IQ Option demo and real trading accounts Know the differences

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Demo Accounts

A free day trading demo account is a fantastic way to gain experience with zero risk. Here, we list the best forex, cfd and spread betting demo accounts. From ‘no registration’ practise accounts, to MT4 simulators that allow you to test strategies, we have reviews for them all. Test out brands and see if day trading could work for you – without risking capital.

Best Demo Accounts in Russia 2020

What is a Demo Account?

A demo account is a kind of trading simulator, or practice account, that allows you to practice day trading with a wide range of financial instruments, from stocks, futures, and options to CFDs and cryptocurrency.

Demo accounts are funded with simulated money, allowing you to gain trading experience without risking real capital. This allows you to craft strategies and build confidence while getting familiar with market conditions. In addition, it’s an effective way to test drive a potential broker and software.

Capabilities

The best demo accounts allow you to simulate real trading with the only difference being that you use pretend money. This way you get the full experience of the markets and the trading platform, without the pressure of risking your actual funds.

  • Exploration – Testing different financial markets allows you to get a feel for how they behave while finding the right product for you. Trading penny stocks will be different to commodities, for example.
  • Gain experience – Before you risk real capital, you can practice opening and closing positions, plus applying stops and limits. In addition, you can view margin requirements, as well as track profit and loss.
  • Charting – Learn how to interpret and utilise charts, from testing technical indicators to identifying patterns.
  • Past performance – You can analyse past performance to correct mistakes and hone your strategy before you put real capital on the line.
  • Trading tools – Learn how to interpret and utilise information from news feeds and market data.
  • Watch-lists – Demo accounts also allow you to identify and monitor markets of interest.

Benefits

Whether it’s a forex demo account in the UK and Australia or CFD and spread betting in the US, all will offer a number of benefits:

Familiarity

  • Risk – Because demo accounts are funded with simulated money, mistakes won’t cost you any of your hard-earned capital. In addition, they also allow you to practice day trading while you are still saving for that initial account deposit.
  • Price action – The best way to understand price action is to experience it. Stock trading demo accounts, for example, will give you practice reacting to volatile markets and capitalising on price fluctuations.
  • Broker & platform – Finally, online trading with demo accounts is an effective way to test a potential broker and platform. For example, you can check their software has all the charts and tools you need. In addition, do they offer any useful extras, such as trading contests? So, check the overall quality of the broker’s services before you commit real capital.

Strategy

  • Calibration – Demo brokerage accounts are the ideal place to fine-tune your strategy. You can make mistakes and adjustments until your plan is consistent, without losing real capital. Because overtrading, cutting profits short and direction bias are all common mistakes that can prove costly if you don’t make them in practice accounts first.
  • Forward testing – Once you have a market and strategy in mind, you can either backtest or forward test your trading plan. While backtesting can prove useful, it lacks the emotional element. Forward testing enables you to put your plan to trade stocks, for example, into action while battling trading pressures in real-time.
  • Drawdowns – Regardless of how effective your strategy is, there will be days where the market feels against you. However, investing in a demo account allows you to practice sticking to your plan and perhaps adjusting your position size until things turn around.

Overall, signing up for a demo account in binary or stock options, for example, could give you the ideal risk-free platform to develop an effective strategy.

Drawbacks

Before you start looking at demo accounts for trading, these practice accounts do come with certain limitations:

Physical Discrepancies

  • Execution – Demo accounts often provide better execution than live trading. This is because demo accounts usually fill a market order at the price shown on the screen. However, in a live market, there is slippage. This can result in orders not being filled at the expected price. So, meeting previous profit calculations may prove challenging.
  • Increased capital – Normally, demo software allows you to choose how much capital you would like to trade with. As a result, many individuals opt for far more than they will have when they live trade. Greater capital allows for smaller losses to be more easily recouped. You may also find yourself unable to afford the expensive instruments you explored when using demo accounts.
  • Spreads – Online forex brokers, for example, often look to impress potential traders with tight spreads in demo accounts. However, in fast-moving markets, in particular, the spread quoted may be far wider.
  • Deposits – Although using virtual money, there are some brokers who will require an initial deposit to use their demo accounts. So, this is something to check before you sign up.
  • Leverage – Many traders enjoy the increased leverage some brokers ofter in demo accounts. Whilst this can result in substantial virtual profits, in live-trading it can also lead to significant losses.
  • Deal rejection – In demo accounts, trades almost always go through as requested, regardless of certain factors. However, when live trading, price changes between your trade submission and execution can result in rejection. So, be prepared for re-quotes when you upgrade to live trading.
  • Trading tools – Free charts and packages you get when your trading gold in your demo account may well come at an additional cost when you live trade.
  • Market movements – Your demo account server may not take into account interest and dividend adjustments, or out of hours price movements.

