Trade Your Way to Success Using Demos

You can use the trial account to learn about the basics of forex trading and to practice your trading skills and processes with no risk.

June 22, 2022 - 05:53 PM 295 views

Trade Your Way to Success Using Demos

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With most Forex brokers, you may open a demo account for free. These "fake" accounts have the majority of the features of a "genuine" account.

But why is it available for free?

It's because the broker wants you to fall in love with them and deposit real money after learning the ins and outs of their trading platform and having a nice time trading without risk.

You can use the trial account to learn about the basics of forex trading and to practice your trading skills and processes with no risk.

Yes, you read that correctly, ZERO!

BEFORE PUTTING REAL MONEY ON THE LINE, YOU SHOULD DEMO TRADE UNTIL YOU HAVE DEVELOPED A SOLID, PROFITABLE SYSTEM.

REPEAT...

BEFORE PUTTING REAL MONEY ON THE LINE, YOU SHOULD DEMO TRADE UNTIL YOU HAVE DEVELOPED A SOLID, PROFITABLE SYSTEM.

Put your hand on your heart now and say...

"Before I trade with real money, I'll demo trade until I've developed a strong, lucrative method."

Now, with your index finger, touch your head and say...

"I'm a patient and smart forex trader!"

DO NOT OPEN A LIVE ACCOUNT UNTIL YOU HAVE PROFITABLY TRADED ON A DEMO ACCOUNT CONSISTENTLY.

If you can't wait till you're lucrative on a demo account, there's a slim chance you'll be profitable when you're dealing with real money and emotions.

"So... what I hear you saying is...still there's a chance then?" you're presumably thinking.

If you're that impatient, at the very least, try demo trading for a MONTH.

Isn't it true that you may put off losing all your money for a month?

If you can't, donate the money to a good cause or give it to your mother...

Demonstrate to her that you still care.

You're stubborn like that, so even after reading this, you're probably not going to demo trade for at least a month.

At the very least, we tried.

Concentrate your efforts on just one significant currency pair.

When you first start demo trading, keeping track of more than one currency pair becomes far too difficult.

Stick with ONE of the majors because they are the most liquid, resulting in tighter spreads and a lower risk of slippage.

Plus, you'll need time to focus on improving your trading methods and developing excellent habits in the beginning.

You'll also need to gain experience in a variety of market conditions and learn to adapt your approaches and plans as market behavior shifts.

The Last Word

Currency trading can be profitable, but it takes hard work, dedication, a little luck, and a lot of patience and smart judgement, just like anything else in life.

Read More Article:

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Currency Pairs: Buying and Selling

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