Forex demo platform,binary option trading scams,online trading platform reviews,understanding price action trading - PDF 2016

16.06.2014 admin
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.
Basic Versus Integrated Platforms Looking at the following screen images, you can see how some platforms integrate everything from charting to news, while others have very simple layouts that focus only on price quotes, order entry and reporting. Figure 2 - A more integrated platform from Oanda that tries to combine quotes, charts and account balances all on one screen. Figure 3 - Another integrated platform, this time from FX Solutions, that squeezes a trade summary, quotes and market news headlines all into 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. A final note on taxes and reporting: as you try out the various dealers' platforms, you will find that certain functions are common across most software.

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. For example, some platforms simply use pop-up tickets, while others actually mark the order location on the chart.
A platform that reconciles all those trades into an easy-to-understand, end-of-year income statement, breaking down all profits and expenses, can be invaluable.
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.
This is critical if the customer is to become acquainted with the platform's layout and the means of order entry. 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.

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