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Have you ever asked your self while your results or performance is usually different when you divert from Demo Trading to Live Trading? On this video I cover steps for you to follow to able to be profitable as soon as you move from Forex Demo Trading to Live Forex Trading.
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⏰ Time Stamp ⏰
03:40 Your Max Demo Account Balance should Be $5000
07:33 Treat your Demo as You are Trading on Real Account
08:57 Don’t sign up for brokers that offer bonuses
11:02 Don’t Over Leverage
13:01 Practice Demo and Live Trading with the same Broker
⏰ Time Stamp ⏰
Meta Trader 5 and Meta Trader 4
Despite its position as the world’s largest financial market, the forex market has only become readily accessible to retail traders in recent years due to the advent of Internet based trading via online forex brokers.
Aspiring forex traders can now use electronic trading platforms — like the very popular MetaTrader software offered as a free download by MetaQuotes Software Corporation — to access the huge forex market even if they are only able to trade in small amounts.
Opening Up a Free Forex Demo Account
Just about any reputable forex broker will allow prospective and current clients to open up a demo account with them free of charge to allow traders to practice forex trading using virtual money.
Demo account traders often also get access to at least some of the broker’s client services and customer support staff so that they can get a better sense for what dealing with the broker will be like when they decide to fund a trading account with real money.
Pros of Forex Demo TradingDemo_trading_advantages
Both novice and experienced forex traders routinely use demo accounts to practice trading currencies and try out a new broker or trading strategy.
Some of the more common advantages for engaging in forex demo trading include the following:
Trade Forex at No Risk While Training – Novices who are still learning to trade currencies often feel considerably more confident putting their real money at risk in the market if they have a chance to try things out first. A demo account lets them put their training into practice in a close to real life environment without putting their real money at risk. This allows them to make common beginner’s errors while they learn without having to pay for the consequences out of their own pocket.
Practice Good Money Management Techniques – One of the secrets to enjoying long term success when trading forex involves learning to implement well established money management principles. A demo account allows a new or experienced trader to practice such techniques thoroughly on real exchange rate movements and see for themselves how the typical benefits accrue to their demo account in virtual money profits.
Test a New Trading Strategy Without Risking Real Funds – Wise experienced traders and novices alike will generally want to test the success of any fresh trading strategy they come up with before implementing it in live trading environment. This allows them to accustom themselves to following the system and to work out any bugs in it that might become apparent while using it as real exchange rate movements occur.
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