Are you using a Demo account to practice trading?

[bitbit97]

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.

I cant believe someone would really play with demo account for 3 months I think the person, after first successful trades or when he saw that he is only increasing his capital, would immediately run to his wallet to get a card and make his very first deposit.

You have mentioned emotions, and that is what makes newbie trader to leave demo account and go to hardcore mode. First lack of fear of loosing will trigger him to risky deals with real money, then lightness of gains in demo account will force him to switch to real.

Dont get me wrong, I am not here to say something bad about your first post, it is really useful. Nor to criticize what you wrote or what was written there. But I dont think that demo account play big role in traders life. To me it is like learning to swim in a bath. You get familiar with water, you held your breath for the first time, open eyes under the water for first time. But that is pretty much it. It is completely different from swimming in a pool where water is deep.

[KryptoBull]

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?

When I was new to the crypto market, I also tried using a demo account to trade using learned methods such as RSI, MACD, Ichimoku. Thanks to the demo account, I realized that those methods are not really as effective as many people introduce on Youtube. A deep understanding is required to properly apply each indicator and combine multiple indicators together to achieve predictions with a high accuracy rate.

Recently, I only focus on DCA. When I see the market is positive, I will use more money to DCA. The demo account is just for fun to monitor and test some hypothetical investment strategies, it has no impact on my long-term DCA strategy in this market. At least it helps traders fully experience the emotions of monitoring and directly predicting and then having the results to verify, not just re-checking the past with the mentality of already knowing the results.

[Dr.Bitcoin_Strange]

Well, yes, i have been even practicing on demo account lately on my favorite centralized exchange which happens to be Digifinex. Among the many exchange in existence, I prefer the above mentioned exchange for my features trading and also because it has a demo feature. Even while I was learning how to start forex trading, I start with the demo account which made me to learn how to assemble the indicator, how to read and understand charts and the indicators movements. Although I can not speak for everyone but I know that many newbies to trading actually learn from demo, else they will just end up to loses their capital.

[UNIVERSE]

Wouldn't this be helpful enough for us to learn about various features on a particular exchange? I usually use it if it's available. Instead of browsing and just looking at YouTube, I prefer to try it directly on a demo account. However, sometimes not all exchanges have this feature. Even though I think this is quite helpful. If you really understand, then we can enter the real account. Indeed, there will be some differences, especially in our mental stress because we actually use our money here. but yeah, that's how trading is, right? This is a risk and there must be mental preparation and emotional control when doing it. However, at least if we are familiar with some of the features and tools on the demo account, we won't be that surprised when trading live.

[Captain Corporate]

This is actually a good idea, and there is really nothing that doesn't cause something bad, either you gain something good or you gain nothing in the end. I believe that it should be considered one way or another. I get that we are going to end up with just testing and it would not be like the real thing but what if its not like the real thing? It doesn't really matter all that much. We should consider a greater return if we can and it should definitely be a possibility. We need to arrange a good return from what we learn from here as well, it could benefit us a lot, and should be a good return if we learn well.

[gunhell16]

Demo trading is only for newbies and those who are not yet familiar with the trading platform. But if you know how to trade, you don't need to go through the demo account; instead, you will immediately go to the actual trading exchange on the platform.

So, it means that it will not be useful for those who have extensive knowledge of trading activity, like here in cryptocurrency. But this is a good place for newbies to practice in this field of the crypto trading business.

[IvugeoEvolutionCoin]

In my opinion, a demo account for learning trading is not very effective because, basically, cryptocurrency price movements tend to fluctuate, so you have to learn it directly because if you only rely on experiments, sometimes the situation is not the same. To learn trading, I recommend using streaming media or some other media that provides The tutorial is equipped with a video, so you know clearly what is going on.

[$crypto$]

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.

Yes, it is for learning purposes and nothing more, we can use a demo account to learn more. For beginners they can learn basic things like for example, how to start entry, stop loss, take profit and so on, it will be very useful when later they trade on a real account.

There are also many indicators that can be used to make it easier for us to analyze, we can learn on a demo account. Do not let when we use the real account we do not know what we will do, it will feel very silly.

Many things can be learned on a demo account, at least to make us better understand how to trade.

[Charles-Tim]

Yes, it is for learning purposes and nothing more, we can use a demo account to learn more. For beginners they can learn basic things like for example, how to start entry, stop loss, take profit and so on, it will be very useful when later they trade on a real account.

There are also many indicators that can be used to make it easier for us to analyze, we can learn on a demo account. Do not let when we use the real account we do not know what we will do, it will feel very silly.

Many things can be learned on a demo account, at least to make us better understand how to trade.

That is just it and I can not agree more. But do you also know that demo account is kind of unnecessary for traders that are newbies? If you have little amount of money, like $2.5, you can use it to study what you want to study instead of using demo for future trading. Most exchanges can let you open a trade of 10x with $0.25. But you may not want to use up to that leverage, $2.5 is enough for 1x on most derivative exchanges. For spot trading, $15 is enough. If coins like bitcoin is traded, the trader can not lose all the money at once, not possible. And the trading fee is very small for that kind of small amount of money.

