Forex Demo Account - Learn to invest money, Risk-free!“Teach me to Trade!” A Forex demo account can make learning to trade forex much easier, as it allows you to practice your trading strategy with fake money.
But you’re not forced to outlay a single cent. Not the same as making a money tree, but it’s fun and risk-free! Any good forex trade system should have a “demo” mode that you can test before you risk any actual money in the market. You can test and compare different trading strategies with different forex platforms and brokers and see what works best for you. When I first started trading, I opened a demo account. My mentors told me that, no matter how good my education was or how confident I felt about making successful trades, I should “ALWAYS START WITH A DEMO ACCOUNT”. And boy, were they right!So I opened my first demo account thinking “yeah, yeah, waste of time, I could be spending this time trading real money and MAKING REAL MONEY!” My first demo account was drained within a week. It was one tiny little mistake I’d make – I traded without a stop and the trade went against me. Good-bye $10,000. Luckily, it wasn’t real money! The next demo account I got greedy. I opened the account with $10,000 of pretend money and went chasing trades. Big mistake. For when your ego takes over and you’re chasing trades, you find yourself in the loser’s mindset. Forever chasing a losing trade. Not good. I think this account lasted about 6 weeks, as I was making so many trades and was inevitably winning some trades. Don’t get stuck in this pattern, I beg of you, it’s a slow and painful death while dancing the “one step forward two steps back” shuffle. The third demo account, I decided that the trading fundamentals I’d been taught simply weren’t working for me. So I thought I’d try some new, whiz-bang forex trading techniques that I’d found on the internet. I didn’t abandon my previous tools, I just threw a few extra into the mix. This account grew very slowly. But once I’d solidified my trading system and gained some confidence, I traded my forex demo account to double it’s opening balance. So it was time to trade with a live account! The rest is history. The below platforms offer a demo mode:
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