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What Are Demo Accounts? Do They Instil Overconfidence In Traders?

Before the introduction of online brokerages, new traders used to attend physical tutorial classes to learn how to trade, and used paper to record all hypothetical trades, positions, and portfolios. This was also known as paper trading.But today, thanks to the internet and software designers, a simulated trading environment can be designed and deployed online for users to download. This is known as demo trading, coined from the word “demonstration” since it’s a demonstration of how trading happens in the real world.To get more news about Trading Account, you can visit wikifx.com official website.
While demo trading is advisable for beginners to get familiar with the market ecosystem, some argue it could instil overconfidence in a new trader. Live trading conditions are quite different from demo conditions and we will discuss why.

Demo accounts are used by both new and old traders. Karan of Safe Forex Brokers UK explains, “Demo trading accounts are meant for traders to test out strategies and learn without risking their money. It is used in all financial markets like Stocks, Forex, Derivatives etc. Day Traders often use demo trading to test their strategies and to see how each scenario would play/work in a real situation before putting in any money.”

Demo trading accounts are designed so that new traders can have a canvas to practice and perfect their strategies before going in with real money. They apply all the theories they have learnt and see the outcome whether profit or loss without worrying about losing their real money.

After a new trader reads about trading and gets familiar with all the jargon such as Spread, Pips, short and long positions, stop-loss orders, etc. They still have to put all that theoretical knowledge to the test.

Demo accounts make new traders conversant with the trading software interface and reduce the nervousness that usually accompanies live trading. New traders know where each button is located, can place orders, and get a general feel of the market. For example, in theory, we know stop-loss orders can be set above or below the price of an asset but demo accounts allow you to practically set the stop-loss and gives clarity to the new trader. Old and experienced traders can also use demo trading to test new trading methods and strategies before they apply them in live trading.
.How does a demo account work? How can you use demo trading?
To open a demo account, you simply choose a regulated broker and download their trading app from the online app store or use the web version of the app if you like. The demo account is an integral part of the real trading app so you don’t have to download a separate app for the demo account. After downloading, you fill out all the documentation and open your account. Most brokers do not charge any fee for demo accounts. Your login details are normally sent to your email, and after that, you can activate your account and access it for simulation.

A new trader is assigned virtual trading money and can access the various markets like currency pairs, stock, indices, precious metals etc. provided by the broker. He can also have access to derivative products such as CFDs while demo trading. The environment is simulated to mimic a live trading session and the new trader can place buy or sell orders, set stop-loss orders, etc.

When you log in, you will see live trading and demo trading buttons. If you select demo trading it takes you to the simulated environment and you notice your account has cash in it. That cash is not real and is meant for the simulation. The cash decreases as you open trading positions or record losses and increases when you record profits. If you lose all your virtual cash, you can reset the simulation and start over again.
Why should you use a demo account? How is it beneficial to traders?
Demo trading has several advantages such as:

Freedom to make mistakes: As a new trader, you can satisfy your curiosity and try out all different scenarios in your imagination without the repercussions of losing real money. While practising, you can update your trading journal and learn from your mistakes.
Zero risk: Demo trading is completely risk-free so you can try out big transactions running into thousands of dollars without being afraid.
Building confidence: When you trade and record profits it makes you feel good about yourself and builds confidence when going into live trading
Practice how to apply risk management tools such as stop orders.
Test your trading strategies