Have you ever wondered how important it is to practice? When trading the Forex market is a very wise idea to use a Forex demo account. The word "demo" means practice. It also means that you can use someone else's money to see if the Forex works for you.
I have been trading, the Forex for about a year. I used a demo account before I began to use a live trading account and real money. Using a demo account stops you from worrying about money and let's you concentrate on learning strategies, technical trading, fundamental trading and seeing how the world news affects the market.
A demo account will provide you with live quotes, live charts, and streaming news. These tools are essential to your Forex trading. You can test and evaluate trading strategies under real market conditions with no risks. A good Forex broker will provide you with live support 24 hours a day, 7 days a week, 365 days a year free of charge.
And yes, you do need a broker to trade the Forex. You can set up a free practice trading account through a Forex broker with no money involved, and it takes about three or four minutes. The broker will provide you with about $50,000 in fake money that you can use in your demo account to practice trading the Forex market. The beauty of this is that you can lose all the money in your account and then open a new account and start over. A demo account is usually good for 30 days. After your account expires, you can set up another one. You can use demo accounts for as long as you want.
After using a practice account, you can go to live trading for as little as $300. This is called a mini trading account. A mini trading account is designed for those who are new to the Forex market. A mini account lets you trade in smaller contract sizes, so you have less risk. If you open a live mini account a good broker will also let you have a demo account at the same time. This allows you to test your strategies.
One of the great things about trading the Forex market is that the brokers do not charge commissions. You probably have seen advertisements for stock market brokers that say they have low commissions (may be $7 a trade). What they don't tell you is that the commission they charge is only to get into the trade. You have to pay again to get out of the trade. So the trade would cost you, $14. With a Forex broker, you are not charged anything to get in or out of a trade. You can get in and out of trades as many times as you wish at no charge.
I advocate using a practice account until you are very comfortable with trading the forex market. Although I still consider myself a "newbie" when it comes to trading, I know, the practice account helps me a great deal.
I found a good Forex course that taught me everything I needed to know as a beginner and then moved me on to a more advanced level. If you're interested in the course that I took (and learned a great deal from) you can access that information below. It worked for me; I know it can work for you!
Greatest success with your trading,
Sue R. Edwards
Find a new & exciting career trading the Forex! Get a FREE report at:
This report will explain the Forex in-depth! It can change your life!
Find a new & exciting career trading the Forex! Get a FREE report at:
This report will explain the Forex in-depth! It can change your life!
Sue Edwards has a new career online working for herself. Sue has a very diverse background in: Banking, Taxi Driving, Auto Mechanics, Industrial Mechanics, Internet Trainer, Nuclear Power, Computer Repair and Law Enforcement. Sue is, also, an active foreign currency trader and internet marketer.
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