[LogitechMouse]

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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?

No.

I always believe that whatever outcomes you get from using a Demo Account might be the same as when you're using your real account already. The emotions when using a demo account with fake money are very different from when using a real account with real money being used, and because of that, I see it as kind of useless to use a Demo Account before using real assets to trade. Yes, using a Demo Account is for learning purposes I know, but being emotionless in trading isn't being learned by using a demo account. You will only learn it thru experience, and take note that in trading, being emotionless is a big factor in our decisions.

You might learn when using a Demo Account, but you will learn more if you will use real assets because you will have this mindset of losing your money if you make rash decisions. In Demo Account, you don't care losing your money because you know that it's a fake one.

[$crypto$]

Yes, it is for learning purposes and nothing more, we can use a demo account to learn more. For beginners they can learn basic things like for example, how to start entry, stop loss, take profit and so on, it will be very useful when later they trade on a real account.

There are also many indicators that can be used to make it easier for us to analyze, we can learn on a demo account. Do not let when we use the real account we do not know what we will do, it will feel very silly.

Many things can be learned on a demo account, at least to make us better understand how to trade.

That is just it and I can not agree more. But do you also know that demo account is kind of unnecessary for traders that are newbies? If you have little amount of money, like $2.5, you can use it to study what you want to study instead of using demo for future trading. Most exchanges can let you open a trade of 10x with $0.25. But you may not want to use up to that leverage, $2.5 is enough for 1x on most derivative exchanges. For spot trading, $15 is enough. If coins like bitcoin is traded, the trader can not lose all the money at once, not possible. And the trading fee is very small for that kind of small amount of money.

Yes I understand that, maybe beginners won't need a demo account to start trading, they may have a mentor, or even they have enough money for them to learn, but it is indeed a bigger risk especially if they don't have a mentor.

One other thing is that they can learn by watching videos about trading on many platforms, because we know now many creators who make content about trading, although personally I still see many of them are irresponsible who do not thoroughly explore trading.

[Litzki1990]

I never used a demo account to practice trading but I traded with my main account as I practiced. Honestly I don't have much idea about demo account usage and how to manage it as I have never used demo account. Since I will be trading I have always thought it was a good decision to start trading with my main account. I have always tried to trade with my main account thinking that trading with main account will give me real experience and I can take risk of my money gradually and it will help me to become a better trader in future. I have traded with my main account and this time I can definitely claim myself as a successful trader so it feels right for me to trade using main account rather than demo account.

[Geey]

Well, yes, i have been even practicing on demo account lately on my favorite centralized exchange which happens to be Digifinex. Among the many exchange in existence, I prefer the above mentioned exchange for my features trading and also because it has a demo feature. Even while I was learning how to start forex trading, I start with the demo account which made me to learn how to assemble the indicator, how to read and understand charts and the indicators movements. Although I can not speak for everyone but I know that many newbies to trading actually learn from demo, else they will just end up to loses their capital.

That's right, I also use a demo account to hone my skills in trading, not only that, I learned how to understand market charts... but I'm still not smart enough to develop a trading strategy and I know that in crypto trading we have to have a daily profit target and have to be smart. manage our assets so that we can profit many times over..
From studying the demo account I gained a lot of knowledge and was able to trade better than before.

[Carbitcoin]

Well, yes, i have been even practicing on demo account lately on my favorite centralized exchange which happens to be Digifinex. Among the many exchange in existence, I prefer the above mentioned exchange for my features trading and also because it has a demo feature. Even while I was learning how to start forex trading, I start with the demo account which made me to learn how to assemble the indicator, how to read and understand charts and the indicators movements. Although I can not speak for everyone but I know that many newbies to trading actually learn from demo, else they will just end up to loses their capital.

That's right, I also use a demo account to hone my skills in trading, not only that, I learned how to understand market charts... but I'm still not smart enough to develop a trading strategy and I know that in crypto trading we have to have a daily profit target and have to be smart. manage our assets so that we can profit many times over..
From studying the demo account I gained a lot of knowledge and was able to trade better than before.

A demo account is not only for beginners.  In the future, when you become an experienced trader, you can also use a demo account.  Because this is a great opportunity to test your trading system and strategy on real data in real time before applying it with real money.

[tjtonmoy]

If you are a professional trader and know how trading works then demo choice could be the best option if you are trying out new strategies. The percentage of your strategies succession is uncertain unless you try it out. That is why demo account gives you the advantage of not losing anything and still try out your strategy.

I do agree that every trader should use demo account to sharpen their skills and strategy. However, it is a bad choice for people who are just starting or learning how to trade for the first time. Using a demo account does not give you the feelings of real emotion when you lose money on trade. Thus you cannot control that emotion that you can't feel.

If you are beginning your journey in trading, starting with the real money with a real account is the best option. But if you know what you are doing and you already know how to control your emotions, then demo account is the best option for you.