Psychological Discrepancies

  • Emotions – Demo accounts will not expose you to the fear, hope and greed that you may experience when you live trade. The fear of losing your capital can result in costly mistakes. Whilst greed can lead to holding onto a winning position for too long. Unfortunately, you cannot practice controlling these emotions with demo accounts.
  • Complacency – Managing risk properly with a practice account is often overlooked. Traders often take more risks than they would if real funds were on the line. This can result in bad habits when you transition to live trading.
  • Overtrading – The excitement of trading can cause many with demo accounts to overtrade. After all, why not take that risk when it isn’t real money on the line? This can develop into a habit of overtrading. However, when you move to live trading, you will then need to learn quantity doesn’t always trump quality.

To conclude, a comparison of a demo account vs a real live-trading offering will highlight a number of potential pitfalls to take into account.

Yet that does not necessarily mean you shouldn’t use demo accounts. It simply means you need to be aware of the risks, so you can prepare for the differences when you do start trading with real capital.

Moving From Demo To Real Money

You open a demo account as your first step towards becoming a trader. You want to be successful and make real money. So why stop at the demo stage?

It is a common feeling. That fear of losing real money and the lack of belief that you might actually be a profitable day trader.

The same fears held us back to, but until you take that leap, you will never know. Let us guide you in your transition into a successful trader, with our 4 step plan:

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Demo To Real Action Plan

1. Assign Some Capital To Trading
2. Open A Real Money Account
3. Calculate A Trade Size
4. Start Trading!

You already know how to place trades as you have tried it on the demo account. So let us build on each point with some detail;

Assign Some Capital

You need to set aside some capital. How much is up to you but £250 to £500 is a reasonable minimum, any less limits the number of trades you can make. Trading is high risk, so you need to be prepared to lose some or all of this money. If the minimum deposit at a broker is less than you have, you dont need to pay it all in – just set it aside.

Open A Real Money Account

You do not have to use the same firm as your demo account, but this will be the easiest transition. Visit the broker page if you want to try someone new for the real account.

Calculate A Trade Size

How much will you risk on each trade? 1% to 2% is a good conservative number. If you make 50 to 100 trades, you will be well placed to know if you have what it takes to be profitable trader. Any less and you will not know if the results were just good or bad luck. 100 trades starts to separate winners from “unprofitable” traders.

Start Trading!

Congratulations, you are a trader! Now, are you a winning one?…

Opening a Demo Account

Most demo accounts are easy to open, whether it’s for cryptocurrency or binary options of 60 seconds. The majority of the time, you will simply have to head over to the broker’s website and fill in a straightforward form.

You will usually be asked for:

Often you require no more details than this. Your account login details will then be emailed to you and instructions on next steps will be given.

You can even find some forex demo accounts that require no registration at all.

Reviews

Whether you are looking for the best demo account for share trading on the stock market, commodity trading, futures, forex or binary options, some of the top options have been collated below.

This will allow you to find the right software and offering to compliment your trading style whilst give you exposure to your preferred markets.

MetaTrader 4 Demo Account

The most popular trading platform is MetaTrader 4 (MT4). However, you can also get MetaTrader 5 (MT5) demo accounts. These industry standard platforms are now available at most retailers.

Once you have finished your MetaTrader download, you will be able to analyse markets using a range of technical indicators, without risking any capital. This allows you to practice analysing price action, chart figures, support and resistance lines, currency correlations, and more.

In addition, demo accounts on MT4 can be opened in a desktop platform, plus in mobile applications. Both will also allow you to test automated strategies, calling on historical data to optimise your settings.

Once you have your MetaTrader account password, you can practice all of the above until your demo account expires. However, you will find plenty of brokers offering MT4 demo accounts that don’t expire. This means you can benefit from live quotes from all markets, as well as a virtual portfolio, allowing you to practice under real market conditions, for as long as you want.

You also benefit from diversity. So, you can choose between MT4 demo accounts in gold trading and FX, just to name a couple. In fact, because MT4 demo accounts have no time limit, you can try your luck in as many markets as you like, until you find the right product for your trading style. MT4 demo accounts are also available in plenty of countries, from the USA to the UK.

