This is for people that are new to FX. The charts that I am posting all the time are free to use. Generally all the Forex brokers have free demo accounts, which allow one to trade the markets with live data, yet using pretend money. A lot of them only run for 30 days, but you can simply just open another one, or another option is to open a very small account and then the brokers allow you to run a demo account indefinitely.
The platform I use is MT4 or otherwise known as meta trader 4, it is a charting platform that is used by numerous brokers.
A lot of brokers have their own platforms and some of these are quite good. I think which platform you choose to use is a matter of personal choice. Just try a few and see which one takes your fancy. The whole setup process is straight forward and anyone can have an account up and running, literally, in the space of 5 to 10 minutes. Here are a few links to some brokers that I have used and found OK.
These demo accounts achieve a number of things.
- Firstly they allow you to trial their platform to see if you like the layout.
- Secondly and more importantly they allow you to test your ideas or methods without losing large sums of money in the process.
- Thirdly they allow you to just have a play if that takes your fancy and see what you think.
This is not to be compared with the emotional roller coaster that is trading a live account with real funds, but I feel it is definitely the first step towards building and testing a trading method.
Perry
Popularity: 1% [?]
