Moving from Demo to Live Trading Accounts: When is the Right Time?
- Why starting with a demo account is the right move
- When is the best time to make the move from demo to live trading accounts
We all want to succeed in the Forex Markets. Making a name for yourself in the largest financial market on the planet is not a small feat, and many try for years to carve their corner of such a competitive environment.
For some, the idea of investing in Forex can be too much at once. It is a high-speed network, constantly changing and evolving as the days pass. If you are unsure of what to do as your first step into the foray, a Demo Account may be your safest alternative. With no risk to your funds, you can learn the basics of the trade, develop a profile and strategies to make the most of the markets, and, after honing your skills, will finally feel comfortable enough to dive into the live market with a clear mindset focused on securing your own pot of gold.
But there are a few among the demo traders who never feel that comfort arrive, and while their peers are going forward in their journey, they keep lagging behind. To help you transition from demo to live account, we compiled a list of reasons why the change is so hard, and how to ensure you have the means to access when is the right time for you.
Why Use a Demo Account?
A demo account allows you to have a peek into the real-world goings-on of Forex. By giving newcomers a safe space to test their skills, it is a stepping stone that can be sometimes overlooked by traders with a little more gold fever. However, it is recommended – especially for complete newbies – that you open a demo account and move forward to live at least when you feel comfortable using the MT4 platform. There is nothing more frustrating than aiming for the big leagues only to lose money because you had little to no experience on MetaTrader.
But Demos are more than tutorials for newcomers. If you are a seasoned veteran in the FX world, you can always use a demo account to test new things, focus on different pairs and assets, to get insight into how they work and how they would function as part of your live trading plan. Moreover, if you are adept at trading following the biggest economic events of the day, demo accounts are great to cover that Fear of Missing Out that can creep whenever we are enjoying the fruits of our labour.
Day traders, FOMO-afflicted, and strategists can and use their demo accounts to dial down the noise that happens around forex. By using this second account as a resource, their success is maximized. So, if you have grown attached to your demo account, fear not. It will always be there for you in the long run.
Making the Move from Demo to Live Trading Accounts
Changing is part of life. When all is said and done, it all comes to your personal project. Do you think you still need a bit more time riding with safety wheels before letting them go? There is no problem. It is your call. But consider this: You started your forex education with a goal in mind. Taking chances will always be part of Forex, and staying behind while the market moves on is a tall order. That rings true especially when we already developed relationships with other traders and mentors.
At Clover, we have your back with support and insight to decide as safely as possible. Pursuing your pot of gold is simple and easy, and the joy of success is an unbeaten sensation. With our help, your forex journey already has all the tools to succeed.