But why is it free?
It’s because the broker wants you to learn the ins and outs of their trading platform, and have a good time trading without risk, so you’ll fall in love with them and deposit real money.
The demo account allows you to learn about the mechanics of forex trading and test your trading skills and processes with ZERO risk.
Yes, that’s right, ZERO!
YOU SHOULD DEMO TRADE UNTIL YOU DEVELOP A SOLID, PROFITABLE SYSTEM BEFORE YOU EVEN THINK ABOUT PUTTING REAL MONEY ON THE LINE.
WE REPEAT…
YOU SHOULD DEMO TRADE UNTIL YOU DEVELOP A SOLID, PROFITABLE SYSTEM BEFORE YOU EVEN THINK ABOUT PUTTING REAL MONEY ON THE LINE.
“Don’t Lose Your Money” Declaration
Now, place your hand on your heart and say…
“I will demo trade until I develop a solid, profitable system before I trade with real money.”
Now touch your head with your index finger and say…
“I am a smart and patient forex trader!”
Do NOT open a live trading account until you are CONSISTENTLY trading PROFITABLY on a demo account.
If you can’t wait until you’re profitable on a demo account, then there’s very little chance you’ll be profitable live when real money and emotions are factored in.
You’re probably thinking, “Sooooo…what I hear you saying is…there’s still a chance then?”
If you’re that impatient, then at least try to demo trade for at least a MONTH.
You can hold off losing all your money for a month right?
If you can’t, just donate that money to your favorite charity or give it to your mama…show her you still care.