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    Thread: Overview: Uses of demo account

    1. #11
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      I agree, the use of this demo account is very useful for me because it can form a good mental character to become a professional Forex trader.
      In the demo account we can learn and practice quietly without a burden even though there is no risk of loss at least the result we have learned the right money management, what is meant is that the risk is very large when we immediately try plunging into a real account without understanding and trading knowledge correctly. After that our mindset really changes when we look at the trading world we can make the trading plan correctly according to money management.
      Given the forex business is very high risk, you should learn in a demo account as a further condition and a good portfolio to deposit funds and open a real account.


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    3. #12
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      Demo Account a best place for Practicing for your Forex trading strategies



      If you are a beginner than Demo account is just a right place for you to get better skills,experience and a lot of information you will get by just working in Demo account. Its free and easy to use you get Virtual funds for trading and a lot other things. There are a lot of brokers who are offering demo account contests you can participate in that and win exciting prizes. Forex is difficult for those who don't work in demo account so first work in demo account than start working in real trading account.


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    5. #13
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      The use of Demo trading account is very much important to every Forex trader in the Forex market, both the beginners and the professional, the use demo account never fade, because its the only place we can develop our Forex technical and tactical knowledge.
      here are the advantages of using the Forex demo account before we dive in
      1.Getting familiar with the trading platform. The most popular trading platform of our favorite broker, so that we will get to understand them better.
      2.learning how to place stop loss and where to place it and when to place it.
      3.we also learn how to make use of the money management in the market
      4.we get to learn to use different forex indicators, testing and figuring them out.
      5. we learn how to develop ideas or trading ideas on how you can trade the forex market


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    7. #14
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      Uses of Demo Account

      There are lot's of uses of demo account and it's actually a stepping stone for the trader who wants to trade in the real market. Without practicing in demo account real trading won't be a good idea for the trader. Let's discuss some advantages of using the demo account.
      • Demo account introduces us how the trading is done using the trading platform and various tools so it's really an important step for the trader.
      • Demo trading helps us to develop strategies and find out which one works for us the best and which doesn't.
      • It helps us to learn technical analysis like drawing trendline,identfying pattern with price action which is very crucial for real trading.
      • Demo account visualizes the real market but trading in demo is not identical to trading in the real market.
      • Demo trading is a must for beginner but too much trading in demo won't be a good idea that's why I suggest trader to move into real trading after learning all the basics.
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    9. #15
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      The demo account which is the platform where we are supposed to practice has not really been useful for many traders reasons is because they don't want to pass the normal way through which success can be earned, it looks like too much effort, here are some of the reasons we need the demo account -

      a) Demo Account is Free- Theresa is absolutely no charge for you to become a demo account trader, it is completely free of charge, you can do anything that you want to but don't abuse it or even believe it is absolutely worthless, this is where you will begin to have issues from, the fact that it is free should serve as an excuse for us to maximise its true potential.

      b) Demo Increases Confidence- If you have previously lost money, you will need to stop trading in the live account and automatically switch to the demo because that is where we can build our confidence again for free, you don't need to invest again to correct your mistakes, demo can help solve the problem for you.

      c) Demo Account can he used to test strategy- if you have a new strategy that is yet to be used, it is the demo account trading that can help you understand how to apply it correctly without losing.

      d) Demo is Harmless- There is no fear of losing your money with the demo account, it is completely harmless for anyone and easy to use as well.
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    11. #16
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      There are various uses of the demo account which really depend on the trader;
      Learning tool for Beginners: The demo account is a very good tool for any forex trading beginners to learn the various trading tools in the real trading environments, while a beginner reads different materials on forex trading the best place to implement his knowledge is on the demo account.

      Fine-tune new trading strategy: Also if any experienced trader has a new trading strategy that he wants to check the performance and also to fine tune the strategy the demo account is the safest place to do that without any fear of loosing your money.


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    13. #17
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      The demo account has different uses, unfortunately many people are yet to fully tap into the potential that it has, the rate of losing is not funny, here are why we need demo trading consistently.

      - Helps You Trade Better
      If you want to trade with a profit oriented mentality, the demo account is where you must begin from, your analysis in the demo account can be repeated in the live account, the only difference is just the issue with emotional attachment that causes traders to lose their composure when they have now invested in the live trading, otherwise demo is the best companion we can have.

      ii) Help To Train the trader:Before anyone can be qualified to he called a lawyer for example, there is an amount of time that will be spent in the university, that is also true with the forex market, you pass through the demo account before you can be a qualified trader who knows what he or she is doing.

      iii) Gives You A System:From our practice in the demo account, we can adopt a system that will suit our standard for trading, you cannot jump from being a novice to becoming a professional forex trader without the knowledge from the demo account, that is totally unacceptable about the road to success.

      iv) The demo account provides the necessary support that the newbies need to gain practical knowledge and skills before entering the live account trading.


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    15. #18
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      Forex trading requires the knowledge and the application of technical analysis, fundamental analysis and the psychology of trading. With these he or she should be able to develop a personal strategy that must have been tested and proved by producing profits on consistent basis for the period of about six months. These should be done with a demo account before trading a live account.
      In essence the essence f demo account is for the development of personal strategy, to test and prove the strategy
      Along the line, the trader is expected to have cultivated the habit of keeping a journal while trading the demo and should continue while trading live


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    17. #19
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      Demo account is a good option for us to experiment our trade.who are new this is best option to practice real trading in demo account. when all trading experiment complete then they can invest in real account.i suggest all who are new trade on demo at least 6 month and make a good trading strategy which give u continuous profit in forex.and finally apply it on real account. When we make a new trading strategy we need to experiment in real account and in this time demo helps a lot and by using it on demo we can get the real result.so we can say demo is very good option for all .new trader can learn forex from demo and old trader can experiment new things here.


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      Demo account is primarily used for the purpose of learning. It may be a new trader learning to make transactions in the forex market before trading live forex account, or perhaps an experienced trader trying out a new strategy or the trading platform of a broker, before committing real fund to use the strategy or trade with the broker.

      There was a time when you need to pay to avail yourself of a demo account. But these days demo account is largely provided for free to traders with virtual fund, by many forex broker. This is something to be thankful for, but some traders fails to exploit its potential to learn and become competent traders before trading live forex account.
      POSSIBILITIES ARE INFINITE IN THE FOREX MARKET, YOU CAN ACCOMPLISH ANYTHING !


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