Saturday, March 14, 2009

Before Live: Step 2

Step 2: try out demo trading. Almost every good broker provides a demo trade platform......

It is important to try out the demo trade platform provided by the broker you are interested in. Through demo trading, not only will you have a taste of how forex trading is like, but you also get to accustom yourselve to the platform system your broker is using. It helps to prevent or minimize silly mistakes that you will make if you have jumped into live trading right from the start. 

An example of silly mistake would be entering into the wrong trade position that you had intended to enter. Such mistakes could have caused you to suffer monetary loss in live trading, but not in demo trading when virtual money is used. 

Different brokers uses different platforms, and some brokers have their own customized platforms, whereas others might be implementing MT4 charting with their own system. 
The functions that are provided by each broker's platform can varies too. 

Therefore do try out the broker's demo trading platform to check your comfortability and whether the functions of their platform fulfill your needs, before you make a decision of entering live trading with the broker.

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