By Darren Vincent
Getting started in Forex Trading can be a daunting prospect especially if your only previous financial experience was just balancing your check book. You could start with reading all there is in the library about money markets and Forex trading and then move on to opening an account with a Forex Broker and start trading in the hope that all that reading up has sunk in and you’ll be trading like the best of them. Or you can dive straight in with using a live account and keep asking the brokerage firm for help and hope they are going to give you sound advice and explain how it works so you don’t lose all your money. Or you could download a free ebook to find out if you want to go ahead with trading on the Forex markets and then open a Forex demo account to help you get acquainted with how it all works in practice without risking the shirt off your back!
There are a lot of Forex Demo Accounts out there to choose from and you do have to do a little research sometimes to find the right Forex demo account to use as each one varies in complexity and the help that is available. Another variable is how long you can operate your Forex demo account.
Most Forex demo accounts last for 30 days but others can be six weeks, six months and just a few offer unlimited time. Some Forex brokers will allow you to extend your account time without making you open a Live account while others will require you to change from a demo account to a Live Forex trading account, which is a daunting prospect indeed if you are still trying to grasp the essentials of Forex trading.
The amount of personal information required to open accounts varies, but, if you are serious about trading Forex and not treating it as an online game, then this shouldn’t matter, but be careful to check on site security as some will require your Social Security number for tax purposes.
There are a just couple of other things to consider when choosing a Forex demo account and these are; size of the account, i.e practice money they give you, and whether they offer real time or close to real time rates.
I guess that all sounds a bit complicated but I can assure you that it really is not.
Using a Forex demo account is a GREAT way to dip your toe in the waters of Forex trading without completely taking the plunge or even worse, taking a bath!
With the right Forex demo account you could quickly grasp the essentials of Forex trading and gain confidence enough to open a live account and start trading for real and the best thing is that they are FREE!
So shop around and see which Forex demo accounts you find suit you best and start practicing and if you don’t find the Forex demo account that works for you then simply close it and find another Forex demo account and try that one out!
About the Author
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