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Demo

  • #1
  • First Post: Dec 4, 2007 9:27pm Dec 4, 2007 9:27pm
I am almost done with my studies/lessons about the basics of forex.. Now, I am planning to go on Demo.. It would be nice to see how really trading works.. I am pretty excited to it.. So do you have any suggestions before i start going demo? Could you recommend what are the best things to do before going on? I would appreciate all your comments and suggestions..

Thank you! http://forums.babypips.com/images/smilies/smile.gif
  • #2
  • Dec 4, 2007 9:45pm Dec 4, 2007 9:45pm
Quoting ladytrader
I am almost done with my studies/lessons about the basics of forex.. Now, I am planning to go on Demo.. It would be nice to see how really trading works.. I am pretty excited to it.. So do you have any suggestions before i start going demo? Could you recommend what are the best things to do before going on? I would appreciate all your comments and suggestions..

Thank you! http://forums.babypips.com/images/smilies/smile.gif
I'm sure you'll get a lot of good suggestions here so I'll only leave one:

Make sure you thoroughly understand money management. Learn the difference between true leverage and the leverage offered by your broker. Learn proper trade size. Treat your demo account as if it were real money. If you learn to use proper money management while demoing it will already be a matter of habit when you go live. Good luck with your demo!
  • #3
  • Dec 4, 2007 10:03pm Dec 4, 2007 10:03pm
Quoting billflet
I'm sure you'll get a lot of good suggestions here so I'll only leave one:

Make sure you thoroughly understand money management. Learn the difference between true leverage and the leverage offered by your broker. Learn proper trade size. Treat your demo account as if it were real money. If you learn to use proper money management while demoing it will already be a matter of habit when you go live. Good luck with your demo!
Thank you for your suggestion.. It would be a big help for me to use them as guidelines..

Anyway, I know what Demo means but honestly i really don't have any slightest idea on how it will work.. On what is the first thing to do.. I don't even know how to use the menus and all the stuff inside it.. So it would be probably new to me.. Anything you could suggest on what would be the first thing to do..? as what they say, first thing first..

I would appreciate all the help.. Thanks!
  • #4
  • Dec 4, 2007 10:14pm Dec 4, 2007 10:14pm
When you download your demo it should have a manual or tutorial with it. This will show you how to use the charting tools aand how to place orders, etc.
  • #5
  • Dec 4, 2007 11:12pm Dec 4, 2007 11:12pm
Quoting billflet
When you download your demo it should have a manual or tutorial with it. This will show you how to use the charting tools aand how to place orders, etc.
Okay.. thanks! So anything you could share what is the nice software i could download for me to use for the demo trade? with regards to the tutorial, i like that.. it would be a big help..
  • #6
  • Dec 5, 2007 1:05am Dec 5, 2007 1:05am
Just my opinion but I would look at using a few demo's to start with. You need to get a feel for each platform. The most popular are Oanda, FXCM and any platform that runs metatrader4...Interbankfx, Alpari etc. Most platforms are easy to use and have good tutorials.
Good luck.
Cheers
  • #7
  • Last Post: Dec 5, 2007 4:36am Dec 5, 2007 4:36am
Quoting Antra
Just my opinion but I would look at using a few demo's to start with. You need to get a feel for each platform. The most popular are Oanda, FXCM and any platform that runs metatrader4...Interbankfx, Alpari etc. Most platforms are easy to use and have good tutorials.
Good luck.
Cheers
Thanks for the suggestions! I might try Oanda.. I always heard it so i will give it a try..
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