A trader can practice and grow his trading strategy in a free forex demo account mt4 just like real trading environment, even without risking any real money. We often think that only newbies like to trade in a demo account, but it’s not true. It is often noticed that even experienced traders and professional traders use demo accounts to shine in their trading skills or practice any new strategy.
So in this piece of article, we will discuss how to open a free demo forex trading account with a forex company, how to use mt4, forex trading contest, currency trading game, and many more associated with the demo. Before starting trading forex, seemingly many think that the online trading journey is an easy game, but the irony is that the forex platform features are not an easy task. Instead, it’s a crucial one.
For this very reason, a demo account is a necessary part of forex trading. Taking the help of a demo account, we can easily test every platform of forex trading like mt4,mt5, crater platform, or web trading. As every platform of forex trading is very important so even if you are an experienced trader, you should also test it in some demo trading accounts account before risking your hard-earned money.
Is forex demo account really free, or everything is a myth
Before trading in real market conditions with real money, you need to know the pros and cons of any particular broker or a particular platform. As there are variations among different platforms and different brokers, so if you aren’t accustomed to the brokers’ ins and outs, you will not feel comfortable trading with them. That’s why brokers give you the chance to test them first. Many times novice traders first start trading demo accounts and when they love the features of any particular broker, they create a live account with that broker. So as brokers are very clever, they don’t want to miss this opportunity to catch new customers.
Even many aspiring traders who are already trading in different brokers test a new one to find the best company. And for testing, no one wishes to lose real money.
So before putting your hard-earned cash on the table, first trade in a demo account, and when you can develop a rock-solid trading strategy, then go for a real account with real money. It is recommended that you trade at least 500 trades in a demo account to know the broker and platform’s entire mechanism.
Emotions is a great factor achieving profit in currency marlets
Traders make a profit in free forex demo account mt4 but a loss in live trading. This is the typical scenario. Do you know why? Because in demo trading, we are not putting real money, in the real market. So our emotions do not affect our trading. But in real trading, we invest real money, so our feelings become our enemy. Our brain doesn’t work correctly, and with a small amount of loss, we get panicked.
If you are an impatient trader and can’t wait for live trading, even making losses in a demo account, then a 100 % chance is that you will end up blowing up your account in real trading. Not only once or twice, but as many times as you invest in a live account, you will blow it up. So first, try to be a profitable trader in a demo account. Remember, the live trading is much more complicated than the demo, as, in live accounts, real emotions are involved.
It doesn’t matter how impatient you are. Wait at least six months and stick to a demo account.
Free forex demo account mt4 vs real account
In the demo account and real account, everything is the same except the balance. In the demo account, the balance is fictional, but in the real account, the balance is real. In a demo account, if you blow your account, you just call the broker’s support team and reset your credit, but in a real account, once you blow your account, your hard-earned money is blown. Once it is gone, it is gone forever. If you want to trade again, then you need to reinvest.
Psychological pressure is high on live accounts, whereas you trade-in relax mode in a demo account as in a demo account, you are trading with virtual funds. These two factors are the primary difference between a demo account and a live account.
To succeed in demo stick to only major currency pairs
Eurusd, gbpusd, audusd,nzdusd,usdcad,usdjpy are the major currencies. and as we know, majors are the most traded currencies, so spreads are very low in majors. If you just stick with major currencies, then your profit-making chance will be a win-win situation. Newbies get panicked when they face slippage, in major, as there is no slippage, so majors are the best choice for starting this business.
Different platforms of demo accounts and their key difference
There are various types of Free forex demo account mt4 platforms out there online. But the most commons are
Mt4 platform: mt4 platform, also known as MetaTrader four platform, is a popular trading platform. It is very popular among professional traders and analysts. Traders worldwide, both beginner forex traders and professionals, use MetaTrader four as their trading execution platform.
Mt5 platform: The MetaTrader 5 platform is the newer version of the MetaTrader 4 platform. Although most of the features are similar to mt4, if you use mt5, then you will remain up to date in trading.
C trader platform: c trader demo trading platform is luxurious. Advanced traders use this. Although this platform is gorgeous, new traders don’t understand the use process of this platform.
Web trader platform: it doesn’t matter whether you are at home or not using a web trader platform; you can execute your trade even sitting in a cybercafé or your friends’ computer. You don’t need to download any platform. That’s why many like this platform.
Mac platform: if you are a mac user, then you can download the mac platform. Most of the things are common like windows platforms, except some extra features added there.
Mobile app platform: nowadays, many traders wish to trade using their handset. For huge customer demand, most online forex brokers now offer mobile trading platforms. Even many professional traders use mobile phones to manage their running trades.
