Forex demo account
-
amir
- Blog
Introduction:
In the lucrative and dynamic world of the forex market, newbies face challenges that require training and experience. One of the basic tools to get to know this market is to use a demo account or test account. In this article, we will examine the benefits and tips of using a demo account in forex, as well as creating a demo account in forex, how to open a demo account in forex, what is a forex demo account, how to work with a forex demo account, how to create a forex demo account, training We pay forex demo account.
Part I: Concept of demo account
What is a demo account? how it works? This section explains these issues and examines the role of the demo account as a training and simulation platform.
A demo account in the forex market or currency exchange market means a trial or simulation account. These accounts allow people to experience trading in a real environment without financial risk and using real money. With a demo account, traders can test trading strategies, learn how the market works, and improve their trading skills, all without taking any real financial risk. A demo account is usually available as a useful educational tool for those who want to trade the forex market and other financial instruments.
Part II: Advantages of using a demo account
The first advantage of a demo account in forex is risk-free learning.
A demo account allows beginners to explore all aspects and concepts of the forex market without any financial risk and on a trial basis and learn different strategies. Perhaps the first advantage of having a demo account is whether you like the forex market or not. When you don’t pay money to open your account, it means you haven’t paid any money to create your business.
The second advantage of a demo account in forex ; Trading with a demo account is a complete introduction to the trading platform that will be your working room in the future. By entering this working room, you will get to know all the parts and buttons and its facilities before paying money and opening an account. This means that you can drive a car for a long time without making any payments before paying for it.
The third advantage of a forex demo account is testing your strategies. Imagine that you have a strategy that you need to test. Now that you’re not going to pay for your account, your best chance is to test it out on a demo account.
The fourth advantage of a demo account in forex is to test capital management. If you have learned Forex correctly, you know that professionals never risk more than 1 to 2% of their capital in their trades. Therefore, you will test this in the demo account.
The fifth advantage of a demo account in forex is to control emotions. If you have studied forex technical analysis, forex fundamentals and forex market psychology, you know how important it is to control emotions in trading. The demo account has many important and valuable points. In the following, we will settle for just one more item.
The sixth advantage of a demo account in forex is to test the broker and the services that are going to be given to you. If you have read our article on what is a broker, you know that one of the important points before choosing a broker is to test the services that your broker is going to provide you. So by having a demo account, you will have the opportunity to test the performance of your broker.
Getting to know the business platform:
Using a demo account helps newbies to familiarize themselves with their trading platform and learn about different trading tools.
Third part: How to open a forex demo account and benefit from it
Creating a forex demo account
There are two ways to create a forex demo account for forex trading. One way is to use the Metatrader trading platform and the other way is to use the user’s trading cabin at the forex broker. Some brokers only allow the creation of a demo or trial account from the user account cabin, but some other brokers allow the creation of a demo account both through the user account cabin and through the Metatrader trading platform. Here we teach you how to create a forex demo account using both methods.
First, you enter the broker site. Here we give an example of a selected broker. First, we enter the broker site. To enter the broker site, you can click here . Click the registration section.
Creating a forex demo account
Now type your full details in English letters in the blank fields. In order: select full name, nationality from the drop-down triangle and in the next box enter the actual mobile number and below the mobile number you must type the email correctly. and select the tick to accept the conditions. If you have an identification code, enter it in the referral code field and click on the green “Continue” option at the end.
Creating a forex demo account
After filling the registration form, you enter the following environment, which defaults to creating a trading account.
You can choose a demo trading account from this section and specify the type of trading account for yourself, and at the end click open account to create a demo trading account.
Creating a forex demo account
Creating a forex demo account
Creating a forex demo account
Creating a forex demo account
As shown in the photo above, this broker has two trading platform models, Metatrader 4 and 5.
You can change the type of platform or the same trading platform with the drop-down sign in front of “Account Type”. The next option is “Account Type”, which was placed in the demo account, two types of trading accounts for customers, both in the Metatrader 4 trading platform, and in the Metatrader 5 trading platform, there are two types of trading accounts, one of which is appropriate. Choose with your trading plan. After filling the account form, click on the account opening option to create the account.
