You Can Trade The Forex Markets For Free
Yes, that's right, you can trade the forex markets for free and using the same state-of-the-art software packages that professional Forex traders, around the world, are currently using to make real-time.
And when you trade the forex markets for free you can also experience the same dynamic market action and go through the same process of making decisions based on breaking news, reacting to charting patterns, and tracking performance the same way professional Forex traders do.
You can trade the forex markets for free even if you don't put any real money into your account, it won’t affect the way the markets behave even though there is no money in the account. So you won’t see any difference. In fact, this is highly recommended to every new forex trader, start Demo-trading.
Once you start placing demo trades, you will learn a lot about how Forex transactions are placed. I can’t emphasize enough, that this is a very important step for you in order to be able to learn how to become a trader. A demo account allows one to become familiar with trading procedures, such as placing Market, Limit, and Stop Orders without any risk.
All dollar losses or gains on a demo account are imaginary but, as mentioned above, the trading experience you acquire is not.
Beware that making big gains in a demo-account does not guarantee profits in a live trading account, but if you are not successful trading on paper than almost certainly if rarely will you be successful when trading live with real money.
So, yes, you can trade the forex markets for free just playing around and getting familiar with a demo account can be a great learning experience; however, you will not learn how to become a trader this way. You need to have a trading strategy.
Once you sign up for a mini-demo account, you will need to try one of the trial charting packages from the broker you choose. Any demo software you choose will work fine because they all have the necessary indicator tools you need.
Most broker platforms once downloaded will let you set up your demo account and allow you to start drawing trend lines, marking support & resistance levels, monitoring moving averages, etc.
So you can trade the forex markets for free and get a good start on a very good way to get familiarized how orders are placed. Once you have a real trading system, you will already know how to place orders properly.
A very command mistake made by every beginner is in placing orders. So you need to experiment and practice with a demo account before tackling a real account where your mistakes will cost you with real money.