I tried Demo Trading for a week or so, and when I figured I had got the hang of it, I switched to live. Most of the people here at IJ recommended that I do demo first for atleast 6 months (!), and then switch to live. However, I went live immediately after a week of demo trading since I was confident I would NOT lose.
I invested $250 initially on June 9th, and today my account stands just shy of $500. At the most, I traded 3 days in a week. Whenever I had free time and was not in the mood to trade, I would just watch the market, not trade. Here's a screenshot of my account:
I hear a lot of people in the Forex world who recommend trading for atleast 6-9 months before putting in your real money. Further more, they even say starting with a $250 account is a super-bad idea.
That's not the case everytime though. I traded in mini (10k) lots, and once I was as close as to being 2 pips short of a margin call (I rarely used stop losses). However, I had watched the market long enough to say I was going to win, and sure enough - I did.
My tip (I'm no pro) to anyone who's starting out with Forex is this: Read guides, listen to people, but at the end of the day - do what you really feel will work for you. From my experience in Internet Marketing, one thing I can say with confidence is that STOP thinking that the more guides you download, the more money you'll make. They wont. The only thing they'll do for you is confuse you so much, that you'll dread taking action. In all - I just read BabyPips (to get a hold on the basics), and a 26-point forex guide shared in here.
To other forex guys, I didn't use indicators, no stop losses, traded in mini-lots on a $250 account, and worst of all - I opened an account with a Market Maker (GFT). I did almost everything opposite of what people in the Forex industry with years of experience told me to, but I still haven't lost my shirt. (yet! :P)
The next thing I'm going to do is get my initial investment out, so that then I can start trading with money I've earned from trading. :P
PS: The reason I think demo trading for 6 months is a bad idea is this: Trading on DEMO is way different than trading in REAL. Your approach is absolutely different, since you're investing your hard-earned money. You'll be ten times more cautious while placing a trade on a REAL account than you would in a DEMO one. Plus, if you trade DEMO for a long period of time, the only thing you've gained is a bit of Forex knowledge. You haven't gained any experience though, since when you actually would go REAL, you'll know why it is so different. My suggestion is that start Forex only if you have money just sitting in your account, and you really wont go insane if you lost that.
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