Demo Before You Dive In

Because the forex (FX) is a decentralized market where dealers distribute their own price feeds through a proprietary trading platform, it is very important to learn the features and peculiarities of each type of software before doing any trading real funds onto your account. Fortunately, in retail, an FX Trader can test each platform using demo dollars. Each dealer's leading FX allows potential customers to download free demo version of the software. This is very important if the customer is to get acquainted with the layout of the platforms and means order entry. Here we will discuss the importance of trade to the demo and let you know what you should look out for when trying different platforms.

Basic Versus Integrated Platform

See the screen shot below, you can see how some platforms integrating charting everything from news, while others have a very simple layout that only focus on quotation, order entry and reporting

    
placing an order

As a trader, you should always try the demo before agents traded life-that's the only way to become familiar with the different features of the various platforms. For example, some platforms using just the ticket pop-up, while others really mark the location for the table. Usually, to buy a currency pair, you just click on the quote part of the quotation (ask), and sell it, you click on the bid. Some platforms allow you to choose a market or limit order quote window appears, after whereas others force you to specify your previous choice.

This is a good idea to put at least 20 demo trading on each trading platform prior to the actual money, just so that you can master the specifics of the receipt of the order on every platform. A trader must not trade alive unless he is sure can answer all the following questions:

How do I place a limit order?
How do I set a stop?
Can I set limits and stop at the time of entry?
If the spread is fixed or variable on the platform?
How much does the lot size that I can trade (1,000 units, 10,000 units, 100,000 units)?
Can I mix and match the size of the lot?
Can I contact the MBM instantly if my internet connection goes down?

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