Forex trading contests and competitions on Free forex demo account mt4 2022
Competitions are always alluring. Not only newcomers but also many professional traders enjoy different types of contests offered by various brokers. Although most of the time these contests are held with demo accounts and with virtual money, if you participate in these contests, then undoubtedly, your trading skill will be improved. Moreover, if you win any competitions then with the prize money you get you can start your live trading.
Many professional traders also build and shine their strategy through these competitions.
Demo contests are on a daily, weekly, monthly, and quarterly basis. But if you are a serious trader, then you should go for quarterly or at least monthly basis contests.
Although most of the contests are free, there are some premium contests also like ftmo. The premium competitions offer you 70%-80% profit sharing taking only less than 200 dollars. Suppose if they give you 50,000 dollars as a trading balance and you make only 20%, then the amount will be 10000, and 70% of 10000 will be 7000 dollars, which is huge for you as a demo trader.
Another astonishing fact about demo contests is you can practice proper money management here. If you compete in 5/6 demo contests, then your psychological problem towards trading will be solved, and your money management skill will be boosted.
How to compare different types of forex demo accounts
As a trader, you have to find the best demo accounts suited for you. Different types of demo accounts are available online, like time limit, balance limit, and so on, so you must have to make a deep-down analysis to pick the best one.
forex demo account no expiration: many brokers offer one-month demo accounts like pepperstone brokers. If you trade with them, then your account validity will be over after one month of tenure. However, you can open a new account if you wish after the one-month tenure. If your strategy suits you to test it in a shorter period, like one month, then open an account with pepperstone.
Free forex demo account mt4 unlimited time: But if you wish to test your skill for more than six months or one year, you choose some other broker who offers you unlimited periods like ic markets, XM, fxcm trading station demo account,ig markets, Saxo Bank, Dukascopy and many more. These accounts are called forex demo account no time limit.
Trade without registration: Some brokers give you a chance to trade with them even without any registration, like sign up. Here you can trade without providing any personal documents. They won’t trace you and won’t send you any promotional email SMS and anything else.
But some brokers need a robust registration process to open an account with them.
Paid demo accounts and Free forex demo account mt4: In most cases, you don’t pay any money to your broker to start demo trading. And these types of mt4 demo account does not expire. You just open an account, sign up with them, download a demo platform, and start trading. Some brokers demand some payment in some very rare cases to start even demo trading with them.
Customer service: Remember top class brokers give priority not only their active clients but also their potential clients. If the customer secvice is not good enough then don’t choose that broker even for demo account trading!
If you wish to acquire more trading knowledge in the forex market arena without investing even a single penny, then starting with a Free forex demo account mt4 is the best solution for you. After doing massive research about which types of accounts will best suit you, just open an account with that. If you gain a vast knowledge trading demo, then participate in some contests and try to win it. If so, now you have cash in your hand, and with this cash, you now trade in your live account. So everything you are doing is done with zero balance, and it’s possible only because there is a demo account for you. You are trading without money. From a practicing trader now you have a forex live account. Bingo!
Professional trader’s opinion about forex demo account
“Most of these brokers offer free demo accounts so you can test the brokers and their platforms with virtual money”Kate Leaman
” Forex demo accounts allow traders to test their strategies without any risk”Ivan Andriyenko
” Demo allow you to trade in live forex market conditions”Kane Pepi
Some powerful strategies to trade on free forex demo account mt4
- Fall In Love With 50 Pips A Day Forex Strategy : First, try to get only 50 pips a day. If you succeed, then go for Live. If not, stick to dem,o trade.
- 20 pips a day forex strategy for 2022 : This strategy describes getting 20 pips with a default indicator like RSI.
- 2 doji candles in a row strategy for 2022 : Just master the Doji candle, and your Trading will be improved to the next level. Son, you will become a professional trader. Two Doji in a row is a powerful setup.
- 1 min macd scalping strategy for 2022 : Scalping is a risky trading method, so Demo is a perfect place to practice scalping.
- How to trade forex using 1 2 3 pattern indicator : Before going to Live Trading, practice this custom indicator-based strategy in the Demo, and get the custom indicator completely free.
- Non repaint reversal indicator mt4 free download : Most of the technical indicators we know that repaint. So I shared an indicator which is most of the cases don’t repaint.
- Best currency strength meter for 2022 : A currency strength meter works best on highly volatile markets. But before going Live Trading in the highly volatile market, it is recommended to practice on Demo.
- Automatic support and resistance indicator mt4 : Another custom indicator-based strategy. This strategy is built-in with support and resistance.