Creating a forex demo account
Creating a forex demo account
Now you can download and install the MetaTrader trading platform from the “Download Terminal” section.
How to install Metatrader 5 on Windows
To install the Metatrader5 platform on the Windows operating system, you need to install and run mt5setup.exe after downloading it from your broker’s site. The installation of this program is on the web, which means that most of it must be downloaded from the Internet.
The Metatrader terminal installer determines which version of it should be installed according to the operating system.
How to install Metatrader 5 on Windows
How to install Metatrader 5 on Windows
In the first step of installation, read the program description and also the copyright warning. To know the latest version of the agreement, click the ” Next ” button. If you agree with all the terms of the agreement, click the ” Next ” button, and if you do not agree, exit the terminal installation program. When you click “Next” for the first time or at the stage of reading the agreement, in the background, the terminal will start downloading from one of the servers. The server that is closest to the user and has the lowest ping is selected for download.
How to install Metatrader 5 on Windows
At this stage of installation, the following parameters must be selected:
Installation folder : In this field, a folder is selected to install the terminal. You can specify another desired folder by manually writing its path or by using the ” browse ” button.
Program group : The name of the program group created in the ” start ” menu is specified in this field.
Create a shortcut : If you select this field, a shortcut will be created on the desktop to launch the Metatrader terminal.
Start the program after successful installation : If this field is selected, the terminal will start automatically after successful installation.
You can also install Metatrader on the already installed version. In this case, all the settings of the new version will remain the same as in the previous version. Except for profiles and templates , for which the same default quality as the previously installed program is assumed, sent by the new package. If you need to work with several different accounts at the same time, each account should be installed in a separate folder and path. After clicking Next, the software installation process begins.
How to install Metatrader 5 on Windows
Click Finish to complete the installation process . After clicking Finish, the Metatrader page will open, where you can find the login option from the top bar and enter the login and password you created.
Note that some brokers have given users access to create a demo account through Metatrader.
How to open a demo account in forex with the help of metatrader?
How to open a demo account:
After installing the trading platform or the Metatrader platform and pressing the finish button, the Metatrader platform will appear on your computer screen as shown below.
How to open a demo account
To open an account as shown below, go to the first bar on the top left, i.e. the File bar, and click on the Open an Account icon.
How to open a demo account
After clicking on the button to open an account, you will see an image like the one below. As you can see, you can choose your broker from the menu you see in the picture. Of course, because we downloaded from the main MetaTrader website, you will not see a broker. But if you download from other websites, you will definitely see the names of some brokers.
How to open a demo account
Please press the Next button. After pressing the next step button, you will see a picture like the one below.
How to open a demo account
As you can see, the tick of the first part from above is automatically active. After making sure that this part is active, press the next step button again as shown in the figure. Now you will see a picture like the one below.
How to open a demo account
Please fill in all the items, tick the final section and press the Next button again. Now you will have the following shape.
How to open a demo account
Press the Finish button. Congratulations to you. Now you have a demo account in Metatrader software. To view your account, you can go to the Accounts section of the Navigator menu and see your account details.
How to install Metatrader 5 on Mac with Windows Metatrader platform
The Metatrader terminal can be installed and launched on Mac computers with the help of wine software.
Wine is a free software that allows Unix system users to use Windows operating system applications as well. Among the various versions of wine, there is also a version for the Mac operating system. Keep in mind that wine is not a powerful software. Therefore, some features, in an application that starts working under wine, may not work well or at all. For installation on Mac operating system, it is recommended to use the free Play on Mac application. Play on Mac is a wine-base software that is used for easy installation of Windows applications on the Mac operating system.
install play on mac
To install play on mac on the official site of this product, click on downloading the last version from the download link section.
install play on mac
After downloading, launch the pmg package from the downloads section on your computer system.
install play on mac
The Play On Mac first use window will appear. After clicking “next”, the installation of various details required to work will begin.
install play on mac
The first required part is xquartz, which is the required software for xwindows system on Mac operating system. Xwindows system prepares the standard tools and prerequisites needed to establish a graphical structure or software interface in this linux-like operating system. If you have already installed xquarts or if you want to install it later, select the options: “Don’t install XQuartz for the moment” and “I’ve downloaded file by myself” respectively. Installing xquarts has several steps. First, it is necessary to read the important information mentioned in Read me and agree to the terms of the license. Before installing the security system, the Mac operating system will ask you to enter the software password.
install play on mac
To complete the installation process, wait and restart your computer system to apply the changes .
