The best way to start trading: The demo accounts and mini accounts?
If you are new to Forex, you are probably overwhelmed by the amount of information you find on the exchange of currencies. Although the concept of speculation in currency markets is simple to understand methods of real trading: how, why and when trades are executed can be difficult concepts to grasp and understand.
There are several ways in which a new tradeurs grow by learning to real trading. In this article we will discuss the best ways to learn a new tradeur trade on the forex market and make their first live trades.
It is recommended that new traders start trading with a demo account. What is a demo account? Many online forex brokers offer something known as a "demo account" which is a false account that you can trade until you feel comfortable. Demo accounts behave like real accounts, the only difference is that the money you are trading is not real.
The purpose of using a demo account if you are new to Forex trading is to help you familiarize yourself with the trading platform. You can cut your teeth as it were proverbial without risking your capital. This makes the demo accounts good for a brand new tradeurs just to see how the exchange works. There are some drawbacks, however, the use of demo accounts. The biggest drawback is that you will only be able to trade with standard-sized accounts with a demo account. If you intend to trade mini accounts with as many tradeurs, be aware that these accounts will behave differently than standard size demo accounts. If you get used to sharing a standard size account, your trading methods will show that. This is because the larger margins offered on standard size accounts allow you to take greater profits.
The major drawback of the trade with a demo account is that you need to carefully manage the emotional aspects when you trade with real money. With a demo account the émotionss not exist: you have neither greed nor fear of losing to win. Once you start trading your actual funds, you may find that your risk tolerance is much more conservative. Ideally, as you learn to trade, we must also learn to manage your risks more effectively.
So what to do start a trader? What is the best way to learn to trade?
Once you have read, studied and completed all courses in Forex you take, you are ready to trade live. Now this does not mean jumping into the trade with an account of the actual size with real money, it would be a huge risk for a new tradeur and not a very smart indeed. What you can do is find a broker that offers mini accounts. Mini-accounts usually start from $ 200.
You can try to actually trade live. You will be amazed at how, after only a few trades, you begin to understand how it works on the market.
Now, if you decide to start trading with one of these mini accounts, you should start by making several very small trades. Your benefits are likely small, because you trade on a small margin. What is good, though, because you do not risk a few real dollars. You can view this as the cheapest education you could possibly get. Much better than losing large amounts of funds, and more realistic than trading with a demo account. Just learn from the experience.
Once you make trades at home on your mini account, you can always have it converted to a regular account (with an additional deposit) if you choose. Overall, it can not be stressed enough, the best way to learn forex is to have a live experience. This article has shown you ways to do this at minimal cost and with the least amount of risk.
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