You can open a demo account for free with most Forex brokers. These “fake” accounts have most of the functionality of “real” accounts. But why is it free？ Brokers want you to know inside and outside of their trading platform and have a good time trading risk-free so that you can fall in love with them and deposit real money. The demo account allows you to understand the mechanism of forex trading and test your trading skills and processes without risk. Yes, that's right, zero! Before considering buying real money online, you need to demo trade until you develop a solid and profitable system.
Before considering buying real money online, you need to demo trade until you develop a solid and profitable system.
“Dont Lose Your Money” Declaration
Now put your hand in your heart and say ... “Before you start trading with real money, we will demonstrate trading until you have a solid and profitable system.” Touch your head with your index finger and say: “I am a smart and patient forex trader!” Do not open a live trading account until you have consistently and profitably traded on your demo account.
If you are so impatient, try testing your transaction for at least a month. You can wait a month to lose all your money, right？ If you can't, donate to her favorite charity or donate to her mom ... show her that you still care.
Even after reading this, you're so stubborn that you won't be demo trading for at least a month. But at least we tried.
Concentrate on ONE major currency pair.
When you first start a demo transaction, it's too complicated to track multiple currency pairs. Stick to one of the majors. This means that the measure is the most liquid, so the spread is usually narrower and the risk of slipping is lower. Also, at first, you need time to focus on improving the trading process and developing good habits.
You also need to learn about different market environments and how to adapt methods and strategies to changing market behavior. You can be the winner of forex trading, but like any other aspect of life, it requires hard work, dedication, a little luck, and a lot of patience and good judgment.
Stick to one of the majors.
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