After restarting the computer system, launch play on mac using the setup file in the download folder. The initial setup window will appear again. This time the Installer will ask you to install the required Ms windows fonts for better software performance.
install play on mac
Accept the terms and conditions of the agreement and wait for the installation process to complete. After completing the required steps, Play on Mac is ready to use and its main window will appear.
install play on mac
Update wine
Wine v.1.4 is installed along with play on mac. Wine v.1.4 is the latest version of this software. Wine v.1.4 beta has many additional optimizations ready for download. Although this software is still not powerful, it is recommended to install its latest version. To upgrade this software to the latest version, open the top menu of play on mac and select the section related to manage wine version. A window will open showing the available versions of wine. You choose the latest version. Bring the latest selected version of wine to the right side of the window. The installation will start.
. After all the installation steps are finished, the latest version of wine will appear in the wine version manager window of the play on mac software. At this time you can close this window and install the terminal.
To install the terminal, download mt5setup.exe . After the download is complete, click the setup file so that Play on Mac will open it automatically.
Update wine
The installation will be done step by step. Once the installation is complete, the Play on Mac software will offer you to create a shortcut of different sections namely Meta Trader , Meta Editor and Meta Tester . After the required shortcuts are created, you can use Metatrader . In Terminal, click Play on mac to launch the software.
Now you can benefit from all the features of the MetaTrader Windows program under the Mac operating system .
By default, Play on Mac considers a separate virtual drive for each installed software, where the terminal installation folder address is as follows:
Library\PlayOnMac\WinePrefix\Client_Terminal_\Drive C\Program Files\Client Terminal
Suggestions for trading on a demo account:
What is the best forex demo account?
When you create a demo account in forex and specify your balance, be sure to record the amount that you intend to trade with in the real account later. For example, if you are confident in your strategy and plan to open a real account for $10,000 after the demo account, put $10,000 in the balance of the demo account. Another important point: the trades taken in the demo account are without psychological risk, but in rail trades, there is psychological risk with the trader, and emotions affect rail trades. Therefore, when you practice with a demo account, assume that you really have a real trading account so that you do not be indifferent and passive about your trades.
To open a demo account in forex, it is better to compare the demo data with the real market data and see if the demo data is the same as the real data or not? Or in a broker that gives you demo account services, does the amount of the spread change or is it fixed at the time of the news?
Summary:
Using a demo account is an invaluable tool that guides newbies on the path to successful forex trading. By practicing and learning in a risk-free environment, these people can make the best possible decisions for investing in the currency market.
A demo account is a practice tool that allows traders to familiarize themselves with the conditions and features of the forex market and improve their skills without having to engage in the real risk associated with live trading.
- *Educational Purpose:* A demo account allows traders to test different methods, strategies, and tools without opening a real account. This allows them to implement and test their decisions in a risk-free environment.
- *Simulation of real conditions:* The demo account tries to simulate the market conditions in a way similar to reality. This allows traders to monitor the impact of market changes on their trades and improve their performance.
- *Familiarization with the trading platform:* The demo account allows traders to familiarize themselves with the trading platform being used and get familiar with its various features.
- *Test strategies:* Traders can test different trading strategies with a demo account and check their impact on profitability and risk.
- *No Financial Risk:* One of the main advantages of a demo account is that traders can improve their skills and experience without any financial risk.
However, each demo account has its own features and limitations, so it is always important to carefully review the terms and conditions of your demo account.
