The Best Way To Start a Successful Trading Career

Tuesday, January 13, 2009

This will be of great help when you are new to forex trading. By placing demo trades, you will learn a lot about how Forex transactions work. This is a very important step for you in order to be able to learn how to become a trader. A demo account allows one to become familiar with trading procedures, such as placing Market, Limit, Stop, Orders without any risk. Of course all dollar losses or gains using a demo account are imaginary but, as mentioned above, the trading experience you acquire is not.

Making big gains in a demo-account does not guarantee profits in live trading; however, those who are not successful trading on paper rarely are successful when money is on the line.
Once you sign up for a demo account, you will need to try one of the charting packages from the broker you will be using. Any demo software you choose will do because they all have the necessary indicator tools you need.

Once you have downloaded the software you can then set up your demo account and start drawing trend lines, marking support & resistance levels, monitoring moving averages, etc. Once you have a real trading system, you will already know how to place orders properly.

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