Forex practice account adherents are noted for rising fast and utilizing more in depth technical analysis as the basis of their trades. The idea of a Forex practice account was unthinkable just a few years ago. However with modern information technology it is now possible for beginner traders and advanced tacticians to simulate their trades with unparalleled accuracy.
Even simulated trades are impossible without a dedicated platform to perform them. The majority of new traders opt for Metatrader 4 as it is the most accessible platform available and boasts a highly efficient demo mode. Metatrader 4 is a low spec program that prioritizes speed and efficiency over sophisticated bells and whistles that 99% of traders will never use anyway. Metatrader receives Forex market updates in real time; demo trades are based on this real market info and results show what would have happened had the trader placed their order for real.
Most brokers will set up a new trader with a MT4 demo account for free. That means traders really have nothing to lose in trying it; if they find their trades are successful they know they possess the potential to have a lucrative career as a Forex online trader. It’s worth noting that since the development of Forex practice accounts new traders have experienced a considerably smoother learning curve than before; their ranks have swollen considerably as a result, in fact the number of active Forex traders has more than doubled in the last ten years.
When traders have learned all there is to learn from a Forex practice account it’s time to graduate to standard account. Most brokers require a cash deposit before they can open a standard account usually around $1,000 minimum. Be sure to shop around for different brokers before you settle on one, only the best can provide the service and guidance you deserve!