Today almost every Forex Singapore broker provides its traders with a free demo account that saves the same layout as a real account. Trading on a demo is a great chance for a newbie trader to learn how to trade currencies in a real time with non-real money.
Here are some main points and tips about using the Forex demo accounts:
Manage your trial account similar to how you would treat Forex trading with real money. Don’t treat your virtual Forex trading as something not serious. Attempt to ignore the idea that the money that you are trading with is not real. Such an approach to demo trading will prepare you for a real trading where your own money is involved.
You will be surprised to hear that psychology plays a great role in Forex trading. When a newbie Singapore Forex trader is trading with the virtual money on a demo account, he usually doesn’t feel stress and fear of reducing his own hard earned savings. But when a trader opens an identical trading position using his own real money all these psychological factors are present there and they make a big obstruction for a successful trading. Trader must figure out how to control his mind-set and we would suggest learning to do it when you are trading with demo money.
Never underestimate the importance of a Forex demo trading account.
For beginner traders trading on a demo account is a must, as it helps them learn the market, muster the trading skills and get Forex experience. However professional traders also must devote some time to demo trading in special cases such as checking out a new Forex trading platform or a software. In this case it is always recommended to try a new platform in a demo first before starting trading real money.