Forex Trading Course - Part 1.6
Setting Up a Demo Account
In this lesson I am going to show you how to set up a demo account.
A demo account is simply a trading account that you can trade on using real market conditions, but without using actual money.
This is a great way to learn how to trade as I have no doubt that you will be keen to dive into trading, but inexperience will most likely cause you to lose your money. If you can stay disciplined and get into good habits using your demo account - you are more likely to be successful when trading with real money.
If a friend told you that they had never traded before, but they wanted to trade £1,000 of your money and split the profits... would you do it? Probably not! Therefore, if you have no experience trading yourself - wait until you have some experience before investing your hard earned money.
For example, if you are planning to start trading with £500 in your trading account, don't choose a starting balance of £10,000 for your demo account!
Once you have a demo account registered you will need to download the trading software from your broker's website (in most cases this will be MT4 or MT5). I still use MT4 personally as it has everything you need and is easy to use.
Once you have downloaded MT4 you will then need to login to your account to see live charts and be able to trade!
When prompted to login, you will want to choose to sign in to an existing trading account. Your broker will have sent you login credentials which is likely to be a number for the login, a password to enter and also a server to login to. You will need to choose the right server for your account to link so make sure you select the right one!
Hopefully you will now have your demo account linked to MT4 and are now able to trade!
If you have any issues connecting your account, feel free to contact us and we'll do our best to help :)