Demo trading is a great option when you want to learn how to trade the Forex. It enables you to try out your methods for real but with no risk at all.
I demo traded until I had been profitable for three months in a row. At that point I had concrete evidence that I had a method that gave me an edge over the market and could produce solid returns.
What other business gives you this luxury to try before you put hard earned cash on the line? It’s such a brilliant way to learn and gain confidence in how to trade the Forex and costs you nothing.
Most Forex brokers offer this service free of charge and to open a demo account takes minutes.
So I recommend before opening any live account, start off with a demo account and acclimatise yourself with the trading platform (Metatrader 4 or 5).
Just make sure the Metatrader platform has New York close charts i.e. daily candle closes at 10 pm UK time.
Having confidence and proof you can make profits consistently from the Forex, prevents the negative mind games that occur when say, we have a trade go against us. We need to trust ourselves before we can really trade without fear.