whereas when using a real account our mentality will play there, and sometimes mentality will affect our decisions.

[jeraldskie11]

Have you been using Demo Account? On which platform do you use Demo Account? Do you think Demo Account is important for your investment journey?
[1] 6 advantages and 4 disadvantages of a demo account

First and foremost, I opened a trial account in forex using MT4, and I had no idea what to do. Then I attended trading seminars to get basic information, which helped to reduce my trading ignorance. However, I discovered that most forex websites are prone to scams since you must put money onto their platform. I was hesitant to use the platform, but I did, and we found out a few days later that one of the members that attended seminars had been scammed. That's why I chose to leave. And this is why I joined crypto; here, I'm only doing paper trades on Tradingview. And it really improves my trade execution and confidence. I feel that having a demo account is essential for beginners.

[vegasus]

Yes, I used it when I first started using Tretetnu Exchange. Because this can really introduce me to various features and so on. Actually, if you use this trading demo well, it will be quite helpful for us. It's true that there are people who say it's useless because it's still different from mental stress and so on.

but personally, I think more about a fairly effective way so that I can learn to trade directly on the platform and try several times until I am really ready. Whether the application in the market will be different, especially in relation to the level of stress and pressure, the most important thing is that I have prepared all of that. So I at least understand the flow and features. And all of this may also depend on our habits, needs and readiness.

[Gormicsta]

Absolutely yes, it enables me to know more about trading, the risks involved and also what it takes to trade.

[joniboini]

I think every trader should use a Demo Account to practice their skills and psychology before officially entering the market with real money.

Not sure about the psychology part, but I can see people use demo accounts to test their trading indicators, especially if you don't need money to create a new one. I think using it that way is fine, you need to backtest to ensure you get reliable indicators so that you can exit or enter a trade based on what you need, especially if there's a new tool you're not familiar with. I remember registering a demo account and using it to learn about the Bollinger band and other indicators that are simple enough for me to understand. But as always, real-life trading will be different since there's an emotional factor involved. You can't really practice that on demo trading. CMII

[$crypto$]

I think every trader should use a Demo Account to practice their skills and psychology before officially entering the market with real money.

Not sure about the psychology part, but I can see people use demo accounts to test their trading indicators, especially if you don't need money to create a new one. I think using it that way is fine, you need to backtest to ensure you get reliable indicators so that you can exit or enter a trade based on what you need, especially if there's a new tool you're not familiar with. I remember registering a demo account and using it to learn about the Bollinger band and other indicators that are simple enough for me to understand. But as always, real-life trading will be different since there's an emotional factor involved. You can't really practice that on demo trading. CMII

I agree with you, that when using a demo account, our emotions will not work, because there is nothing at stake when using a demo account, whether profit or loss it does not affect at all.

Unlike the case when we use a real account to trade, emotions will really work there. Fear, panic and hesitation will be things that we will feel when using a real account. Because we risk our money in it, when we predict wrong, our money will be lost.

Things like what I said above will not exist when using a demo account.

[Charles-Tim]

I agree with you, that when using a demo account, our emotions will not work, because there is nothing at stake when using a demo account, whether profit or loss it does not affect at all.

Unlike the case when we use a real account to trade, emotions will really work there. Fear, panic and hesitation will be things that we will feel when using a real account. Because we risk our money in it, when we predict wrong, our money will be lost.

Things like what I said above will not exist when using a demo account.

Some traders that are newbies may get it wrong. Or let me say that some traders will not know that the sole purpose of using a demo account is to learn, to learn about how trading is. It is not about trying to use it to trade and see if you can take $100 demo money to $10000. Some traders use it this way and which is not good. Just use demo to learn. After you learn about trading, stop using it.

[MrSpasybo]

I used the Demo Account at the beginning of the learning journey, but over time the psychological factor becomes important in the market, and sometimes a small loss is much better than trying to avoid a loss, as it teaches you to think better, while in the Demo Account, the zero loss makes your application of the strategy give less good results compared to what You will get it when you trade.
Demo Account is good for beginners and for those who trade from time to time, but for those who want to trade on a daily or weekly basis, it is better to try it directly in your account, even if you achieve losses.

Just like you said, Demo account is a good environment to learn and practice technical analysis, it provides safety but if the Trader is not serious enough, he will not be emotionally trained and disciplined in trading. I think when using a Demo account, Traders should also have clear goals and rewards and punishments for themselves.

For example, the goal is to grow assets steadily over 3 months. The reward is a trip, the punishment is a 10km run ^^

I think the more thoroughly prepared traders are in terms of knowledge and emotions with a Demo account, the less losses they will have in real trading.

[Altcoin1998$]

Traders who are completely new and have no experience in trading can use demo account while trading but for those who are experienced and have been trading for a long time, I don't understand if there is any need to create a demo account and trade. But if the exchange is a new platform then you must create a demo account and trade. Again there is no need to transfer more balance to that demo account. Demo accounts are usually used by new traders to gain experience.

[xSkylarx]

It is a controversial and highly debated topic about trading because others have their points, so this is with us about what is our strategy. Because for me every cent counts and if I do have a chance to earn money without spending money I will do it. So before I dive into trading, I always make sure that my winning percentage is high and know how to look out for high probability trades to make sure a winning so I do always go for demo accounts as well as to feel the platform that I will be using.