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  • Beginner
  • Intermediate
  • Advanced
  • Completion
  1. Beginner
    Early Stages for Beginners
    8 Topics
  2. Forex Terminology
    11 Topics
  3. Margin & Leverage
    2 Topics
  4. Intermediate
    Identifying Scams
    2 Topics
  5. Brokers for Beginners
    5 Topics
  6. Technical Analysis
    13 Topics
  7. Advanced
    Using Indicators
    6 Topics
  8. Technical Analysis (Part 2)
    8 Topics
  9. Market Structure
    5 Topics
  10. Fundamental Analysis
    9 Topics
  11. Completion
    Risk Management for Beginners
    8 Topics
  12. Psychology for Beginners
    7 Topics
  13. Personal Psychology Questions
    2 Topics

SERIOUS Demo Trading

How to Open a Demo Account

DD and RR

Demo trading if done properly can be very impactful to your trading journey once you switch to a live account. If it is misused, you’ll be filled with false hope and unrealistic expectations. It also can be the place where bad habits are formed.

Beginner traders open up their demo account with anything from $25k-100k. That’s the first mistake due to the fact that you probably won’t be investing $25k to $100k when starting out unless you’re already a millionaire. Since demo is risk and reward free, there’s no emotional attachment. I see so many people showing profits with $30k and I know they’re already on google searching for mansions to buy. Trust me, it’s not that easy my friend. Not only do you have to have the funds to put into your account, but you also have to have a strong psychology to be okay with drawdown, a strong trading plan, and proper risk management.

Using a demo account needs to be on par with how you will trade on your live account. It makes no sense to use high lot sizes if you’re not planning to fund your account with thousands of dollars. Make sure you’re using proper risk management and practicing the actual strategy you plan on using in your live account. Demo is meant to be used to hone in on your skills to prepare you for a live account if you ever decide to open one.

To open a demo account you can head to whatever broker’s website that you plan on starting with and follow their instructions. Most have a demo account platform on their website whereas others can download MetaTrader 4 on their mobile phone/laptop. After registering, you’ll then be directed to choose a broker and your leverage. Check out which broker best suits you by doing your research.