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