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New to Forex
What is Forex Trading?
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Getting Started
With no commitment or cost, you can open a Virtual Trading Account. The account has many of the capabilities of a "real" account including live market rates, access to real-time market analysis, and the ability to execute trades off streaming prices. The virtual account (or Demo Account) gives you the ability to learn about the forex markets and test your trading skills without any risk.
How to Trade Your Demo: Use this time to make a plan.
- Choose the right currency pair. Find out based on your risk parameters, which currency is best suited for your trading style. Some may be too volatile and some too slow so decide which currency pair is most appropriate for your strategy and time frame.
- Decide on how long you plan to stay in a trade. If you are an intraday trader, what is the average time of your trade, few minutes, couple of hours a full day, swing trade (couple of days to a week).
- Before you enter a trade you should also have clear exit plan. Place your stops and limits accordingly.
- Know how much you are willing to risk and how much you are looking to gain.
- Keep track of important news and technical levels, which may be tested within your time frame.
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