This is the most debated question in Forex. We know in Forex that there are many traders who do not support the Forex trading in demo account. There is a reason behind that. In demo trading, traders do not realize the intense thrill of trading with real money in the live account. They are like a robot who just play trades on the market. They do not even think of the trade. If the trade does not make a profit, it is okay to them. There is no profit or loss involved in the demo account. If the real account, traders have always said about placing the stop-loss strategically.
Early placing will not make your profit and it will also small your money. In demo trading, traders do not even think to use the stop-loss. It is because there is no money involved. You cannot get professional bodyguard if you are living in the street or you have a small house and you can hardly bear your life. Only the millionaires can hire bodyguards. If you think trading in the live account can bring success to the traders, you may not be wrong. We will tell you why it is not and might be wrong.
Success without practicing
Success without practicing in demo account will come. You have to open a small account and place your trade in the market. You also need to monitor your profit. If it is going down, take steps to make more money. If it is growing, take steps to make consistent. You may have some hard time, but you will make money if you can trade like a pro in the live account. Demo trading will not hurt you much as it does not involve your emotion in the trading. If you look at the professional traders at Saxo then you will notice that all of them use the demo trading account to develop their own trading strategy in the market. They simply don’t take unnecessary risk in the market to make money via trading the live assets. Always trade with proper risk management factors to become a profitable trader.
Success with practicing
You can hardly gain success without practicing. Traders who are in the view of practicing in the demo account first before opening a real live account say that demo accounts also come with the real signal of the market. It may not include your emotion but it can improve your trading. It can also help you to use new strategy in this account before you are using them in the live accounts. Traders need to practice before they go out in the real world and it is demo trading that makes them prepare for the Forex. Most of the professional traders in the financial market used their demo trading account to master the art of forex trading. It’s true that if you are new in the trading community then everything will be a little bit difficult for you but if you trade with an extreme level of patience then you can easily master this art.
Summary: There are many ways of trading the financial instrument in the world but no matter which trading strategy you use in the market it’s highly imperative that you trade the live assets with a solid trading strategy. In order to develop a solid trading strategy, you must use a demo trading account in the market to eliminate unnecessary risk in trading. And when you do your technical analysis in the market make sure that you use the higher time frame for quality trade setups.