You can open a FREE demo account with many Forex brokers. These fictitious accounts have all the characteristics of a real account.
But why is it free?
It’s free because the broker wants you to learn how to manipulate their trading platform and have a good understanding of risk-free timing, so that you fall in love with their services to deposit real money later. The demo account allows you to learn the Forex market and test trading skills with a ZERO RISK.
Yes, that’s right, ZERO!
You should trade in demo until you develop a solid and profitable system before you start a real online account.
We repeat – You should trade in demo until you develop a solid and profitable system before you start a real online account.
The assertion “Don’t lose your money”
Now put your hand on your heart and say..
“I’m going to trade on a demo basis until I develop a solid and profitable system before I start a real online account.”
Now apply your index finger to your temple and say..
“I’m a smart and patient Forex trader!”
Do not open a real account until you have regularly become profitable on a demo account.
If you can’t wait until you reach a minimum level of profitability on a demo account, there’s a good chance you’ll fail when you switch to real account, where emotions are heightened. Try to trade for at least two months, which will prevent you from losing all your capital during this period! If you can’t resist just for two months, you’d better make a donation to your favorite charity center or offer your money to your old mom…to show her that you’re still concerned about her?
Focus on a single major currency pair
It is far too complicated to rely on more than one currency pair when starting demo trading. Focus on majors because they are much more liquid and often offer tighter spreads and fewer slips. In addition, when you start out, you need time to improve your trading and develop good habits.
You can become a winning trader on currency trading, but as with everything in life, it takes time, devotion, a little luck and hard work as well as patience and good judgment.