The present economic outlook is uncertain and you want to start to feel more secure. This means earning a second income from a different source. Many people are attracted to the stock market and currencies but worry about making losses. Well with a demonstration account you learn at no cost.
When you think about it, it is quite sensible. After all airline pilots don’t go straight from reading the instruction manuals to flying the plane. They spend hours in flight simulators before flying the real thing. Wouldn’t it be good to apply the same to Forex trading?
After reading the books, perusing educational websites and maybe doing courses you feel the time is right to start trading but worry about the learning curve. You may lose money too quickly as you master the techniques. Well now with a demonstration Forex account you can trade to your hearts content without risking a penny.
Most of the major financial trading, spread betting and brokerage sites, which are after your custom, now allow you to join and trade with virtual money. They will often also have some free training as well. The reason for these accounts is that they want you to become confident and start trading for real. Because don’t forget they make money when you do as well as when you don’t.
It makes sense to avoid any site that tries to take personal details or credit card information off you as part of the sign up process. Don’t pay any site for the use of the ‘free’ demo programme. These are simply common sense approaches to take on many online sites not just financial ones.
You use the demonstration account exactly as you would a real one. The trading decisions you reach are based on whichever technique you want to use and then implemented. Your positions are kept within the demonstration program but it feels just like the real thing. The currencies are moving up and down as in the real markets, you make profits or losses the same.
You learn to run your profits, cut your losses and experience some of the emotional ups and downs of real trading. It’s a perfect start.