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Because forex (FX) is a decentralized market in which dealers disseminate their own price feeds through proprietary trading platforms, it is crucial to learn the features and idiosyncrasies of each type of trading software before committing real funds to an account. Figure 2 - A more integrated platform from Oanda that tries to combine quotes, charts and account balances all on one screen.
Placing Orders As a trader, you should always try out dealer demos before trading live - it's the only way to become familiar with the different features of various platforms.
It's a good idea to place at least 20 demo trades on each platform before trading actual money, just so you can master the specifics of order entry on each platform. Figures 7 and 8 - Note how the FXCM platform elegantly separates closed trades, outstanding orders and floating positions and then tidily summarizes all the key activity in an account summary. Trade Like It's Real Once you have mastered the mechanics, you can use the demo platform to experiment with various trade sizes and styles and determine your trading personality. The primary focus is on execution - quotes, positions and account balances are all clearly marked and visible. For example, some platforms simply use pop-up tickets, while others actually mark the order location on the chart.

You may be perfectly calm about sustaining a $10-million loss with fake money, but might become completely unhinged over a $100 loss in your real account. Many successful traders will test strategies and set-ups on practice accounts before they try them out with real money. Every reputable dealer in FX allows potential customers to download a free demo version of its software. To make demo trading as productive as possible, you need to trade the demo account as though the money were real. Although demo trading will not guarantee you profits in real life, almost all traders agree that if you cannot first achieve success on a demo, you are almost certain to fail in your live account. Some platforms allow you to choose market or limit orders after the quote window pops up, while others force you to make your selection beforehand. Dealers simply produce detailed transaction histories - in an electronic format - from which the traders must then compile their own tax reports.
For example, if you plan on funding your real account with $5,000, don't trade a demo account that has $100,000.

Here we'll discuss the importance of demo trading and let you know what you should look out for when trying different platforms.
Such an arrangement clearly calls for a trading platform with highly organized and flexible reporting functions. The thrill of a $1-million trade can give you a temporary high, but it will only hurt when you have to transition to a real account, because you will have no sense of proportion and will likely make drastic errors in judgment. But reporting quality varies greatly from dealer to dealer: all dealers will provide you with a full transaction report, but how those transactions are laid out could mean the difference between spending hundreds of hours on reconciliation or taking one minute to print out a final report to present to your accountant.

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Author: admin | 06.11.2014 | Category: Online Stock Trading Company

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