Create a demo account for forex to learn how to trade today with your preferred forex broker online. Learning how to trade forex is not expensive by just using demo account for forex, remember that! Every beginner in this industry is trying to find the best way to learn FX trading. Good thing, many brokers allows forex traders to use demo account in MetaTrader 4 or Metatrader 5 or in their own platform to start learning how to trade forex.
Today, we will discuss how to use demo account in your advantage and learn forex trading the easy way. Are you ready? Let’s get started.
How to Create a Free Demo Account for Forex Trading?
Step 1. Choose your preferred broker, here is the guide in choosing the best forex broker.
Step 2. Create a free demo account for forex trading same as you are creating a real account for you to master the real account because real and demo are the same (demo account uses play money, while real account uses real money).
- Use your email and preferred password. You will have to validate your demo account in the email address you used.
- DO not forget to use only small amount, $100 not $1,000,000 or use amount the same as the amount you prefer to use when you use real account.
Step 3. Install MT4 or Mt5 in your PC or mobile phone. I prefer PC to learn how to insert indicators and can easily see the chart clearly in wide screen than on mobile phone.
Step 4. Log in to your forex free demo account in MT4 or Mt5 with the login details you use or gave to you by your forex broker.
Step 5. Use MT4 or Mt5 and start learning how to insert indicators, read charts, execute trades, manage your account balance even if it is demo account for forex only.
Tips and Warnings in Using Demo Account for Forex
You need to develop a forex trading strategy – browse our forex trading strtagies in trading and investing on this website www.InvestmentTotal.com | Daily Investing Tips
Find which strategy and system that is fitted to your personality. Learn how to read charts, identify good entries. Executing trades is very easy. Growing your account balance is hard. It is easy to make $1,000,000 in forex but it is also easy to make one million dollars in forex trading.
Manage your account balance by finding the proper board lot size everytime you trade. Example, for every $100, use 0.01 and maximum of 5 trades and positions. Or just use the 2% of your account balance everytime you enter a trade.
Using a demo account for forex is not the same as using a real live account when trading. Your emotions, controling greed and fear is not the same when using demo account and live account. Actually you can learn a lot when you use real account. Use real account only after you developed a reliable and winning forex trading strategy. I mean strategy not strategies. Stick to your strategy, follow your strategy, respect your strategy and know what went wrong and what went right.
Stay tuned to Daily Investing Tips blog in our forex trading posts to find out the simplest forex trading strategy. ANd we will posts about different strategies to use when trading forex plus tips on money management.
Now, will you use demo account for forex or jump into real live account while you are learning how to trade forex. I would rather use free demo account for forex while studying many things for almost a year or two and when I am confident that my strategy, I will use live account with proper money management!