Trading forex (also known as foreign exchange currency or fx trading) real time with live data feeds is a must for anyone who wants to venture into a career of currency trading for a living. After learning the strategies theoretically, a demo account is a very good practical trading simulation before you start to trade live with real money.
Most forex brokers provide free demo accounts for up to 30 days, where you can trade using play money. You should choose a trading platform software that provides you with all the useful indicators, charts and tools. You also need to ensure that the customer support is fast and available 24 hours. Check the reviews about the broker. Find one that has a user-friendly interface, stable, reliable, as it is imperative that it has 100% uptime. Any downtime could cause massive losses.
Trial trading on the forex demo account would provide you with a window of exploration to test out the trading platforms that you are going to use to trade with real money later on. You need to be comfortable and familiar with the trading functions and the broker's trading platform and interface. If you are not comfortable with the features, you can choose another broker to open another free demo account. Test them out until you find one that you are happy using.
Choose a reputable broker that you would like to trade with. You can read reviews about them on the internet. Most of them have online forms on their websites where you can fill up to open a free practice account.
Make sure that your email address is correct, so that they are able to contact you if necessary, for example, for account verification purposes, or in case you forgot your password, you need to be able to receive an email from them.
Once you have verified your account, they will give you a password to access your demo account. Write down your password and keep it safely for future reference.
Congratulations, you have successfully opened a forex demo account. Use the demo account to trade as though you are trading with your own money. You will find the experience invaluable.
Alvin Lee is a master forex trader and coach living in Malaysia who can help you to get started in forex trading. Register for your free basic forex class in Malaysia worth $48, and find out from Alvin how to open a free forex demo account. http://www.forextrainingcourses.net.
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