Hello and question!

[Dallas]

I am interested in day trading and would like some advice on various free simulation/demo accounts that I could use to begin papertrading. Once I get comfortable in the demo account and I learn more about day trading, I would like to work with with a prop firm such as cy group and starting making real trades.

What I am looking for is an simulation/demo account that is going to be as close as it gets to real live trading and having a real account with prop firm/or general retail account. Meaning something that will give me access to stop/loss, p&l statements, etc.

I have seen a few places mentioned such as interactive brokers, infinity trading, ninja trader, etc. All I am looking for is something free that is very similar to the real thing. Thank you for the help.

[metalsguru]

for simulation/demo account, you may take a look to cmcmarkets, traderslog. it may help!

[Dallas]

Originally Posted by metalsguru

for simulation/demo account, you may take a look to cmcmarkets, traderslog. it may help!

Thank you!

More recommendations?;)

[brain22]

The purpose of demo accounts is to prepare you for this. Demo accounts are not only for traders to try out their forex trading strategies, but they are also dry-runs for the real trading execution. You should have gotten a feel of how the market moves and how it can affect your decision-making in your trading. Of course, a demo account does not involve real money. And sometimes, that may make all the difference in clouding your judgment. But you should trust your judgment and how you have developed and fine-tuned your trading strategy. Your trading system should be the solid foundation to back you up in every move. It would be better if you have it all written down so that you can easily go back to them whenever you feel having any doubts or confusion.

So, get online. Run your forex trading platform. Get yourself ready by reviewing your trading system and your trading strategy. Have your trading plan prepared for all the eventualities. And trust your system to work. You have tested that system over and over again. And you know that there is no perfect system that would never lose. So what if you lose in your first trade? The important thing is you trust your system enough that in the long-run, it would produce profitable results for you.

[OilFxPro]

Try Hotforex. What I like in this broker systems perform the same on demo and on live.

[Dallas]

So, get online. Run your forex trading platform. Get yourself ready by reviewing your trading system and your trading strategy. Have your trading plan prepared for all the eventualities. And trust your system to work. You have tested that system over and over again. And you know that there is no perfect system that would never lose. So what if you lose in your first trade? The important thing is you trust your system enough that in the long-run, it would produce profitable results for you.

Checked this out. What system should I start with. Manual or automated, any recommendations?

Thank for advices!

[OilFxPro]

Originally Posted by Dallas

Checked this out. What system should I start with. Manual or automated, any recommendations?

Thank for advices!

I prefer automated trading, less emotions and more fun. But to find good EA that fits you and your broker.

[salem]

you can open a demo account with any major broker you think that fits your needed features, if you dont have a clear Idea you can try 2 or 3 demo accounts and compare, I would recommend hotforex demo account its so close to the live one, just try it out.

[2012trader]

I am so glad able to join this forum.
many thread so useful.
I hope to meet some nice people and get involved in some interesting threads.

[Camilla]

real account is the same as demo account. The differenece is just wthether you trade with real or fake money.
Good luck with your trading!

[tama13]

Originally Posted by Camilla

real account is the same as demo account. The differenece is just wthether you trade with real or fake money.
Good luck with your trading!

there are small differences when it comes to execution when trading demo there is no slippage and spreads are almost stable, on live accounts during news outbreak slippage can happen and spreads tend to widen at some point wheich is really normal with brokers :)

[salem]

Hi, I think you can open a demo account with a decent broker such as hotforex, their demos are close to live accounts with the features and all of that, you can try it, its free and safe)

[tama13]

opening a couple of demos with different brokers is also a good idea to compare and see what is working better :D

[Jayden42]

Just keep in mind that you will lose money the first time you get into the real arena... so with demo accounts, get used to reading and working around the program.. but there is no way you can't not lose some money when you first start.. good luck!

[tama13]

yup jayden is right, you might as well consider opening a minimum deposit or lets say a small account when you firt go live, do not jump with a big capital, there are small differences between demmo and live, you better get used to it first :D

[salem]

Originally Posted by 2012trader

I am so glad able to join this forum.
many thread so useful.
I hope to meet some nice people and get involved in some interesting threads.

you are welcome to the forum

Salem from Algeria

[ctech]

demo is the first step to have a try. even experienced traders would prefer have a try first.

however, demo does not not equal to the live account. be realistic and step by step.

anyway, patience is a quality to keep in forex trading.

[capital123]

Hey Dallas, according to your requirements you should check this website, write in Google "keepyourcapital" and checkout

[ryuroden]

Originally Posted by Dallas

I am interested in day trading and would like some advice on various free simulation/demo accounts that I could use to begin papertrading. Once I get comfortable in the demo account and I learn more about day trading, I would like to work with with a prop firm such as cy group and starting making real trades.

What I am looking for is an simulation/demo account that is going to be as close as it gets to real live trading and having a real account with prop firm/or general retail account. Meaning something that will give me access to stop/loss, p&l statements, etc.

I have seen a few places mentioned such as interactive brokers, infinity trading, ninja trader, etc. All I am looking for is something free that is very similar to the real thing. Thank you for the help.

using a demo account is the best one before using a real account, for the data used for demo or real I think not much different from the different possible only to the instability speed of execution and the server, you should use a manual trader can better understand what we will do :D

[fmfx]

Learn using demo account first, but it will be slightly differ from real acc later on coz of using real money.

[ctech]

Originally Posted by ryuroden

using a demo account is the best one before using a real account, for the data used for demo or real I think not much different from the different possible only to the instability speed of execution and the server, you should use a manual trader can better understand what we will do :D

exactly, it's the best way to try a new broker and it will be very helpful for you to make a rough decision before live trading.

[Jayden42]

Yep, best way to get your feet wet is to get a demo of the platform you want to try out :)

[ctech]

when you want to go further, remember not deposit too much money in the live account in the beginning.