Learn While You Practice Forex Before Risking Your MONEY With Demo Account - Investment - Nairaland
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| Learn While You Practice Forex Before Risking Your MONEY With Demo Account by Smartresult(f): 9:57pm On Apr 11, 2015 |
What is a demo account? A demo account is a virtual account that allows a trader to make virtual trade with it; it is a trading account that allows an investor to test the feature of a trading platform before putting his/her money. Demo account are free of charge and they represent the actual market conditions, some forex brokerage firm limit the number of days for the demo account but a good broker will allow an unlimited access of the demo account. The demo account are virtually funded and this allow the investor carry out a programmed trade in order to be familiar with the in and out of the trading platform before funding or placing a trade. It allow a trader to experiment wide range of trading options like options, futures, etc it allow an investors to be familiar with the various forex tools and to try several trading strategies at no risk. Demo account is a risk free forex training account, it only require your email address, name and phone number, you don’t have to deposit fund before you can start to use it, therefore you have nothing to lose while practicing the forex. Demo account enable you t o develop a trading system that works for you, understanding any forex trading platform for the first time can be challenging and time consuming, likewise venturing into any forex trading platform without actually understanding it can amount to a great error. Therefore forex demo accounts are designed purposely to solve the above issues. To turn any new forex dummy into an equipped trader. Using demo account allows any forex dummy to test various trading strategy before coming up with the best one that suit him or her. Demo account will allow forex trader to weigh the strength and weakness of the various trading skills before adopting the proven one without risking his money. Most forex trading platform come with their various tools, software designs and some distinct features, therefore using a demo account will allow any new forex trader to be familiar to all these technicalities before venturing into the real forex and therefore saving your money. All what you do in the demo account is with the virtual money and most of the time forex brokers will put a lot of fund into the demo account and this means you venture into any trading strategy, taking several position, testing, learning and taking analysis without any fear . Another thing with demo account is that you will lack one skill of real risk management , trading without your real hard earned money will have psychological effect on you because you may takes several position without undertaking the necessary forex research. Trading in demo forex account may make you to have a poor management skill and high profit expectations, most forex brokers will deposit large amount of money into the demo account ranging up to $100, 000 and a real forex investor may not have that money in reality. Opening a new demo account is very important as this will help you to learn forex trading and to be familiar with your trading platform before actually putting your money. source: http://forex-exchange-co..com |
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