Overall, once you have your MT4 password, you are free to test your strategies for as long as you wish, as most MetaTrader demo accounts are unlimited. They provide the ideal risk-free way to identify where your strengths lay and which areas of your trading plan require attention.

IC Markets

One of the best forex demo accounts is provided by IC Markets. Their forex account is easy to use. It comes with a range of sophisticated charting and trading tools, whilst their website promises a wealth of support and an active user community.

Another major benefit comes in the form of accessibility. You can open a forex demo account from the USA, UK, Canada, Malaysia, Indonesia, and a whole host of other countries.

In terms of technical capabilities, IC Markets support a range of platforms. So, you can select their forex account and get an MT4 download. Alternatively, you can practice on MT5 or cTrader. Also, you can choose between a forex web platform or mobile trading, on both Android and iOS.

IC Markets forex demo account also has no time limit or expiration. So, you don’t have to put real capital on the line until you feel confident.

Overall, if you’re looking for free demo accounts for forex trading, that can be used for an unlimited time, IC Markets is a strong contender. They consistently score highly in reviews of forex demo accounts.

Plus500

For demo accounts using CFDs only, Plus500 is worth considering. Reviews highlight traders are impressed with the great flexibility, high-quality software, plus competitive spreads when you upgrade to real-time trading.

Another key selling point of Plus500 demo accounts is that they do not expire, meaning you can practice indefinitely. On top of that, you can backtest strategies and get familiar with the nuances of the forex market, all with zero risks.

In addition, head over to the app store and you can get a demo account on your iOS or Android device. This will allow you to practice on the way to work or at a time convenient for you.

Simply head over to their website and select ‘Demo Mode’ in the ‘Select Account Mode’ window. Then follow the on-screen instructions to get set up. Also, you can switch from Real Money mode to Demo by hitting ‘Switch to Demo Mode’. Not to mention, you can reset Plus500 demo accounts if you want a fresh start.

So, if you’re looking for a full demo account without needing a deposit, Plus500 is a worthwhile choice.

Etoro

If you’re looking for crypto, CFD, or forex demo accounts, Etoro is worth exploring. In fact, once you have registered on their website, a trading account with both real and demo modes is automatically opened.

After you’ve logged in, you simply need to select ‘Practice Trading Login’ on the main screen and enter your Etoro login credentials that you registered with.

Etoro is a sensible choice for those looking for a free forex demo account download without a time limit. In addition, demo accounts on Etoro can also be reset.

On top of that, you can get their forex demo account in app form, where you can play around with up to €10,000 in virtual funds. Also, app reviews have been quick to highlight the sleek and easy-to-navigate interface.

A demo account in Etoro will also allow you to practice your skills in trading competitions. Furthermore, it’s an ideal choice for those looking for demo accounts without a deposit required.

Summing Up

There are plenty of options out there. An MT4 demo account that does not expire could well prepare you for any number of potential markets. However, remember a forex demo account vs live real-time trading will throw up certain challenges.

So, be wary of those that claim ‘demo account trading is a must in my view’. Instead, consider your needs and look for demo accounts that can replicate real-time trading as accurately as possible, including spreads and trade tools.

NSE Demo Trading Accounts

There are now plenty of options for individuals looking for demo accounts for the NSE (National Stock Exchange of India). In fact, demo accounts for stock/share trading in India are on the rise. Both individuals and retailers are swiftly realising demo accounts can prove useful in the often volatile marketplace.

However, it is worth considering whether a minimum deposit is required. You should also check whether advanced trading tools will come with an additional charge when you upgrade to a live account. Finally, how long do you have access to their practice offering? Is it unlimited or will you have to look elsewhere after a short while if you’re not ready to upgrade?

It’s also worth noting you can find demo accounts for commodity trading in India. On top of that, there are binary options demo accounts, without needing a deposit. Furthermore, a number of brokers offer futures demo accounts for an unlimited period. So, it’s worthwhile shopping around before you sign up.

Final Word

You do not have to risk your own capital straightaway. You can find plenty of free day trading demo accounts, for binary options and cryptocurrency to forex and stocks. Location should also not deter you. For example, you can find demo accounts for stock trading in Singapore as easily as you can in South Africa.

