Why bother with a Forex Trading Demo Account?
Are you one of the cocky wanna-be Forex traders who believes opening a Forex Trading Demo Account is for losers? It will not take long before you will face the reality and that is that you are the real loser, at least when it comes to your money. How fast are you bleeding thousands of dollars? Or maybe even more.
Do you know why a Forex Trading Demo Account is so important?
A currency practice account can save you a lot of money and keep the shirt on your back. It might be exactly the difference between you losing a lot of cash and never ever thinking about trading in Forex again, or being on your way to FxMastery.
Every broker should be able to offer to open a demo account for you for free if you ask them to. Sometimes you might want to open 2 or 3 or even more. Do whatever feels right and what your trainer tells you to do!
The advantages of a Forex Trading Demo Account:
• no need for money
• learn at your own pace
• pretend to have any size account you would like
• make basic functions automatic
• check your trading habits
• try different trading strategies
• learn to read the market for free
There is one very important thing that you should be aware of:
If a strategy or a method of Forex trading that you are trying on your demo account does not work, it will never work on a real account, so let it go. Try everything you can think of, read about and hear about on your demo account and the strategies that are not profitable are totally disposable. Let them go or it will cost you real money when you start trading in a real account with your real money.
Do not show off and be stupidly courageous with your money by throwing yourself head first into the Forex trading world by starting directly with a real account.
If you ask any Forex Successful Trader, they will advise you against it.
You don't even have to ask a broker to open an account for you, there are plenty of Forex trading platforms that offer that option because a demo account is opened and traded by a machine.
What this means is that when you open a real account, things will not move as fast and automatically for you as they do in a demo account because human being - brokers -are involved.
But the fact remains that once you have traded in a demo account for a while and you are very familiar with the platform you are going to use when opening a real account, silly simple mistakes like hitting the sell button instead of the buy button will not happen. You will have a sequence that you will automatically use that will help you profit more and more from the currency market. It will be automatic for you to set your stop losses once you enter a trade and you will know exactly what to expect when the price moves up or down. It will become automatic for you to cut your losses or know when you have to stop when you are in the profit on a trade.
A demo account will give you the chance to discipline yourself and look at the pips not the dollar amount - helping you to leave your emotions off the trading floor . You will also get the chance to make the "Plan your trade and trade your plan!" winning strategy of every Forex Successful Trader automatic. Give the Forex Trading Demo Account a chance and it will prove to you it was worth it!
More about Forex Trading Demo Account:
Why We Need a Forex Demo Account
Free Forex Demo Account
Forex Online Blog