FOREX DEMO TRADING

As a forex trader you will need to get comfortable and conversant with how the forex market operates, it's teminology and the trading platforms which facilitate your trades.

There are many types and variants of trading software and each one has particular advantages or benefits.

Some platforms have interfaces that focus on the more basic information that you require such as price quotes and reporting. Others give additional data about charting or news events that may potentially affect the forex markets.

To trade effectively you will need the services of forex software and a forex broker. Your fx broker will always offer a free demo forex trading account.  If they do not then we strongly suggest you leave that broker alone. Reputable dealers will always allow free trial versions of their fx software.

Let us give you some examples of different fx trading platforms. The FXCM version focuses it's design towards the execution of a trade. As such the quotes, account balances and positions are highly visible.

We can't stress enough the importance of initially utilising a dealer demos before you trade live. In fact we think you should place a minimum of 25 demo trades using one major software and possibly even duplicating that with a completely different system. This way you'll be a  competent user when the gravel hits the road and you're not using play money any more.

We agree with the investopedia website who remarked that all traders should resist making trades until and unless they can confidently explain this:-

• How do I place an order limit? 
• What is the procedure to set up a stop? 
• Can you both  set a limit and also set a stop at the same point in the beginning entry? 
• Do you know whether the spreads are fixed or variable? 
• What is the lot size that can be traded? Must I have only one fixed lot size? 
• Do you know how... and is it possible.. to contact the dealing room instantly should your net connection fail or if you have some emergency mid trade. 

Until you are very certain of the answers to all these questions you should refrain from using anything but monopoly money.

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