Overall, demo accounts offer a multitude of benefits, from honing a strategy to getting familiar with prospective markets. However, there are certain limitations, from tackling different emotions to seeing the need for an effective risk management strategy. But regardless of whether you think using demo accounts is very helpful or not, they remain an effective way to test a potential broker and platform.

Demo account from IQ Option broker as a risk-free trading practice

IQ Option users may purely begin with signing up and starting trading with the free IQ Option Demo account.

If this does not interest potential traders, we do not know what will!

Demo account – the best way to learn​

IQ Option has a downloadable Windows desktop application as well as available for Android and IOS users. The Demo account is easy to use and just in a few steps you may start your daily practice and earn using your real account.

Demo account iQ Option is so easy to use.

On visiting iqoption.net.in, you are asked to register by filling basic information such as email name and password. You will receive a confirmation link to your email so you must fill up correct details. You can even login using Facebook or Gmail account. On login, the screen shows a license number of IQ Option broker.

How should I start?​

The website prepares both a Demo and a real account for the user to use. It begins by giving a risk warning and asks the user to go through the terms and conditions. You can start with the Demo account which contains a balance of $10,000 by default. This balance is replenished absolutely free of any charge on exhaustion of the amount. This means the user may enjoy unlimited training period for trading before actually using actual money.

The trade room gives you an ultimate trading experience. Since it is downloadable on phone as well, all you need is an internet connection and you can practice from anywhere. The first step is to adjust the interface which is at the right-hand corner. There are many color themes to choose from.

Demo trading – types of assets​

Then you can select an asset before you start trading on the software. Users are able to trade in various assets from the asset menu along with the percentage of profit available alongside each category – Crypto, Contract for difference, Options, Digital, and Forex.

Cryptocurrency is a virtual currency traded peer to peer on a blockchain independent of centralized authorities like banks and governments. Once the transfer request is entered into the network, it is validated by the network and added to the pool of other transactions to create a block of data of the ledger which is entered into the existing blockchain. Once it is added to the chain, the transaction is approved and completed.

Forex is the largest and most liquid financial instrument where global currencies are traded. Forex trader purchase currencies with the intent to make money off of the difference between buying and selling prices. Options allow you to speculate the extent of price change rather than just general price direction. If the price of the underlying asset is to reach the selected threshold selected by the trader and the payout is very high. An unsuccessful trade will result in the loss of the investment.

CFD is a type of financial instrument that allows you to trade on the price movement of stocks regardless of whether prices are rising or falling. It provides the opportunity to speculate the price movements of an asset without owning the asset.

The assets may be sorted by popularity, spread or percentage of change basis. Spread shows the movement between the highest and lowest price that you need to overcome at a specified point in time to come to a profitable position. The trader can assume buy or sell position after anticipating growth positions of the underlying asset.

Why do more and more people prefer IQ Option?

The user feels immense ease while trading as even complex technical indicators are available at a click of a button on the bottom left corner. A short description is attached with each indicator which makes a novice trader well versed with the functions that are available at their disposal.

Another noteworthy part of the experience is the informed and competent support which is available 24/7 and in 17 different languages. Don’t be hesitant to use the support even while using the IQ Option Demo account.

Just below technical indicators, users may find graphical tools which are simpler and can be used as required. The trade room for selected asset is depicted by a chart. There are various options of charts available to choose from which are area, candlestick, bar, and line. On selecting either candlestick or bar you will have to select a time interval for viewing price range.

How Demo works?​

To start trading, you may begin by entering a sum of amount in the trade panel and a time period. The time period is depicted by the red line on the chart. The white line appearing on the chart tells about the time up to which you can rebuy the options and the direction is not limited. And then you may see the chart of your selected asset. Using a timeline below the chart you can change its scale. Try to determine the range at the end of the period. If it is higher, then select buy position and if it is lower then select sell position.

The trade may range from a period of 30 seconds to one month. It can be closed before the expiry of the selected period at current profit or loss. A strike price is added and the trader can assume buy or sell position after analyzing the market. The transaction is squared and the balance is added or deducted accordingly. On the right side of the trade room, towards the middle, user can see the auto-closing position which helps the user to lock the stop loss. Stop loss is the specified amount at which the asset is sold to limit the loss. This feature helps the trader to safeguard his interest.

The user may get a summarized view of the portfolio that he is trading in. It shows the amount invested and profit or loss made so far. User can experience a dashboard view of pending positions and active positions in trade and trade history all at one place. History can be sorted on the basis of a particular asset or period of time. Support can be used in case of any issue faced by the user.

