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Trading forex can be both very profitable and risky. The forex market offers traders the potential to make some serious returns on their investments, much more than other traditional markets like the stock market ever could. This is in part due to the volatility of these markets and the speed at which they can move. Volatility brings with it great risk and at the same time great reward. If you are seriously considering getting started trading forex, then the best way you should begin is with a free forex demo account. Finding the right kind of demo account can sometimes be tricky and you may need to spend a little more time than usual researching and making sure that you can find a demo account with a forex broker that offers you all the features that you need. Follow the tips below to make finding a forex demo account broker easier.
The first thing is that you will need to decide if you want to open a demo account with a broker that you may use for live trading or will only use for practice. It is much easier to make the transition from demoing to trading live if you are able to find a suitable broker that offers a forex demo account and they also offer all the features you need if you were to trade live. This isn’t crucial if you are just starting out but it is something you can keep in mind. If you become familiar with one broker’s trading platform, when you make the move to trading live it would be much more seamless. If you demo trade with one broker and then start trading live with another, you may find that their trading platforms are very different and this might have an impact on how well you perform at trading. Something much more important than this is picking a demo account with the right kind of leverage.
Leverage can be your friend and it can also be your worst enemy. Many new traders see leverage as their friend and often pick the highest ratio possible. What usually happens is the blow up demo account after demo account and completely give up on trading. Some new traders do well with demo trading and when they begin trading live the leverage is too high and wipes out their trading capital. Ask yourself what kind of leverage you are realistically looking to live trade with. Don’t demo trade using 400:1 and then begin live trading with something else. This will seriously affect your trading results. If you are a conservative trader and want to play it safe, then you may need to find a broker who can offer 50:1 or 100:1 leveraged accounts. Demo trade with the same leverage you would use if you were live trading.
Picking a good free forex demo account isn’t too hard. There are an enormous amount of brokers in many different countries around the world that can provide you with free trading accounts so you can dabble in the world of trading. Finding a broker who you would also live trade with can be a huge advantage as you won’t have to learn a new trading platform when you make the move from demo to live trading. Also make sure you find a broker who can offer you a varying degree of leverage ratios. You might need to play with different leverage ratios until you find one that suits your specific trading style.
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Automated trading is changing the very nature of trading. With it’s black box approach, an automated trading system can be used by anyone to trade. Forex trading is especially suited to the development of automated trading systems. There are only six major currency pairs that account for more than 90% of the trading volume in the global currency markets as compared to the stock market that has thousands upon thousands of stocks. In the past few years, the development of the Meta Trader MT 4 platform has revolutionized the development of automated forex trading system also known as Expert Advisors or Forex Robots. Now if you are a trader with a good mechanical trading system, you don’t need to be a high class programming expert to develop your own automated trading system!
Any mechanical trading system can now be automated. Automation of trading systems have made trading easy for many people who had never traded before! The automted trading system or what you call the Expert Advisor trades automatically opening the trade when the conditions are right and closing when the profit targets are met or the market is showing too much volatility.
Forex trading has become real easy with these Expert Advisors. Previously it required a lot of training and hard work to master forex trading. Not anymore. Now, anyone can trade forex using these Expert Advisor with very little level of skill as a forex trader. Every months, you will find new forex robots been lauched with tall claims made by the developers.
But how do you know this forex robot is good. Backtesting is no good. It is done with historical data. So anyone can do curve fitting to get excellent backtesting results. Market conditions keep on changing. Market behavior is organic. Whatever happened in the past is no guide for the future. Remember, the crash of 2008! Those were unprecedented times, no one had any idea what was going to happen in the future.
This is the problem with these forex robots. They need to be continously optimized for the new market conditions. It is unlike the set and forget system. Most forex robots are very simple and use just two or three indicators to generate buy or sell signals. To evaluate the performance of these different forex robots in the market, FXCM and Boston Technologies a few months back announced the world’s first ever Forex Robot World Cup. Any developer can register his or her forex robot in the competition. These forex robots will be tested under real live market conditions will real money. The developer of the winning system will get a cash prize of $100,000.
Many developers are taking part in this competition. Their robots will be tested under real live challenging conditions. The competition is ongoing. When the winners are going to be announced, this will be the first time that you can look at a list of forex robots and their live testing results done by a third party.
Over the next few years, better and better automated trading systems are going to hit the market. More and more people will be using these automated trading system to make money on autopilot while they sleep!
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