What do you know about Forex EA?
Forex Expert Advisors (EA)/Automated Forex Trading Software are forex trading robots that help traders to trade without sitting in front of the computer to check the market movements. These expert advisors execute traders in correspondence to the entry and exit rules. In simple words, traders can still learn and follow some trading strategies from it even without being present during the EA’s trading execution.
This Forex EA is commonly used by all traders during their trading because of specific reasons such as: can trade twenty-four hours (24) from Monday until Friday, hundred percent (100%) follows trading strategies, no emotion involved during trading, backtests during the trading strategic performance, and can trade multiple forex strategies simultaneously.
What is a Demo account?
A demo account is a simulator tool that has closed the same market environment as a real live trading account and provides experiences when executing live trades. Thus, the reason some experienced traders who wanted to enhance their skills use this strategy tool since it has the same feeling they can get when they execute real trades on their platform. Experienced traders can create new strategies and ideas when using a demo account. In other words, this version is not just for amateurs only but for traders who are way ahead and want to advance their skills.
Although, the difference between a live trade account and a demo account is the money to be invested in trading because in live account money is at risk since traders will use their real money or fund while in a demo account money is not at risk since virtual money or fund is used only. Since, in the demo version, you can just explore and feel confident when executing trades.
Demo accounts are often described as “Paper Trading" which is a simulator of securities trading. What a demo account can do is to help you enable to see all the Foreign Exchange currency pairs available and how it behaves in the market especially when you are using IG Demo Account. You can keep an eye on the currency pairs you have selected and set alerts on them so you can be alerted of its instant changes or any price volatility. Plus, it makes sure traders that they can read and analyze price charts, check open positions, and fill in the trade ticket.
If you are interested in other software that offers a more advanced demo version, you can try the MT4 Demo account. By using this software, you can build knowledge and understand the MetaTrader 4 online trading platform in a risk-free environment.
Key points- Demo Account Version
Demo accounts allow all traders to experience trading on a platform in a risk-free environment. Here are things that traders should be aware of about demo accounts:
Trades executed in a demo account are not subject to slippage, interest, and dividend adjustments, or even out-of-hours price movements.
If there are insufficient funds, trades cannot be closed to cover the margin and running losses. These all happened in actual live trading.
Comparing live trade account to demo in case of insufficiency of funds, demo account trades are rejected while live account trades will never be rejected on the grounds of price or size.
No charging of chart packages in demo account unlike in live account.
The disadvantage of the Demo account
The only bad thing about using a demo account is its unrealistic large amount of virtual capital offer, therefore, small losses cannot be measured when doing live trading since here in the demo account it can be coped up because there is still more capital available. That is why traders are suggested to look for a broker who offers a demo account with a realistic virtual fund and the system use is the same data as well as the environment of what it is like in live trading.
IG DEMO ACCOUNT
A Demo account is a useful tool in forex trading to help traders practice in a real trading environment with reduced risk and use only virtual money as a deposit or capital investment to execute trades, and the IG Demo is a reliable broker that provides flexible services in its platform and forex backgrounds.
It is important to research and practice first to build understanding about the ins and outs of the foreign exchange currencies and develop more skills when trading in forex markets. Plus, to make good deals and achieve greater profit.
IG DEMO ACCOUNT LOGIN
OPEN IG DEMO ACCOUNT
More than 45 years of experience
This is a demo account where there is no risk upon trading and free to use anytime.
After creating an account, login using your registered credentials then go to the dashboard and find the “Demo accounts'' tab. You will be redirected to the demo account page under the trading platform of the IG Demo website. No cost at all upon opening an account and feel free to use it to practice and create strategic plans to have successful live trading.
MT4 DEMO ACCOUNT
MetaTrader is an automated software for trading accounts purposes and permits users to manually check the parameters of their forex expert advisor (which can be downloaded free online).
MT4 Demo account, in simple words, a simulator that helps traders practice trade on a real-time basis and risk-free environment. Available features for MT4 demo accounts are Copy trading with signal subscriptions and different expert advisors which can all be downloaded free online.
Prince FX EA is the best tool that acts much like a robot expert advisor for MT4 and lasted for 10 years as the world's best forex EA free download.
TO REGISTER FOR AN ACCOUNT
- Open an account— register an account and complete the application form. Get verified and once approved, your account will be processed or set up.
- Virtual funds are already provided ranging from $1,000- $50,000.
- Start trading- after the complete process of your account, you can now start your trades either on your computer, Android, iPad, iPhone, or web browser.
