In the Forex market, you are not forced to use a demo account. If you don’t want to use a demo account, you can just ignore it. But what can be the consequences? What will you lose if you don’t use the demo account? Well, you should look at the Singaporean traders who excel in trading. They don’t look at demo account as an option because they know the importance of the demo account. They would have struggled a lot without the help of a demo account. So, basically, the demo account is like the backbone of trading. You should not think twice to trade the demo account. If you are planning to ignore the step of demo trading you should think about it once again! It is not easy to learn the Forex market without the help of the demo account. You should have a demo account to learn to trade.
Those who start trading with real money loses a significant portion of their investment in the long run. The elite class broker will always offer you quality service with a high-end trading platform like SaxoTraderGo. You can use their demo accounts and develop your trading skills. Some of you might think demo trading is extremely boring but this is the only way to master currency trading without risking any real money. Even the elite class trader in our society uses the demo accounts to learn from their mistakes. We are a human being and we need to train our mind to do well in certain sections. Unless you take the demo trading seriously you will make your financial condition extremely worse. Try to understand the risk factors of this market and manage your trade accordingly. Never fly in the sky without having a strong track record in demo trading.
You would lose money
Money is not easy to earn. Only gamblers and the ones who earn illegally would earn money easily. But the ones who think about the legal income wouldn’t waste money. But sadly, the naïve traders who enter the Forex market do! Even though they have worked hard to earn money, they lose it carelessly. They enter the Forex market with the intention of making money. They don’t think about the demo trading account. They directly enter the live trading account and start trading. They trade as if they know the market perfectly. Also, as for their bad luck, sometimes a few trades become profitable even without proper practice. After gaining a few profits, by chance, they believe they know to trade. They start to trade without a break. This is when overtrading happens. When the traders overtrade they eventually become gamblers, not traders. They end up losing their hard earned money and they don’t even notice it. So, this should be changed. You should understand the importance of demo trading!
You would lose the grip
If you have started trading through a demo account, you would learn the market little by little. On the other hand, if you don’t trade through a demo account, you wouldn’t understand where you started. Basically, if you have a demo account it shows that you are neglectful about the trading system. You don’t think about preparing a basement for trading success. The demo account is a basement, it offers the grip that you need! You must trade the demo account if you want to trade like a pro. If you want to get the market grip, you should trade the demo account.
You wouldn’t practice
Forex is a new thing to you. If you don’t have the practice you wouldn’t be able to trade. So, if you are planning to trade it without practice, you are not sane. A person with a sane mindset would not trade the Forex market without practice. If you are trying to give up demo trading you wouldn’t be able to practice. This is not healthy!
Disclaimer: This content does not necessarily represent the views of IWB.