How to make a demo account real

How to Switch From a Demo Account To a Live Trading Account

By Cory Mitchell Collection of indicators for binary options Mar 15, It is crucial to learn how to use the features of a forex platform before you start trading on it.

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Fortunately, traders can test out each platform using a demo account, which means no real money is at risk. Here, we'll discuss the importance of demo trading and let you know what you should look for when trying different platforms. Key Takeaways Every platform is different, so even experienced traders need to learn how they work before trading with real money.

Open a demo account

It is generally a good idea to place at least 50 demo trades to figure out how crucial features like stop orders work. Forex demo accounts can also help traders to learn how good platforms are at recording transactions for tax purposes.

Demo trading is not the real thing, but it can help traders prepare for using live accounts. Each Platform Is Different Many brokers offer several platforms.

Furthermore, most brokers provide additional platforms.

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However, these additional options may be proprietary to the broker. That means that the platform may not be available from other brokers.

How to Switch From a Demo Account To a Live Trading Account

While each platform may function and look slightly different, most provide roughly the same features. Some platforms have more features than others.

For example, some of them have integrated fundamental analysis tools. That may be important for a long-term investor, but it doesn't matter for a short-term trader.

How to Switch From a Demo Account To a Live Trading Account

The image below is a snapshot of the MT4 platform. Along the top of the platform, shortcuts go to various tools and settings.

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  • Demo Accounts: An Indicator of Investing Skills?
  • Forex Demo Account Trading
  • Conclusion Switching from a demo to a live account is a relatively straightforward process.
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Below these shortcuts, there is a charting window to see the price history of a currency pair or other asset. The terminal is beneath the charting window.

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There are multiple tabs in the terminal, providing access to news, account history, and current trades. Not every platform is set up this way, but most offer the same features arranged differently. Placing Orders It's a good idea to place at least 50 demo trades on a platform before trading money to master the specifics of order entry.

A trader should never trade live unless he or she can confidently answer all of the following questions: How do I place a limit order? How do I set a stop order? Can I set a limit and a stop at the time of entry? Are the spreads on the platform fixed or variable?

How to Approach Demo Account Trading

And what is the typical spread? What is the lot size that I can trade units, 1, units, 10, units,units?

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Can I mix and match the lot sizes? Do I have another way to trade if my primary Internet connection goes how to make a demo account real Some platforms use pop-up order windows, while others allow you to trade by clicking prices directly on a chart.

Typically, you can click on the offer part of the quote the ask to buy a currency pair.

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When you want to sell, you usually click on the bid part. Some platforms allow you to choose a market order or limit order after the quote window pops up. However, others force you to make your selection beforehand.

Forex Demo Account Trading

Here is a sample order screen in MT4. Suppose that you want to bring up a detailed order screen like this one. On most trading platforms, you can right-click on a chart or quote and select a new order or new trade.

On the left is a very short-term chart of the currency pair for the trade. This currency pair is also listed at the top of the trade box. Next, input the volume you want to trade.

Are Demo Accounts An Indicator of Investing Skills?

Enter a stop-loss and take profit level for the trade. The trade type can be a market order or a pending order.

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If you want to buy or sell at how to make a demo account real different price, choose pending. With a pending order, there are more options, as you need to input the price you want to buy or sell at.

Open a Demo Account in the MetaTrader 4 Trading Platform

You may also choose to put an expiry on the order. Once everything is filled out, place the order. Learning how to set up a stop-loss order on a platform is vital for most forex traders.

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