Opening a demo account on Forex is the first practical step towards the development of the foreign exchange market. Exchange trading is a risky type of income generation. The probability of losing your own money is great. Without special training, it is difficult to maintain capital and psychological health. Therefore, it is useful for beginners to start trading currency on the curriculum.
Young fighter course
A demo account is a training, training account for working on the currency exchange. Opening a cash account with a broker immediately after the end of the course is a global mistake, a direct way to drain the deposit.
The courses lay the knowledge base about trading and indicate the direction of further self-study. It's like a university and production - students have been writing tests, term papers and certification papers for six years. Then they receive a diploma, come to the workplace and begin to learn practical activities. In a serious enterprise, a university graduate is considered a trainee for three years.
The same is true for trading on the currency exchange: you need to take the young fighter's course in conditions close to combat. A young trader will be helped to get used to the Forex demo account in the foreign exchange market. You can open a trading terminal in a dealing center. But the training session does not have to be extended for three years. Three months is enough to develop abilities.
Training Account Benefits
The ability to open a demo account on Forex allows you to:
- look around in the trading program, get used to the special trading terms, master the operating mode of the selected exchange;
- examine the list of traded instruments, currency quotes, price charts at time intervals minute - hour - day;
- check the theory of technical analysis to determine the trend of the course, the entry and exit points of the transaction;
- conduct operations with the selected asset without risking real money.
Later, having understood the rules of trade, the trader seeks to create his own or acquire a ready-made trading algorithm based on the knowledge gained. A training account is also useful here - for testing the trading system.
Cons training account
A person quickly gets used to the good. How to open a demo account on Forex, the player remembers quickly. The memory records the positive results of actions on the training account. Unprofitable operations seem insignificant, because the player does not spend money from his own wallet. The instinct of self-preservation is dulled.
Switching to a cash deposit, the beginner continues the game with a low degree of loss risk assessment. The nature of the players varies. But most continue to think according to the demo account scheme: zeroed - I'll open a new account. Trade allows the opening of several accounts, but you have to deposit real money.
Open a demo account on Forex without registration
You can start working on the currency exchange as follows. Download the distribution terminal of the trading terminal from the Meta Trader official website and install it on your computer. The operation takes five minutes. Step-by-step installation algorithm:
1. Download and run the MT5setup.exe distribution. The Start User Account Control dialog box opens. Press the "Yes" button.
2. Read the window of the License Agreement that opens, check the consent box and click “Next”.
3. Select the program installation folder in the window that opens. Additionally set: placing the program shortcut on the desktop; running the program after installation; opening the MQL5.community website. Click "Next".
4. Read the information in the final window when installation is complete. Click Finish.
5. The MT5 program will load and ask for a name, mail and phone in a dialog box. The type of account to be opened - a demo - is assigned automatically. Indicate the real phone and mail. Name - at the discretion of the player.
6. Entrance to the currency exchange is made. Automatic adjustment implies the choice of currency - the dollar. Other assets are available to the player - euro, yen or pound, for example. Foreign currency accounts are opened in dollars or in cents. If a person plans to turn trading into a profession, then the program is set up for the size of the deposit with which subsequent trading will take place. The program automatically assigns a deposit of $ 1 million. In cent equivalent, this is one million cents, or 10 thousand dollars. If the player plans to open a cash account for 1 thousand dollars, or 100 000 cents, then you should set the setting to 100 000 dollars. Get used to the order of numbers.
7. Then a window appears with automatic selection of a service for a demo account. Click "Next."
8. Formed individual parameters for entering the system. Before clicking “Finish”, write down three groups of characters from the window: login, password and investor to read. Keep information in a safe place; do not lose - for a demo account, restoration of confidential information is not provided.
Duration of work
On a training deposit, a trader spends virtual money. The habit of zeroing and entering with a new score reduces the ability to reasonably assess risk. For training to benefit, one block is enough to work on a demo account. During this period of active virtual trading, an interested person is able to understand the rules for setting up the program, setting stop-loss and take-profit.
Three months later, it is useful to open a working account for 1-1.5 thousand dollars and trade one lot. Understanding the high probability of an irrevocable loss of one's own money will reduce the level of carelessness gained when trading on a training account.
Act through a broker
There is another option - open a demo account with Forex broker. For example, you can register at a dealing center, and then download the program through your personal account and install it on your computer. The program will require you to provide your name, phone number and mail address.
The merchant does not bear any additional burdens in front of the center. There are no commissions, fees, or other fees for admission.
The advantage of connecting through a broker is to get a personal account with access to full-fledged work with money. A trader can:
- control the course of trade;
- replenish deposit with virtual currency ;
- change leverage parameters;
- open new demo and cash accounts;
- receive cash rewards for participating in contests of demo accounts.
Remember that regardless of the type of opening - with or without registration - demo accounts always do not have the “Withdraw funds” function. Virtual money from a demo account is not cashed.
Forex Club. Open demo account
Since 1997, the company in the financial market has been helping new traders gain independence and confidence in ForexClub. The company works with exchange instruments, including currency.
Go to the company’s website, from the main menu, click on the link “Register your Personal Account and open a trading account” and enter the full name, email, phone number and passport.
In the personal account, under the link “My Accounts”, select the option “Open a demo account”. On the Libertex platform, for example, an account opens for $ 5,000. Invest without risking a single penny of your own. Gain experience for the transition to real money.
The company's management is operational. As soon as a visitor registers and opens a personal account, company employees in a telephone conversation clarify the wishes of the client and give tips on using the trading terminal.
Safe operation
Exchange trading brings successful profit, losers - losses. Composure, endurance, reaction speed, analytical abilities - a set of personal qualities is converted into currency.
To understand the rules of trading, to master the analysis methods, methods of building a trading strategy, hurry up with the first step - open a demo account on Forex without the risk of losing cash.