How & Where to Set up a Free “Practice” Currency Trading Account.

 You know, one thing that I love about the currency market, is that you can do “test runs” in forex trading. In fact, you can trade in real time, before you ever risk one red cent in the currency market.

When I started out as a stock trader, I only had simulators to help me learn to trade. They couldn’t offer me real live quotes and charts to demo trade from. Yet, when I came over into the currency market, I was shocked to see that I could learn to trade off of a LIVE quote feed and LIVE charts…no delays, no simulations but the REAL thing!

This is exciting because it exactly replicates the real, live trading environment.

So where can you find one of these demo currency trading platforms anyway? Well, here’s the trading platform that I suggest.

Check out www.fxedu.com.

All you have to do is fill out a form and download their free platform and you’re up and running. For instance, on the form below…all you have to do is put in your first, last name, country and email address. Then they will email you a username and password and give you the link to download your free trading station.

Learn the Trading Ropes Before You Ever Spend a Dime in This Market

Once you have the trading platform downloaded, you can practice making live trades with fake money. This is extremely helpful because you can master the mechanics of this particular trading station before you ever spend a penny trading. And if you mess up while you are still learning how to use it, you only risk losing fake money, as opposed to draining your real live trading account.  

This way, you know exactly how to place a buy, sell, stop or limit order while practicing. Then when you are ready to go live and trade for real, you just go back to their site and fill out the application.

A Few Pointers to Avoid the Common Rookie Trading Mistakes

When you are ready to trade, I suggest you start with a mini or even a micro account until you get the hang of trading. In fact, you can usually start with as little as US$300 to US$2,000 that way. Trade only 1 lot at a time until you get used to live trading.

Then as you become more successful, you can increase your deposits and gradually increase the size of your “lots” that you are trading.

The key is to get comfortable with practice trading first and then start with a small account and get used to live trading. Many traders just dive right in and skip over these steps. By doing so, they tend to make rookie mistakes that could have avoided if they had only tried practiced trading first.

Also, trading “newbies” usually start off trading multiple lots before they really know what they’re doing. That’s a mistake. To avoid it, trade one lot max until you get comfortable with trading. Otherwise, you could blow through your trading account before they get through their learning curve.

I tell people to start off in this fashion, because it’s easier to handle the emotional side of trading if you start small. (By the way, even practice trading can’t prepare you for the emotions that come when trading your own money.) By starting small in live trading, you can learn to manage the emotions in trading better than if you had a larger trading size on at the time. 

So don’t make the novice mistakes. Demo trade first. Then you can take what you’ve learned with the “fake money” account and start learning how to translate that into “live” trading.

Here’s where you can get started with your practice account today

Also, if you’re looking for a place to trade this market “live”, then you can sign up EDU_LLC">here.

Sean Hyman

Head Course Instructor

www.mywealth.com