Are demo accounts relevant in establishing a track record?
In a word, No! The whole art of being a trader lies in ones ability to manage risk, maximise profits and minimise losses. A trader’s performance on a demo account will not give any insight into how they operate under pressure.
If you are an absolute beginner and learning all the intricacies of the FX market, then sure, use a demo account for years on end.
If you think you could be a professional trader and you hope to establish trust with investors and prove your skill under extreme pressure, then a demo account is completely useless in my opinion. I also do not believe that a demo account is a good way to highlight trading systems. We all know that trading conditions (slippage etc.) vary significantly under real market conditions as opposed to demo accounts, where the market is always perfect!
When someone offers me a magical and magnificent trading system which has been cleaning up on a demo account, my obvious question is why hasn’t the trader opened a live account with this money-printing machine! If you’re not willing to back yourself, how can you expect me to back you!