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Forex Market Demo Account

May 6, 2008
So you want to learn about the Forex market, and trading internationally? You are risking your personal wealth if you jump in before knowing what you are doing in the currency market and how trading takes place.

You will find many demo simulations online while learning the methods involved in forex market trading. To be able to trade in practice mode you will most likely have to download trading software and open a demo account with an online broker.

To get started in learning about forex trading, you will need to locate the trading software that will allow you to trade "play" money or in a demo account whilst you further your trading education. Most forex brokers offer software and demo accounts that will allow you to practice trading the live market.

As you find a forex broker, you will be required to register an account and enter information about yourself, then you will download the trading software software to your computer. In most cases they will then fund your account with $10 000 plus "play" money so you can start trading. Some brokers have online versions with an interface that you will be required to log into every time you want to trade.

Whilst using your demo account you will learn how to make a trade in the forex market. This type of demo or practice trading is going to make you more aware of what happens during a trade, how to set a stop loss, how to set a limit, to short or to long your trade. It will also allow you to install and practice your trading system of choice so you can start using the software to it's full potential.

As you learn the software platform, using it a few times a week, you are going to be more prepared and more educated and you will be ready to trade forex with a real account in real time. You will better understand the process of placing a trade and to apply your chosen trading system by using the software platform.

If you are interested in joining the millions who are making money in the forex markets, you want to ensure you are dealing with a reputable banker / broker company involved in forex trading that has a downloadable software platform that will allow you to install it on your PC. As you start trading you will quickly realize that an online trading software package (via a web interface) is cumbersome and will have too many limitations so opt for one that you can install on your PC.

Go with a broker that is reputable and reliable and does not offer too wide a spread and start practicing with a demo account so you can get used to the live market and placing trades during real market open and closing times with your "play" money. Treat it as a real live account and do not waste trades and be flippant about your play money. Your trading with your real money will be a reflection of how you practiced with your demo money.
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Learn more about Forex Training before you start trading live.
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