Poll: "What's the optimal time you should spend on a demo account before going live?

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  1. #11
    Banned
    Lets wait for the startegy to work

  2. #12
    Junior Member BinaryScamSniffer's Avatar
    Demo accounts are extremely helpful for those who are absolute novices and want to backtest their strategy. I always recommend traders-to-be to practice at least one year as a side project before leaving their full time job. However, it isn't like that simple because many other circumstances beleaguer your development, including time limit, the alleviated emotional factor, which is actually extremely influential in real trading or compulsory deposit (as in case of IQoption).
    Considering all the potential impediments listed above, I would recommend you to start with a trading simulator app. Start practicing as soon as possible to get enough experience prior to commitment to any brokers. First of all, if the demo account is time limited, you won't waste the first few weeks on figuring out basic things and will already have a decent trading background. As a suggestion, you can try apps like Stock Trainer: Virtual Trading. An additional advantage of such a strategic choice is that you get to know the market better, given that the market data, including prices and movements, is real time.
    Meanwhile, find a few potential brokers you would like to collaborate with. This is the crucial point when you must be very attentive not to become a victim of scam brokers. The point is that you might not want to commit to one of them yet, but they try to attract demo users by forcing you to deposit money or, on the contrary, give bonuses with strings attached.
    Perfectly, your demo account must not create any kind of legacy, so look for a broker that meets your essential criteria and offers a free demo account as well. Also, this feature is one more proof that the broker is legit. Another point, often overlooked, is that you should better train on the same platform as the one you are going to use later. To exemplify, the most common ones are TechFinancials, Scipio, MarketPulse and others. At least, try to find one with similar tools and options.
    Nonetheless, demo money is virtual, which makes the whole process of trading hypothetical. The truth is that you are likely to perform considerably worse when you know that your funds are at risk. After practicing enough, trade at least one position to get used to this feeling as well.

  3. #13
    Moderator Kolyo's Avatar
    Hey, BinaryScamSniffer we are not a link exchange here. You must follow the CommuniTraders rules and post link to your own site only in Business Section. You can also use a signature with a link after you achieve the necessary post count. All other places are not allowed for promo links. For now I will remove the links in your post, but keep in mind we are very strict in following these rules!
    "The goal of a successful trader is to make the best trades. Money is secondary." - Alexander Elder

  4. #14
    Rookie Member arctic_monkey's Avatar
    Loooove demos of all sorts, cause it's not only useful, it can be actual fun! And sadly options lack it sometimes, with all the stress and risk of losing your money. Btw, free demos are the best, as always!

  5. #15
    Master Member Okane's Avatar
    Quote Originally Posted by arctic_monkey View Post
    Loooove demos of all sorts, cause it's not only useful, it can be actual fun! And sadly options lack it sometimes, with all the stress and risk of losing your money. Btw, free demos are the best, as always!
    Yes, free stuff are great. We have a free demo here in the forum by the way!
    OptionHeimer: I am become debt, destroyer of accounts!

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