Forex trading has become quite the buzzword lately, with more and more people seeking to make a profit from the comfort of their homes.
And even though it might seem quite daunting to break into this industry which turns over more than $5 trillion every single day, it can prove to be a profitable career for the FX trader with the right tools and proper patience.
As you may know, a lot of effort goes into starting out in the Forex market, such as choosing the right FX broker and investing your time in proper research. But the most important step, which will prepare you for action, is opening your FX demo account!
What is a Forex Demo Account?
This account will be your stepping-stone into the world of FX trading, and your companion in learning about the Forex market before investing any actual capital that you do not want to lose.
The demo account is essentially your “free” Forex trading account, offering you most of the features of a live account, and allowing you to develop a solid FX trading strategy and test it out in a risk-free environment, to protect you from the common pitfalls of beginner traders.
Within a few moments of opening your Forex demo account at Orbex, you will have a 30-day trial with unlimited access to market research and analysis, free trading signals provided by Trading Central, 6 trading platforms, and real-time charts and quotes to help you learn the ins and outs of Forex trading.
What Are the Benefits of Trading With a Demo Account?
Choosing to start out with a demo account is a simple way to guarantee that you will walk into the world of Forex trading with your eyes wide open since it is the single most foolproof way to get acquainted with the FX market with zero probability of risk.
Now, let’s explore the 5 main benefits of trading with your new demo account:
1. Learning the ropes before risking any capital
A demo account is basically your own Forex trading sandbox, giving you the chance to acquire the skills and knowledge you need for effective trading and guiding you through unfamiliar territory until you can get the hang of trading on your own.
2. Familiarizing yourself with the trading platform
The well-known MetaTrader platform offers you different tools to make the most out of your Forex trading experience. By practicing on a demo account, you can learn the specifics of this popular platform and how to best employ its different tools to your advantage. Learn how to take a trade and how to close it, without even risking a penny.
3. Understanding trading psychology and managing your emotions
Forex trading involves a variety of complicated emotions, ranging from euphoria to frustration and doubt. You need to familiarize yourself with these emotions and learn how to control them before venturing out into the live trading world. When left unchecked, these emotions can be detrimental to your trading, as well as your mental health!
4. Creating and testing your own FX trading strategies
As you spend some time trading through your FX demo account, you will start to learn more about indicators and different trading strategies. You will then begin to discover more about your own trading habits, patterns, and preferences. You can use this newly gained information to develop your own Forex trading strategy and will then be able to put it to the test to ensure its viability on the long-term, and in real-time market conditions.
5. Finding the FX trading routine that works for you
The wonderful thing about the FX market is that it opens 24 hours a day, 5 days a week, giving you, the fresh trader, the flexibility to choose your own Forex trading routine.
Try to figure out your peak performance hours, to narrow your trading down to the times when you are most focused. This will help you avoid any poor trading decisions.
How Can I Open a Forex Demo Account?
Registering for your FX trading demo account is as easy as clicking here and filling out the required information. Just click on Submit and you’ll be all set to explore the many advantages of this account!
A Word for the Wise
Ultimately, you should make it your goal to transition to a live trading account, applying the trading strategies that you have developed using your demo account, in order to reap the benefits of your hard work and dedication in live market conditions. Just think smart, set concise goals and stick to your strategy.
But let’s not get ahead of ourselves just yet! As they say, practice makes perfect!