Every Forex Beginner like you must use a Demo account to get familiar with the platform. Learn how to use every button on the trading platform without the risk of losing your money. Once you have mastered the art of trading on a demo account, it is advisable to open a Mini or Micro Account like the Forexchief cent-MT4.DirectFX, and put what you have practiced to work. A mini account allows a trader to trade in lots of 1000 rather than 10,000 or 100,000 units. This allows for lower mandatory initial deposits and greater customization of risk management. Mini real accounts are best for armature traders to learn a profitable system and get use to the broker’s execution method on a real basis. A mini account will also introduce you to the emotional side of Forex trading
For sure, all these types of accounts are useful. First of all trader should start with demo trading to obtain the general understanding of what is going on at the market. Demo account is also necessary practice trading skills like placing and changing orders, drawing trendlines and other operations with the platform, as it is extremely important to enter orders quickly and without mistakes or mistypes that could led into losses. During demo trading trader also have to find interesting idea and build a strategy based on this idea. At this stage most of the traders move straight forward to the trading on real account. At the same time, real trading with new strategu could cause substantial losses, so it would be better to backtest each new strategy. It may seems to be boring and time consuming, but there are many tools to speed up this process. For example, special backtesting software like Forex Tester allows trader to check the strategy on historical data for several years just in a few minutes. As the result, trader will get detailed information on the performance of the strategy including risk-reward rati, win rate and maximum drawdown. Only after conducting backtesting and confirmation of the profitability the strategy could be used on real account. At the same time, it is better to start with cent account to reduce psychological pressure and possible losses, and pass to real account trading only after becoming consistently profitable
Some brokers don't offer cent account. They advice new traders to deposit $1000 and above for a start.
Those are the so-called top notch brokers. They have a very high standard and don't have time to deal with traders who invest $1 and still give them a headache.
Not all of them are top notch, they might be big as a company, but the term "top notch" includes the quality of their services as well. You are right about Forexchief on the first post. They have very good accounts types, affordable commissions and spreads.
Their minimum deposit is $100, then you get additional $500 as bonus to start. So if you are thinking of going live, this is the best way to start. Start small and see what you can do before investing your intended capital.
Every new traders should use demo account before trading in live account. Because demo account helps him to know all the basics of forex trading. Without knowing the basics of forex, it is quite impossible to make the investment into profit. At first, investing in live account is a very risky decision. When trader gets all knowledge and become pro in forex trading than he should move to demo account. When I was new in this market I also opened a demo account in TP Global FX. it helps me to understand about forex. It makes me professional enough to invest in live account. I am still trading with them.
The key is to understand how it really works and who is right to work with. I was losing funds to a broker and by the time i realised it, i had already lost $52000 which was over half of my savings. I met a friendly trader and she directed me to the recovery agent Mr Bart Kasch. He helped me recover all my money, every penny. Referred him to friends and colleagues already, you can contact him if you need help at [email protected]
New traders should trade with demo account first. When you turn out to be more familiar with all the technical parts of trading then you can go for live account. In any case, first you should start with pretty much nothing or pennies account. Put highlight on adjusting more than winning. For sure, even in any case I use demo account to test my framework with Eurotrader broker. I find their esteem refer to like the honest to goodness market. I get a comparative contribution with demo account.
