How to open a demo account on "Forex"?

2024 Author: Howard Calhoun | [email protected]. Last modified: 2023-12-17 10:16

Opening a demo account on Forex is the first practical step towards mastering the foreign exchange market. Stock trading is a risky form of earning income. The probability of losing your own money is high. Without special training, it is difficult to maintain capital and psychological he alth. Therefore, it is useful for beginners to start currency trading on the training program.

Young Fighter Course

Demo account is a 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.

Courses lay the foundation of knowledge about trading and indicate the direction of further self-study. It's like a university and production - students write control, term papers and attestation papers for six years. Then they receive a diploma, come to the workplace and begin to learn practical activities. At a serious enterprise, a university graduate is considered a trainee for three years.

So it is in trading on the currency exchange: you have to gothe course of a young fighter in conditions close to combat. A demo account on Forex will help a young trader to get used to the foreign exchange market. You can open a trading terminal in a dealing center. But the time of the training auction should not be stretched for three years. Three months is enough to develop abilities.

Pros of practice account

The opportunity to open a demo account on Forex allows you to:

• look around in the trading program, get used to the special terms of trading, master the mode of operation of the selected exchange;
• study the list of traded instruments, currency quotes, price charts at time intervals minute - hour - day;
• test the theory of technical analysis to determine the trend of the course, entry and exit points from the transaction;
• perform transactions with the selected asset without risking real money.

Later, having understood the rules of trading, the trader seeks to create his own or purchase a ready-made trading algorithm based on the knowledge gained. A practice account will also come in handy here - for testing a trading system.

Cons of the training account

A person quickly gets used to the good. How to open a demo account on Forex, the player remembers quickly. Memory fixes 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 for self-preservation is blunted.

Switching to a cash deposit, the beginner continues the game with a low risk of loss. The character of the players is different. But mostcontinue to think according to the demo account scheme: reset to zero - I will open a new account. Trading allows you to open multiple accounts, but you will 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 kit 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 distribution kit MT5setup.exe. The opening User Account Control dialog box will open. Press the "Yes" button.

2. Read the opened window of the License Agreement, mark the consent and click "Next".

3. Select the program installation folder in the window that opens. Additionally set: placement of the program shortcut on the desktop; launching the program after installation; opening of the MQL5.community website. Click Next.

4. Read the information in the end window when the installation is complete. Click "Done".

5. The MT5 program will load and ask for a name, email and phone number in a dialog box. The type of the opened account - demo - is assigned automatically. Enter your real phone number and email address. Name - at the discretion of the player.

6. The entrance to the currency exchange has been made. Automatic setting implies the choice of currency - the dollar. Other assets are available to the player - euro, yen or pound, for example. Currency accounts are opened in dollars or cents. If a person plans to turntrading into a profession, then the program is adjusted to the size of the deposit with which subsequent trading will take place. The program automatically assigns a deposit amount of $1 million. In cent terms, this is one million cents, or 10 thousand dollars. If the player plans to open a cash account for $1,000, or 100,000 cents, then the setting should be set to $100,000. 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. Individual parameters for entering the system are formed. Before clicking "Finish", write down three groups of characters from the window: login, password and investor for reading. Keep information in a safe place; don't lose it - there is no recovery of confidential information for a demo account.

Working time

On a training deposit, a trader spends virtual money. The habit of resetting and entering with a new account reduces the ability to reasonably assess risk. For training trading to be beneficial, one quarter 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 losses and take profits.

In three months it is useful to open a working account for 1-1.5 thousand dollars and trade one lot. Understanding the high probability of permanently losing your own money will reduce the level of carelessness gained when trading on a practice account.

Act through a broker

There is another option - to open a demo account on Forex with a broker. For example, you can register in 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 full name, phone number and email address.

The merchant does not bear any additional encumbrances before the center. There are no fees, charges, or other fees for entry.

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 trading;
• deposit with virtual currency;
• change leverage parameters;
• open new demo and cash accounts;
• receive cash rewards for participating in demo account contests.

Remember that regardless of the type of opening - with registration or without registration - demo accounts always do not have the "Withdraw Funds" function. Virtual money from the practice account is not cashed out.

"Forex" club. Open demo account

In the financial market since 1997, the company has been helping novice 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, follow the link "Registration of a Personal Cabinet and opening a trading account" and enter your full name, email, phone number and passport.

In your personal account via the link"My accounts" select the option "Open a demo account". On the Libertex platform, for example, an account is opened for $5,000. Invest without risking a single penny of your own. Earn experience to move to real money.

The company's management works quickly. As soon as the visitor registers and opens a personal account, the company's employees in a telephone conversation clarify the client's wishes and give advice on using the trading terminal.

Safe operation

Exchange trading brings profit to the lucky ones, losses to the losers. Composure, endurance, reaction speed, analytical skills - a set of personal qualities is converted into currency.

To comprehend the rules of trading, master the methods of analysis, how to build a trading strategy, hurry up with the first step - open a demo account on Forex without the risk of losing cash.