How to search for the best Forex Expert Advisor Demo account?
To look for the best expert advisors, you need to consider which can make the most profit currently. Downloading free only MT4 EA alone is not advisable but accepted. It is suggested to trade using the top three (3) Expert Advisors that make a profit the most among other EA brokers.
The important thing about this is if we separate the top three (3) performing EAs and place them as well in a different Demo Account, we can watch its statistics to decide which is the best. Usually, this must be done twice or thrice a week or can be over the weekend.
The rationale of this is that if one Expert Advisors begins to result in fallbacks, the other EA is doing good, then we can use it instead to earn a profit. However, this action will be costly if the Expert Advisors are not free to download.
Open Data Folder in MT4 and select then click on MQL4. Opening the MQL4 file, go to the Experts tab and search for your preferred Expert Advisors there. To make searching easy, click the “Search Experts” tab, then write the name of the Expert Advisors you want to use.
How to place Top three (3) Expert Advisors in separate Demo Accounts?
Comparison between Demo Account and Live Trading
- Go to your Demo Account and under it select Experts folder.
- Paste your chosen three (3) Forex Expert Advisors
- Next, go to the Expert Advisors then click Refresh making MT4 forcefully compile the files
- If you choose a currency pair EURJPY, then there will be three charts of the currency pairs using the three attached Expert Advisors on the platform.
One of the key factors why there is a difference between a real account and a forex demo account. This is because of how much benefit a broker can get since a demo account is free software, unlike live accounts that make brokers pay certain fees to access data from the live market, and aside from that traders need to buy software online to trade in real markets. Below are also a few reasons:
DELAY ORDER FILING
Demo account: Here, forex orders are filled automatically. Every order is executed immediately because there will be another person doing it for you (to fill in the orders).
Live account: Here, the situation is different because brokers are the ones who will request orders from the traders by submitting them to their liquidity providers such as banks and large institutional investors. So, if no one at the end is going to fill the request orders, possible delays will be experienced.
SLIPPAGE IN PRICE
For your information, orders are filled depending on the prevailing price in the market. However, unnecessary circumstances will occur such as slippage of the price. This market slippage happens when the price of the assets jumps the present trading conditions like Stop Loss after a bigger gap of price change of the asset in an instant. This situation only happened on live trading, not on the demo version.
Since in the demo account the data feed is simulated, therefore, traders will not experience any slippage in their open positions which helps them execute trading strategy easily compared to live to trade.
There is a huge difference when you switch from a demo account to a live account. Emotional factors are affected because of this transitioning. It will challenge you on how you can handle the pressure in investing your real money in a real market. Certainly in live trading risk is involved and cannot be avoided unlike trading in a demo forex account which is a risk-free environment.
The reason why psychologically, traders are affected when trading with a real account is because of the risk and possible losses of everything you invest. Sometimes, when we experience the goodness we start to feel greedy that instead of your intention of closing the position, you let it stay in an open position because the market is going exactly what you want. You lose contact with what you plan and strategize, then in a matter of seconds, you lose everything you have because of greediness. That will be the time you will be emotionally and mentally affected because you blame yourself for overconfidence and let your money slip in your grasp.
You will experience panic and breakdowns that will cause you to forget everything you practice and develop over the months or weeks in a demo account. That is why you never lose your grip and focus. Relax and choose to believe in yourself. Lastly, don't be eaten by greediness, or else you will be defeated.
PROOF OF IDENTITY AND ADDRESS
Demo Account: Here, there is no restriction in terms of the requirements needed, the design is to make traders excited in opening a real account, and lastly simple to use.
Live Account: Here, you started to feel the difference because there are things needed to be done and prepared. For your information, a lot of brokers are stricter than you think when it comes to funding your account (deposit) and getting your money out of it ( withdrawal). Brokers will have first your account verified by providing your proof of identity and address.
The reason for this is because brokers need to tighten up their security when the time comes for the withdrawal request. They need to know that you are not fake or doing dirty business.
Some brokers who provide quite good services do not charge a described commission trades but instead, they get it from the spread on every trade executed completed on a percentage basis.
In the Live account, the spread offered from the currency pairs e.g. EUR/USD and USD/JPY are changing which then causes us to cover some service costs. Well in the case of True EN brokers or STP Forex Brokers where liquidity is directly put in the pool of the bans and institutional investors. These brokers offer floating spreads which mean they can change it any time.
However, in a Demo account, such things will not happen because spreads do not change making the execution of different trading strategies lead to success.