Hey Forex traders! Forex market is the largest and most liquid financial market in the world, which attracts large financial institutions as well as individual Forex traders to engage in either for speculation or hedging risks purpose. Forex demo trading software is a popular trading service that can help Forex trader to crack the steep learning curve. Forex traders can use it to trade Forex almost the same as the live account, except using virtual money to trade Forex instead of risking their own fund. It is quite educational and helpful for it cannot only tell traders how the Forex market works but also help them test whether their new trading strategies will work or not. Today I would like to talk about how to start to use Forex demo trading software.
Forex demo trading software Step 1: Find a Forex broker
The first thing you need to do is to select a reliable Forex broker whose services will eventually pretty match your needs. When you choose your Forex broker, there are top 10 things you should know about the Forex broker, which I stressed in my previous article. In the way, it would be easier for you to figure out how the Forex broker performs in the Forex demo trading software before committing your fund. Most Forex brokers offer free Forex demo trading software for 30 days.
Forex demo trading software Step 2: Sign up for Forex demo trading software
You can click the link on the broker’s website that says “open a demo account” or “free practice account.” These links are usually provided on the front page of the Forex broker’s website.
IKON Group. Free Forex demo trading software:
Then you need to complete the sign-up form provided on the demo registration page. Use a valid email address if requested as many brokers send the account registration information by email. Alternately, provide a convenient phone number so the broker can call you with the log-in details. Then you need to wait for the registration information to arrive by email or phone.
Forex demo trading software Step 3: Download the Forex demo trading software
If the Forex broker does not use a web-based interface, then you need to click the link in the email to download the Forex demo trading software program and install it after download is completed. After the installation, you can log-in to the Forex broker’s website or the Forex demo trading software by using the username or password provided in the email confirmation or phone call from the broker.
Forex demo trading software Step 4: Try your Forex demo trading software
This is possibly the first and the most important thing that traders are will in to use Forex demo trading software is trying their Forex trading strategies out without exposing themselves to real losses. Forex demo trading software allows you to identify when is the best time to open or close positions, how to manage leverage, how to set stop-loss order, etc. Moreover, you can also test Expert Advisors services to see whether it works well over a period of time.
Summary
Playing around with a live account might lead to significant losses of your trading account, so it is always better to try Forex trading with Forex demo trading software. It is probable that Forex live trading may not be that complicated if traders have spent some time patiently trading with Forex demo trading software
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