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Abstract:The forex market is a dynamic market requiring skills and knowledge to win. Hence to master the act of trading, it becomes very necessary for every trader to practice first before proceeding to trade a live account. This is because practice makes perfect. Practicing with a demo account helps to prepare the beginner for the task ahead.
By: Chime Amara
The forex market is one of the riskiest investments in the world today. Often, the risk involved could be so high that one could lose his entire capital. To help traders minimize their risk exposure when they trade a live account, brokers often created a demo account used for practice, which helps traders to master the market and develop skills before proceeding to trade a funded account. Using a demo account is a very important exercise that all beginners forex traders in South Africa must embrace to reduce their risk exposure.
What is a Demo account?
A demo account is a practice account usually funded with false money and made available for beginners to practice. Demo accounts often mimick the live account and provide real market prices. They are offered to the beginner for practice before proceeding to trade a live account. A demo account is very necessary to all beginner forex traders; as it helps in mastering the art of trading and reduces their risk exposures.
Importance of practicing with a demo account before trading a live account
A. Helps to develop trading Strategy.
B. Helps to build experience.
C. Reduces the trader's risk exposure.
D. Builds confidence among the beginners.
E. Does not require identity verification documents (KYC).
F. Helps to master price actions.
G. Makes future trading easy.
H. Eliminates unnecessary mistakes while trading a live account.
I. Often used by experts to test new strategies they developed before practicing on a live account.
J. Used for back testing a Robot before linking to a live account.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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