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Thread: FX mirco account is better than demo account.

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    Default FX mirco account is better than demo account.

    Those who plan to set up account,

    I recommend that you set up mirco account rather than demo account.

    You can put $10 , this convert to 1000 cts.

    You can pretend you have 1000 dollars ,and learn how to trade, which strategy is better.

    If you can make 5000 cts from this, then your strategy is good .

    and set up standard account and put $1000 , and trade using own method.

    Better than demo account .
    <Please read forum rules>

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    Default

    great idea!

    caution for newbies.
    that way, you avoid much risk and learn to trade with little money.

    NOTE: when you trade successfully with that little amount then you are ready to trade big with your proven and tested strategy.
    1. OPEN ACCOUNT WITH FXOPEN: CLICK HERE!

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    Thanks for agreeing with me.

    You can organise a group of people under you, train them to set up micro accounts, show them how to trade.
    (FXopen will benefit because more money will flow to them, you will benefit because you get commission for people signing up mirco account under you.)


    Do you know in my country Singapore, there are forex trainers who organise training seminars, urging people to set up standard account and deposit US$1000 and above?

    More people lose more because they has little knowledge of trading.

    Demo account is not realistic.

    People must learn how to set up account and deposit $10, $20 and learn how to deal with emotion,etc.




    Quote Originally Posted by chinexex View Post
    great idea!

    caution for newbies.
    that way, you avoid much risk and learn to trade with little money.

    NOTE: when you trade successfully with that little amount then you are ready to trade big with your proven and tested strategy.
    <Please read forum rules>

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    Default micro account are worthless

    If you really want to trade for a living then avoid micro-accounts as the learning platform, and just demo, demo, and demo, and then demo some more until you're consistently profitable for 3 months in a row, (assuming you're trading everyday, if you're trading less frequently then make it 6 or even 12 months of demo showing consistent profits).

    Set up demo account on the 'real' amount of money you expect to invest. If it's 5k, 20k, 50k or whatever then just set the demo amount for this. Make it realistic. A 1.0 Mio US$ account isn't realistic to start with.

    The reason why micro-accounts are pointless to learn FX trading is simply because the amounts are too small to matter. It becomes a gamble. How many micro-account guys have blown up their accounts, and to joke about it on this forum. To put 50$ into an account and expect to derive a nice primary income, or a comfortable second income is crazy.That's the sort of money you take to the horse races or casino.

    It's worthless as a learning tool as well. For those who say, you need to invest small amount of real money to get used to feeling wins and losses is rubbish. If you burn a few accounts then your confidence is going to be shot.

    It's less damaging pyschological to demo. It has great practical purposes for testing strategies. If you test your strategies with real money, and you lose it all, what has that done for you. When you are winning more pips than losing over a large period of time then you can start to fund your account with real money.

    If you think that 12 months is too long to demo, then your trdaing capital will be gone in less than 1 month. Then what happens? You have to go back to work for that idiot boss, grind away the hours, to build up your next capital account. Why is there a rush to want to lose money so early, as small as it is?

    So please, if you're newbie, demo for at least 12 months with a realistic deposit. Something that is a serious number you can afford to trade with, and will hurt you should you lose a good chunk of it. If you burn through 1, 2 or more demo's accounts on your journey, it doesn';t matter provided that you're learning something.

    Then one day, as you start you're next demo account, you'll find that instead of it depleting, it starts to actually increase. It then keeps on increasing. You have a trading methodology that you're now confident with, and you pull the trigger to get into trades effortlessly as you have already found out what didn't work for you via you're previous failed demo's.

    Shortly after this, you fund your account with real money, and with no hesitation, you can pull the trigger with real money, easily, knowing that you have a solid system behind you, that there will be wins, and losses, but overall you'll have consistent pips each and every month. Then you can tell that boss to stick his job where the sun doesn't shine.

    If you're looking for some quick and easy light enetertainment for a few bucks, then use a micro-account, but if you're here for the long haul, and the financial freedom that it gives you, then demo, demo,demo,demo...and demo!!

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    Demo account is for people who know nothing about forex. They can try demo for understanding of basic.

    Those who know forex trading, can try mirco and put USD 10, and this convert to 1,000 cents. This is better and realistic than demo.

    When you set up a forex seminar online group for those who have learn forex thru demo for sometimes, you can encourage them to open mirco account and deposit USD 10. and give them signal and tips, for them to follow.

    This is what I came across in Facebook group.

    One trainer from Singapore organise seminar class to the intermediate level people who know how to trade but don't know how to spot trend which enabled them to make a big profit.. He encourage them to put USD 1000 and above.

    If experienced traders want to train people, he should encourage them to open a mirco account , and show them how to deposit USD 10 , then they learn how to manage things realistically.
    <Please read forum rules>

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    in my opinion, emotion control is more important than analysis ability..trading demo lack of emotion involve, maybe only few people could pretend that demo is real money and trade with emotion, the rest just hit buy or sell then could be profit/loss 100% in 1 hour..i am agree that micro is better than demo.

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    Quote Originally Posted by fkh3100 View Post
    Demo account is for people who know nothing about forex. They can try demo for understanding of basic. Wrong. A lot of experienced traders use demo's to try out new ideas, and have a record of their trades via one of the web recording sites. Only a fool would try out a new idea with real money.

    Those who know forex trading, can try mirco and put USD 10, and this convert to 1,000 cents. This is better and realistic than demo. A 10$ account is not at all realistic. If you 'know forex' you do not need to open a 1000 cent account.