The interface is easy and any frequently asked question may be checked here and you can even get in touch with a support officer in spite of using a Demo account. Another distinct feature available is market analysis. An important piece of news affecting a certain currency is flagged and is depicted by dots. For example, one dot means the news might have moderate importance and might generate a moderate reaction in the market. Two could mean that this information is materially important and three dots may depict that the news or event might create substantial volatility in the market.

Thus the user may read and trade by using the information. The information can be dated, present or forecasted. It won’t be wrong to say that it’s a very lucrative platform to learn and practice training with an absolutely free account. The website has reliable, flexible and advanced features.

After practicing on the Demo account, the trader can add a sum of money and use the real account. To activate the real account a minimum deposit of $10 is required to start trading. User must bear in mind that bank must allow the transaction of adding money to IQ option account. Any amount may be added in the account using the master card, visa, e-wallets, etc.

A deposit in the account over and above a certain limit ($3000) is shown with a crown. Crown means additional benefits such as call back at any query and higher profit conditions and a lot of other advanced features. Real trading is synonymous to Demo trading and thus the user can grow their investment using their smartphones. Bitcoin trading and CFD Transactions have been very accessible. It is possible to take advantage of the leverage of Bitcoin trading and CFD transactions. User can get help with every aspect of Cryptocurrency trading. Selling a security giver the user an opportunity to make a profit from both an increase and decrease in market prices.

Open Demo Account

If you are serious about earning with stocks, we suggest you take the time to learn how to do it with a free demo account from IQ Option. The demo account is risk-free and does not involve the use of any real-life funds. Every IQ Option client has access to a replenishable $10,000 demo account.

Why using the Free Demo Account?

One of the simplest methods to trade stocks, commodities and currencies is with stocks. If your strategy and forecast is sound, and the price of the asset you choose is moving in the right direction.

Problems arise when a trader does not make consistently sound decisions, which is far more difficult than it appears. It takes a lot of practice to become a good trader.

Here at IQ Option we know the most common pitfalls of novice traders and provide customers with an opportunity to sharpen their skills before diving into the world of trading.

The company has also dedicated a team of experts to ensure that their clients gain full support while using the demo account and have all the knowledge and tools they may need before entering the real market.

What is the demo account

The free demo account works exactly as the real one, giving novice traders the opportunity to test-drive the system in advance. It is vital for traders to familiarize themselves with various trading techniques before investing their own funds.

One of the demo account’s advantages is a chance to use different technical analysis tools such as candlestick charts, Fibonacci retracements, pivot point trading etc.

Becoming familiar with specialized techniques and secrets and having absolutely no risk involved making the learning process simple. Practicing on a fully functional demo platform while also being able to compare trade results based on fundamental versus technical analysis strategy can enhance the trading strategies and risk management of traders.

Are the quotes real?

Yes, all quotes used for your demo account are the exact copy of the quotes used for real accounts and 100% real.

In this regard trading with a demo account is in no way different from trading on a real account. This approach will help new traders to work out the correct attitude and become totally accustomed to the business methods, rules and regulations of trading.

Open Free Demo Account

IQ Option is a professional brokerage company that understands the emotional involvement certain traders feel towards trading.

We have, therefore, made it possible for traders to practice their skills and strategies on a demo account whenever they want and regardless their real account balance.

IQ Option has a £10 deposit policy, which, of course, is not applicable to demo accounts. The latter can be used both before and after replenishing the real account. Once ready to participate in real-life operations, many traders choose to replenish the account with the minimal deposit. Don’t forget that trading using a demo account is an important step for any novice trader.

Admiral Markets Group consists of the following firms:

Admiral Markets Cyprus Ltd

Admiral Markets Pty Ltd

Admiral Markets UK Ltd

Reading time: 12 minutes

This article will provide you with all of the benefits of using a demo account in Forex trading. You’ll learn about what a Forex demo trading account is, why you should consider downloading a trial demo account, how to download a demo trading account, how to set up a demo account, the best way to use a demo trading account, and more!

Why New Traders Should Trial a Forex Demo Account, and How to Get Started

Did you know that global trading volumes in the foreign exchange market reached a record high in 2020? Thanks to volatility in global economics, more and more people are actively trading in the Forex market. However, trading a market which turns over more than $5 trillion every single day can be quite daunting at first. This is why your first Forex account should be a Forex demo account when you are starting out.

