| Trying out a forex demo account is a method used | | | | interest in setting up a forex demo account can also |
| by literally thousands of potential forex traders and | | | | go online and find a vast array of companies ready, |
| investors to determine if forex trading is truly for | | | | willing and able to help the student trader set up an |
| them. With a demo account, an interested person | | | | account and enhance skills. Learning what you are |
| can go online and see exactly how an account would | | | | doing is always smart, no matter what game you are |
| work. They are able to do the forex equivalent of | | | | playing, and forex trading can certainly be seen as an |
| the war games generals play in the Pentagon. | | | | advanced financial game. |
| Without investing and risking any real money the | | | | John Jackson is an example of a person who |
| investor can pretend to have money in an account | | | | benefited from a demo account. After months of |
| and make buys and sells the same way it would be | | | | study of the forex market, Jackson was convinced |
| done in reality. The software used for these demo | | | | that he could make a go of it as a day trader in the |
| accounts is very realistic, and generally a person is | | | | forex market. His wife however wasn't convinced |
| able to see at the end of the day if they would have | | | | and was a little less risk inclined. Jackson went to a |
| lost or gained money if the transactions had been | | | | brokerage company online that he felt good about |
| real. It would work very simply. Let's say an investor | | | | and trusted. He set up a demo forex account and |
| pretends to have a margin account with ten | | | | began to make trades as though he were using real |
| thousand dollars in it. He looks closely at the currency | | | | money. After several days, on paper, Jackson had |
| markets and believes that the dollar will go up in | | | | made a consistent profit. As he learned and as his |
| value against the yen. The demo account allows him | | | | confidence increased he became even more anxious |
| to buy at a ten to one margin, so he buys (in the | | | | to open a real forex account and invest his money. |
| program) one hundred thousand dollars of dollars and | | | | His wife also saw how on paper he had made a nice |
| sells one hundred thousand dollars of yen. There will | | | | profit and relaxed, taking away her objections. Today |
| be a spread, or difference, which amounts to the | | | | Jackson and his family do very well financially through |
| pretend profit. | | | | forex trading, and his wife is confident that he will |
| Why would a person want to use one of these | | | | continue to do so. By using a forex demo account he |
| pretend demo accounts? | | | | was able to learn enough to go foreword and open a |
| The reason is found to be because it is always much | | | | true account and is an active trader today. |
| safer to learn how to do this sort of thing without | | | | So if you think you are ready to challenge the Forex |
| having actual money at risk. The same principle | | | | Trading Market, you should start with a demo |
| applies when kids in driver's education classes sit in | | | | account on one of the trading platforms. |
| demonstrator modules that resemble real autos. | | | | Personally I use Easy Forex Ltd. (it suits me best), |
| They are able to practice driving without taking risk. | | | | but FXYard Ltd. or FX Universal are pretty good too. |
| They maintain heir safety while they build their skills, | | | | Below you can find links to these trading platforms: |
| knowledge and confidence. Pilots follow this idea also | | | | FXYard Ltd. - You can open free account, no |
| by using flight simulators. You would never think of | | | | software downloaded, Live |
| flying an airplane unless sufficient time had been | | | | Account starts from $100 |
| spent in a flight simulator first. The same holds true | | | | Easy Forex Ltd (Trade Currencies Online) - You can |
| for forex trading. Spending time with a forex demo | | | | open Live Account with $25, after that you can get |
| account allows the potential trader to gain skills and | | | | demo account,no software downloaded |
| learnthe ins and outs of the game and the market | | | | FX Universal - You can open free demo account, Live |
| place. A person is then able to see if they truly have | | | | Account starts from $250, with Live account they |
| the instincts necessary for the market and have | | | | offer free dashboard software(deliver real-time trade |
| sufficient knowledge to "play with the big boys." | | | | alerts which is good solution for those that do not |
| Most brokerage companies involved in forex trading | | | | have the time or experience to analyze the market |
| have such demo accounts available, sometimes free | | | | actively) |
| and sometimes for a small fee. Even if a fee is paid, | | | | - Decent Trainig platform with tutorial videos, Trading |
| it is usually worth it because a forex trader can | | | | Systems etc. |
| parlay his skills and knowledge into vast profits after | | | | PRO FINANCIAL FX, LLC - Another training platform |
| spending some time practicing with the forex demo | | | | that offers the ON TARGET Trading System and |
| account. Generally checking with a broker can get a | | | | Advanced Strategies Course. |
| demo account set up quickly. A trader with an | | | | |