How similar is the real forex trading to the virtual practice ones?
I was just fooling around with the practice forex for a couple of hours today and made around $5k profit.
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July 2nd, 2010 at 5:10 am
The simulations frequently do not match real world conditions.
Quoting from a federal government website:
“Real-time is not real: when marketing trading systems, some promoters claim that their systems have performed successfully in “Real-time Trading.” This means only that the system has been tested using a live data-feed, rather than being tested using historical market data.
Remember though that in real-time trading, no trades have actually been placed in the market. Performance results based on real-time trading are merely another form of hypothetical results, with the same limitations. “
July 2nd, 2010 at 5:41 am
If you are working through a reliable forex broker the virtual/demo account should be exactly the same as the real account. The are some shady brokers who will go through the effort of creating a fake system for demo accounts but the better forex brokers will offer you the same platform as the one they give to the actual traders. Most experienced traders frequently use virtual accounts to test new strategies that they have and use it with full confidence. If you are looking for an excellent forex broker I have reviewed some of the best at http://www.forexlane.com/brokers.html
July 2nd, 2010 at 5:41 am
assuming you got your demo account from a legitimate broker, your virtual results should be more or less the same as when you do the actual trading. try doing demo of leading platforms. check out this source. it will lead you to one of the leading brokers these days. they have a very reliable demo account that will really test your trading skills. all the best.
July 2nd, 2010 at 5:47 am
Hello, I’d like to talk from my experience since I’ve tried several demo accounts before I went live, and I have to say all of them were the same in terms of execution as the idea is to accomplish the goal of getting used to all the features. Though the fact that you made $5k profit on demo doesn’t guarantee it will be repeated, so my non-asked advice is to practice a lot more with your demo before going live if you don’t want to blow up your account. And when live you can go back to demo whenever you want to test strategies.
July 2nd, 2010 at 6:44 am
Exactly the same, it’s only you that would behave differently. Any trader will tell you that the most difficult part is mastering the psychology of trading. Once real money is involved it becomes much, much harder so it’s highly unlikely you would have made exactly the same amount of money if you were trading with your own money.
July 2nd, 2010 at 6:59 am
They are a lot different. Just remember that with the practice accounts you are not losing real money so you are more willing to continue to hold a position when it reverses.
Also, I am sure you are not going to have a 50 000 dollar acct. Trading a 50 000 acct is a lot different from trading a few hundred dollars.
http://www.ehow.com/how_5190294_start-trading-online-little-money.html
http://www.ehow.com/how_5181860_start-out-forex-trader.html
July 2nd, 2010 at 7:19 am
The demo accounts are designed to provide you a testing ground for your Forex trading strategies. If you have a technique or method that you want to simulate then you can give it a preliminary try out with a demo account. It is very different from “live” trading. Live trading is where you can really test your method (and yourself) to see if you can be consistently profitable.
Before you try the demo accounts you should have a strong foundation in Forex training. That means that you should invest in learning all you can about Forex before going “live”. I would compare some Forex courses and select one to get started in trading.