Forex Demo Accounts – Strategic uses in online forex trading
One of the best strategic decisions a new trader can make is to open a Forex Demo Account
. Demo Accounts, aka Practice Accounts, are a way to get experience in the fundamentals of forex trading online without actually having to risk a cent of your own money. Most of the main Online Forex Trading platforms offer them in addition to their live trading accounts, and often offer tutorials as well.
Using a Forex Demo Account has a number of benefits to the novice trader:
They are free, with no cost to download, no opening deposit necessary and no transaction, management or membership costs. You can have as many as you want from as many different platforms as you want the ultimate try before you buy.
Trade without risk. You can freely trade in a real life, live environment with all the shifts, changes and excitement that goes along with trading forex, without the risk of losing your money. Made a bad trade? So what! It's trading without consequences and this is great for building confidence.
Large initial fund pool. Most demo accounts come with an optional level of initial deposit. Want to feel the excitement of trading with a $50,000 trading balanced with the ability to leverage that balance hundreds of times? Want to experience the true potential of forex trading? This is your ideal opportunity to do so.
Make Mistakes, learn and move on. Nothing teaches you how to trade well better than losses. With a Demo account you can trade exactly as you would normally, make mistakes and try different strategies without the pain of learning from your mistakes in a live environment.
Forex Demo Accounts should be a fundamental aspect of your Forex Trading Strategy for any trader new to the industry, they are the single best risk minimising tool available and their strategic value shouldn't be under-estimated. A Forex Demo Account should be your first major step into forex trading.
From a completely different perspective, what have you got to lose? If you're even remotely interested in trading forex then you have the opportunity to satisfy your curiosity with absolutely no risk. eToro even runs a demo account championship, where you can win prizes based on your demo account success what more could you ask for? Forex trading doesn't have to be a nail-biting, ulcer creating stress machine it can be fun and enjoyable as well as profitable and using a demo account helps you remember this. Like all investment models, forex trading shouldn't be entered into lightly as it does carry risk, but it can also be a lot of fun, and should be!
Forex Demo Accounts Strategic uses in online forex trading
By: Shawn Lindsey
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