How to learn Forex Trading With Forex Demo Account: The foreign exchange market also known as FX or forex market is a global marketplace for exchanging national currencies against one another. Forex is a 24/5 market and the world’s biggest and most traded market with a turnover of around $5 trillion per day.
The liquidity of the forex market makes it easier for traders to enter and exit the market anytime. Even if you are new to financial markets, you will still know there is always an element of risk involved and that is the reason why you should always start with a demo account first, without risking your money.
How to learn Forex Trading and What is forex trading demo account?
A demo trading account is a type of account that is filled with entirely virtual money and still includes all the functions and technical indicators as if live trading account.
In simple words, a demo account is a free, practical way to discover the ways and features of your trading platform and test your trading knowledge and strategies before you invest and trade with your real money.
Advantages of a demo trading account?
There are several advantages to owning a demo account. To start with, for beginners, it gives a detailed idea of how to open and close a deal, how to analyze the market by reading graphs and charts, and practice trading until they are ready to trade in the real account with real money.
In demo account as well you will be trading under the conditions of real account and market, which is a great thing to learn to trade. At the same time, the demo account is must-have for experienced traders as well, to improvise their existing trading skills and strategies, discover new techniques and strategies.
Because it perfectly makes sense to test them first just to make sure how they are likely to perform in reality.
How to open a demo account?
If you have decided that you want to invest or start trading in forex then it is must that you have a demo account, doesn’t matter if you are experienced trader or not.
Most of the brokers’ nowadays provide a free demo account to practice before investing in the real market. Opening a demo account is no hard thing, here are the steps of opening a demo account-
• Select a broker that suits your needs.
• Register yourself on their website.
• Once completing the registration, select the account type. (usually, the account types include mini, standard and premium)
• And after selecting the account type, click on demo.
Demo account helps you to practice in the virtual- real world, to make you perfect and minimize your loss in your real trading account.
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