Should You Avail a Demo Account in Forex Trading Or Go Live Trade?

Demo trading has always been under the scanner of many traders, and there is a tug-of-war between those who believe it is useful and those who think it is counter-productive. This factor can be broken down into simpler terms. Look at it this way - you need to practice in order to become adept at Forex trading, and demo trading accounts offer you with the grounds for learning currency exchange. That's how simple the deal really is!
 

Forex Demo Trading - Is It Good Or Bad For You?

However, certain underlying factors are found to be disadvantageous by many traders, leading them to avoid demos and go live trading directly. When you take a deeper look at demo trading, you will find that liking or disliking it is just a matter of perspective! For example, consider the virtual money factor. On a demo trading account, you are provided with as much virtual capital as you want to practice. 

Now the advantage of this is that you are not limited by any means, which is very good for beginners who want to measure the extents of things in Forex trading markets.
 

You can place million dollar trades and see how things play out - quite a benefit, from one perspective. The disadvantage here is that trading and playing around with such big numbers leaves you imbalanced for trading real-time. Even on live trades, you might end up having the same lenient mentality demoing gave you, and this lack of seriousness can lead to scary losses!
 

Another factor divided by perspective is emotion. Emotions are a very fragile element of life, and they are just as frail in trades. If you get too worked up, you might lose control of a trade that you would have otherwise won! While demo trading in India, the environment itself is such that there is nothing to create any mental pressure! You can practice relaxed, and learn the necessary skills with no tension.
 

However, mental pressure and tension are things you will need (in minimal amounts) when Forex trading in India! They give you the necessary fear to keep you from overtrading and draw the line between good trades and bad one. So when you move from months of demo trading, the mindset you have will be a stress-free one. This might work against you and leave you mentally unequipped to trade real-time.
 

Many traders feel divided between these perspectives while Forex trading in India. It all comes down to how you see things and how your approach is. Sign up with WesternFX today, and get yourself a stellar demo trading account to work on!