Practice will provide you with the skills you need to become an accomplished trader. With practice, you can determine your flaws in advance and attempt to fix them before you begin to risk real capital. When athletes play sports, the key for success is constant practice. Few eliminate practice and go right into a game. By practicing your trading strategies, which include your entry and risk management, you will fine tune your trading skills.
Practice What you Plan to Do
The key to successful trading is to practice exactly what you will do in real-time and once you are comfortable, begin to trade with real capital. You should try to avoid scenarios where you practice one thing and then do something completely different when you trade real capital. So, if you plan to trade on the go, make sure you practice using your mobile app. You don’t want to get into a situation where you practice in your home or office and then start to trade on your mobile without having simulated how you are going to trade. The best way to practice trading is to use a demonstration account.
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What is a Demo Account?
A demo account is a practice simulator that allows you to practice your trading on securities without risking real capital. Your broker will provide you with demonstration capital, which you can use to track your performance. A demo account usually allows you to trade a wide range of instruments and calculates your real-time profit and loss. You can design trading strategies and practice risk management using a demo account without risking your money.
With a demonstration account, you can explore the financial markets and get a feel for how they move without risking a penny. You can gain experience and learn about the different emotions that you might experience during your trading experience. You can also learn how to chart the markets and generate a track record before you risk your capital. You can also get a feel for each broker’s platform and determine which mobile app is right for you. Most brokers require your email, name, and address before they will allow you to open a demonstration account. Here are some of the best mobile apps with a demonstration account.
Oanda has a demo account and a wide variety of securities that you can use to trade. They provide more than 70-currency pairs and a wide range of CFDs. Their mobile platform is sophisticated and sleek, providing traders with charts and graphs.
AVA is a popular mobile app that you can use to trade forex and CFDs. The App is available on Android and IOS. You can trade via demo account on the app and if you trade forex, you can apply for leverage. The app has sleek features and allows you to smoothly move from section to section. The app appears to be reliable and there have been few complaints about crashes.
The iFOREX app works on both Android and OIS which can be downloaded for free on the App store or Google Play. The app provides traders with lightning fast execution and position monitoring. It has a solid demo account. The app provides charting, real-time quotes and breaking news.