Within minutes, the account can effectively become your Forex practice account and can work as a free trading simulator. This could prove to be invaluable when you are first learning how to Forex trade. You can easily open up a free Forex trading demo account and be trading in a matter of minutes, and trading the global currency market risk free. Read on for more information about what exactly a Forex demo account is, the benefits of using one, and the best way for you to start using it today.

What is a Forex Demo Account?

As you may have gathered, a Forex demo account enables a trader to simulate a live trading environment – without putting any real money at risk. It enables a trader to start free online trading relatively quickly, so that they can practice trading before risking real money.

All Forex traders should use a Forex demo as their first Forex account to get a feel of what trading the currency market is like, as well as to get used to the broker and the trading platform they are using. Essentially, it enables traders to practice their trading skills along with quite a few more enticing benefits.

Trading With A Demo Account

Trader’s also have the ability to trade risk-free with a demo trading account. This means that traders can avoid putting their capital at risk, and they can choose when they wish to move to the live markets. For instance, Admiral Markets’ demo trading account enables traders to gain access to the latest real-time market data, the ability to trade with virtual currency, and access to the latest trading insights from expert traders.

To open your FREE demo trading account, click the banner below!

What are the Benefits of a Forex Demo Account?

If you speak to any seasoned trader, their list of demo trading account benefits would be endless for traders who are first starting out. Here is a list of just a few of the benefits you may want to know about:

Learn how to Forex trade risk free with a demo trading account

Owning a Forex practice account is like having free Forex training. That’s because it enables the trader to put their training into practice, without risking any real money, by trading with virtual funds instead. After all, the most successful people in any field are those who have learnt and practiced their craft considerably – and the same goes for Forex traders.

You can complement your demo trading experience with some of the best free Forex training available, with courses such as the Forex 101 – Admiral Markets’ Forex and CFD Trading Course. Forex 101 provides you with free access to a video training series from two industry leading experts, accompanied with written notes and quizzes. You will also receive a certificate acknowledging your newfound expertise!

Familiarise yourself with your trading platform

Most Forex brokers offer the well known MetaTrader platform. By opening a Forex demo account, you can familiarise yourself with the trading platform by making trades without putting real money at risk. This way you get to learn about how to take a trade, how to close a trade, and how to use different tools to your advantage, like different order types and trading indicators.

Admiral Markets offers the following trading platforms:

  • MetaTrader 4
  • MetaTrader 5
  • MetaTrader WebTrader
  • MetaTrader Supreme Edition (A custom plugin for MetaTrader 4 and MetaTrader 5, created by Admiral Markets and professional trading experts)

When advancing to live trading with real money, it is essential you feel comfortable opening, amending, and closing trades when you need to. The last thing you want is to experience panic from not knowing how to get out of a trade. Instead, you may want to know how to use stop loss and take profit orders, so that the broker and trading platform can manage your trades when you’re not there. A Forex practice account could be the solution to your long-term success.

Learn to manage your emotions

When it comes to risking money to make money, a lot of emotions can come into play. Euphoria and overconfidence can kick in after a few winning trades. Frustration and doubt can kick in after a few losing trades. These emotions can often cloud the trader’s judgement on their next trading opportunity.

Trading on a Forex simulator helps you to identify these emotions so you can build a routine and plan around dealing with them. Most beginner traders don’t know what kind of emotions they will face when winning and losing, so it’s probably best to find out without risking any real money.

Create, develop and test your trading strategies

If you’re learning with Admiral Markets, after graduating from the free Forex 101 course you can use a Forex demo account to practice the tools and trading strategies you have learnt. However, you may also benefit by learning more about trading through the Admiral Markets Education page, or by using some of the free indicators available on the MetaTrader trading platform.

The Forex trading simulator is by far the best place to test anything new you have learned about concerning indicators or strategies. You may also start to recognise your own trading patterns after some time has passed, and you may even start to develop your very own trading system. Having the ability to trade risk free often enables traders to be more creative in terms of testing and finding out what works best for them.

Find the best trading routine that suits you

The Forex market traders trade 24 hours a day, 5 days a week. So when is the best time to trade? Most traders prefer to trade around the opening of the Tokyo, London, and New York trading sessions which are: 12am, 8am, and 2.30pm GMT respectively. However, the best time to trade is when you have the ability to completely focus on the markets.

