Demo is a great tool for not only practising the trading strategy but also backtest it in case when it starts losing its edge without losing their real money. Many traders after successfully backtesting the strategy on the demo, also prefer to backtest on the micro account to test the strategy on the real trading environment without risking much.
Demo gets you tuned to the market and it's ropes, what you should expect. Most times we just don't take demo seriously which causes a lot of problems later.
Exactly! Practice on demo accounts before trading on live accounts is very important to understand the technical aspects of the market.
at the moment doing some price action approach in demo to see the performance how it works. there is no real money but it works, no doubt.
Choosing to trade on demo account or on micro account may depend on various factors like your trading knowledge and most importantly risk tolerance. If you want real account trading experience and think you can afford losing in the beginning days if trading you can choose to trade on micro account. I'd suggest better start with demo and then switch to micro after you understood your trading platform and working of the market.
Both the accounts are crucial to understand the ins and outs of forex trading and have their own advantages. Newbies must trade on both the account before switching to the standard account.
See how you are performing on a demo trading. Keep track of your trades. If you are performing consistently well and seeing results, it means you are ready for a micro account.
If you are new to trading, always practice on a demo account until you are comfortable trading live. Practice makes a man perfect. Every day, learn and comprehend the market.
but this is really difficult to keep patience when trading practically . because there is no real money on there.
I think a demo account is really good if you are new to trading and once you feel like you have gained enough knowledge and enough practice you can switch to a micro account.