Although there are many benefits if we novice traders use a demo account, such as being able to recognize market price movements, also learning the working mechanism of the forex market because it is functionally the same as a real account, to test strategy skills, access to charts, trading signals, economic news, etc.
How long is it good to use a demo account
Every novice trader has a different background, ability and thinking power, so when using a demo account, the length of time will be different, so if it is considered enough demo practice, we can try a real account.
But behind that, besides the advantages there are also disadvantages or bad effects if we use the demo account for too long, such as:
So in essence, although the demo account has many benefits, it is also not good if used continuously for a long time.
How long is it good to use a demo account
Every novice trader has a different background, ability and thinking power, so when using a demo account, the length of time will be different, so if it is considered enough demo practice, we can try a real account.
But behind that, besides the advantages there are also disadvantages or bad effects if we use the demo account for too long, such as:
- Unable to measure the development of ability in trading. On a demo account, our mental calm is not affected by emotions, so we often get wins.
- Too long to use a demo account, will eliminate the sensitivity to manage risk management (because there is no loss).
- Carelessness on demo accounts often occurs such as not applying stop losses, setting profits too high, these traits or habits will be difficult to avoid if we open a real account.
So in essence, although the demo account has many benefits, it is also not good if used continuously for a long time.
