I have no intention of riling up anyone, but as a learning trader it is good that we discuss facts with one another. The first truth is that there is no spare money anywhere in the world; every money are valuable. To improve your trading psychology, you must practice your trade strategies on a live trade; even if you start out with 10$; you need to feel the heat, be under pressure.
Trading is for individuals who can afford to lose money, so if you cannot afford to loose money; please do not trade. In trading we are here to multiply money and not create it; live trading helps you compound losses or multiply money; while demo trading creates money for you.
No risk, no reward; start practicing your trading strategy on a live trade; even if it is 1$; feel the heat and develop instinctively.
No amount of knowledge is a waste, so making use of the demo trade is not bad. What really matters is that you make sure that the demo trade platform you’re making use of is that makes use of live charts, that way you will know that you’re using your strategy and practicing on real market chart.
So, it’s going to be helpful and so help you know far you have gotten with properly making use of your particular strategy and you will understand to maintain your profits. What else you have to know is that the reason why some people prefer to start with demo trade is because they don’t have enough money, and putting all that at risk is going to be a waste ,so it’s best to practice and know if it’s going to work for them judging from the level of success they reach with the demo trade.