    When you set up a forex seminar online group for those who have learn forex thru demo for sometimes, you can encourage them to open mirco account and deposit USD 10. and give them signal and tips, for them to follow. Exactly why would this be of benefit?

    This is what I came across in Facebook group. Ah, facebook, that well known portal for successful fx traders...

    One trainer from Singapore organise seminar class to the intermediate level people who know how to trade but don't know how to spot trend which enabled them to make a big profit.. He encourage them to put USD 1000 and above.

    If you know how to trade, but don't know how to spot a trend, then you don't know how to trade. Simple.

    A real teacher would never ask his students to put real money into an account while they were learning. If they already have a live account then a reputable teacher would tell them it's at their own risk. If he is teaching a course that ends up having a number of losses exactly what would that do for a students confidence? You teach the system demo, and once the student has seen the whole system in operation, wins and losses, then they can put real cash down.

    I think your confusing a broker, or someone with broker links, asking for them to put in real money.

    If experienced traders want to train people, he should encourage them to open a mirco account , and show them how to deposit USD 10 , then they learn how to manage things realistically.
    I have a few number of years under my belt trading, and I would never ask a student to put real money on the table, that is just stupid. I've managed trading desks for real banks, and we would never give a trainee dealer real money to play with unless he had all the basics under control.

    But, hey....if 10 buck account works for you, and you like the broker freebies...then go for it. You can always rebuild it 10 bucks at a time. Which again goes back to my point, why don't you just take 10$ to the racetrack and pick a horse?

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    Quote Originally Posted by jemmy View Post
    in my opinion, emotion control is more important than analysis ability..trading demo lack of emotion involve, maybe only few people could pretend that demo is real money and trade with emotion, the rest just hit buy or sell then could be profit/loss 100% in 1 hour..i am agree that micro is better than demo.
    i agree emotional control is very important. So why does a 10$ account have anything to do with that. it's the cost of a couple of cups of coffees, a couple beers, etc what emotional attachment do you have to a beer?

    if you're looking to make 100% on your account in an hour....how exactly would you manage a 10,000$, 50,000$ account. You''re just punting, so better go to the horse races and get the quick thrill then.

    If you're not prepared to demo for at least 3-6 months then you will be fodder for the market. you will be so much stronger and have more emotional durability once you have a system that you are completely comfortable with, know the expected drawdowns, and wins, which can only be achieved by demoing. you can pull the trigger easily, and you have lost the excitement of trading, and look at it as a business.

    in fact i would even suggest that you demo yourself to a standstill until it has become a boring chore. all the emotion is then gone...and then you will be a great trader... go and read some of Jim Kanes comments on life as a trader, any other interviews with successful trader who have longeveity...trading is boring when done right...

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    Demo account exist at the time when people never thought of playing forex with low amount of money.

    Now, there is mirco-account where it is possible to play forex with 1000 cents.

    Mirco account is for people who know how to trade , after learning the basics at demo, but don't want to take too much risk.

    People should try demo account for a few months ,then mirco account to learn how to manage little money ( the money which they can afford to lose).

    Let me show you the example:

    Which one will make a better warrior?

    1) playing the games at home, for example : Counterstrike: you learn to fight enemies by sitting comfortably at home, using mouse and keyboard, when you 'die' , you can start all over again, and can afford to fire a lot of ammos, throw many grenades as much as you want..

    2)Go for 'war exercise' at the fields ( military training school) , where you sweat a lot by running , hiding from enemy sight, make use of terrain, get hurt by fall down, and with limited dummy ammos provided. This honed better skills by simulating realistic situations. When you get hit, you are out for 1 month, to learn from mistakes.
    <Please read forum rules>

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    Demo account along with reading learning material will help you learn how to use charting how to draw lines... see trends set up fibs, how to buy, how to sell. Like in the Military you would fly virtual before they would let you fly... there 10 mill fighter jet. (trust me if you don't have a clue about what your doing the only people making money will be the ones who signed you up.)
    Last edited by jacck2; 07-31-2010 at 09:55 PM.

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    We can learn real trading with a micro account with no risk of large losses

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    [QUOTE=fkh3100;526695]Demo account exist at the time when people never thought of playing forex with low amount of money.


    Which one will make a better warrior?

    1) playing the games at home, for example

    2)Go for 'war exercise' at the fields ( military training school)



    Both your examples are supportive of demo accounts....what's a 1000 cents? 2 beers... it's a pointless exercise if you want to learn to manage money

    demo to the amount you actually want to trade in real life...if it's 10k or 100k it doesn't matter. you will get the feel of trading real money. a 1000 cents isn't real money... an imaginary account to the amount you want to really risk will make you much more aware of what is needed to be consistently successful.

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    Quote Originally Posted by bisnetzone View Post
    We can learn real trading with a micro account with no risk of large losses
    and the point of this is? that's why demo accounts are better....you can learn real trading with them...

    what you're confused about is, and what you really need to learn is money management, anyone can 'real trade'

    do you think a jet pilot has 'micro' emergency landing training, that an airline gives him a small 747 to demo a crash landing? they do simulator hours, after simulator hours, they demo demo demo....

    why do you think a micro account will protect you from large losses? an 80% drawdown on an account is still an 80% drawdown...

  16. #14
    ibropeace2
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    Unhappy about micro account

    please i want to be enlighten on this issue about the funds available in my account, it is showing me in my fxopen trader live platform that i have $5,531 but when i wanted to transfer the funds it is showing me that the available fund is 55.31(micro) is it that i am having $55.31 dollar not the $5,531 and which means the money in the account is not real or what? please help me explain this because am really confused.

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    .....
    Last edited by hytre; 08-08-2010 at 11:00 PM.
    hytre

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