One of the great things about the Forex market is that you can develop a routine to trade the market that fits around your work and family life. However, when you first start out, it may be a challenge finding the exact routine that works for you. The last thing you want is for this to lead to poor trading decisions, which lead to losses with real money. Using a Forex trading demo account can help you to find the best routine that suits you, before you start risking real money. Remember: Trading is a marathon, not a sprint!

MetaTrader Supreme Edition – Admiral Markets

Did you know that Admiral Markets offers an enhanced version of Metatrader that boosts trading capabilities? Now you can trade with MetaTrader 4 and MetaTrader 5 with an advanced version of MetaTrader that offers excellent additional features such as the correlation matrix, which enables you to view and contrast various currency pairs in real-time, or the mini trader widget – which allows you to buy or sell via a small window while you continue with everything else you need to do.

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The Best Way to Use a Forex Demo Account

While the benefits of using a Forex demo account speak for themselves, there are some negatives you need to be aware of. Only after understanding these can you start to use your Forex demo account the best way.

Create a trading plan for a real money account and trade it on a demo account

The first step should be to create a trading plan that you would use on a real money account. While you may be experimenting on a demo account to find what works best for you, every trader needs a foundation to build upon.

Your plan may consist of the following:

  • When will you trade? Try to stick to the same time every day, as you’ll get to learn more about how that specific session moves.
  • Which markets will you trade? Focusing on a few markets first may be the best way to implement your learnings through your Forex training. Some of the most popular FX currency pairs include the EURUSD pair and the USDJPY pair.
  • Which strategies will you trade? After graduating from your Forex 101 course, decide which tools you will use to make trading decisions, and develop a strategy around them. This way you know what conditions you need to take into account when placing a trade and closing a trade.
  • Which risk management tools will you use?Risk management is an essential part of trading successfully in the long term. Decide ahead of time how you will position each trade in terms of size, and how you will decide to close a trade in profit or loss.

The most important element here is to try and replicate how you will, or want to, be trading on a real money account. You can then practice this plan and amend it – until you are comfortable enough to move onto real money.

Create a trading journal to track your practice trading results

It’s great to have access to a free trading simulator, but at what point should you move onto trading with real money? Only you can answer that, but you may want to consider tracking your demo trading results, and set yourself some goals to then take the next step.

Trading expert, Jens Klatt, gives his detailed insight on how to optimise your trading journal in this free webinar.

Creating a journal of your historical trading activity can be quite useful, as you can see what your results could have been if you were trading with real money. Due to market volatility, they will never be exactly the same, but you can get an idea of whether or not your trading plan is working for you.

Of course, it only works if you’re honest about your trading results. If you are, it can pay off in a big way. Some of the most successful traders in the world have mindset coaches, so it could also pay off to write a journal about your emotional progress in terms of how you feel after a winning or losing trade. It’s a great way to prove to yourself that you have the mental fortitude to start risking your own money in live trading conditions.

Create a goal to transition to a live trading account

The day will come when you want to transition into a live trading account and try to reap the rewards of your hard work in live market conditions. However, when that day comes, it is down to you. So, the key question you have to ask yourself is what needs to happen first before you make that transition?

Some traders like to set goals. For example, it could be reaching 10% on your demo account money balance, or it could be simply reaching 20 trades, or it could be achieving three months of profitable trading first. One of the benefits of starting with a demo is that it can provide a seamless transition into a live account as your platform. The charts you use and your trading plan can all remain the same – and probably should!

How Do You Set Up a Demo Trading Account?

If you are eager to start trading in a risk free environment right away then it only takes a few clicks to open a demo trading account. After inputting your name and email you can begin to enjoy benefits such as:

  • The ability to trade on any device (Windows, Mac, Android, iOS, etc)
  • A fully immersed live market experience
  • Free market data and real time news
  • An expert quick-start guide
  • 30 days access, or for a lifetime when opening a live trading account

With risk-free access, isn’t it time you joined the world’s growing trading community too?

Forex 101 – Free Online Trading Course

If you’re a rookie trader looking for a place to learn the ins and outs of Forex trading, our Forex 101 Online Trading Course is the perfect place for you! Learn how to trade in just 9 lessons, guided by a professional trading expert. Click the banner below to register for FREE!

About Admiral Markets

Admiral Markets is a multi-award winning, globally regulated Forex and CFD broker, offering trading on over 8,000 financial instruments via the world’s most popular trading platforms: MetaTrader 4 and MetaTrader 5. Start trading today!

This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.

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