Due to the amount of money that can be made by online forex brokers today, it comes as no surprise that all of them offer a free forex demo account in some way shape or form. This usually requires a sign up and will be valid anywhere from one to three months. Once your free account expires, simply sign up for another one.
They are usually offered as a means for potential customers to familiarize themselves with the software. But more importantly, it is a great way to get beginners to deposit money with the broker. This is because forex trading beginners that are familiar with a specific trading platform will rarely venture over other types on the market.
This is the case with almost all beginners and it was the same with me years ago. Which brings us to rule number one. Never get too hooked on any specific type of trading platform. If you can trade on metatrader4, you can trade on FXCM's FX trading station II or AvaFx's trading platform. While all trading platforms differ in the way they look and feel, they are all essentially the same thing. A software that enables you to put in trades and analyze the markets.
The platform should have all the major trading indicators such as popular forms of moving averages, oscillating indicators, RSI, MACD along with the ability to draw fibonacci retracements. It should also have the ability to display price in the form of Japanese candlesticks or as bar charts.
It is best to begin a demo account with one of the bigger forex brokers in the market as they are more reliable in the long run. Some trusted names include FXCM, Interbankfx, Oanda and Easy Forex. Interbankfx is the only one in the list that utilizes metatrader 4 as their platform.
For more information on Forex Demo Accounts and the popular online forex broker, Easy Forex, pay a visit to the authors forex trading website.
Also covered are a variety of trading indicators and forex broker reviews.
Article Source: http://EzineArticles.com/?expert=Prema_Laga
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