Now that we know the basics of Forex trading, the next step would be trading the currencies. It is highly recommended to trade using demo accounts for atleast 6 months before you go live. It gives an opportunity for you to get familiarized with the trading methods and strategies. Trading Forex is not an easy task. It requires a lot of hard work and patience. Do not hurry and open a live account. It may lead to a very bad experience.
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Which is the Ideal time to open a forex account?
It depends. Few may feel confident enough to open an account within 2 months. But if you ask is it the correct time? I may say No. It is YOU who have to decide. Just think.- Am I ready to bear the loss?
- If I do a mistake, Am I in a position to accept it? (both mentally and financially)
- Do I have the right Forex broker?
- Do I have the required knowledge and experience?
These are few questions you must ask yourself before opening a live account.
Choosing the Right Broker:
Even if we have enough experience and knowledge, the broker we choose plays an important role in our trading life. Be sure that you have chosen the right broker before trading live. Have a look at how to choose the forex broker who is right for you.Before going live with the broker, do trade with their demo account.
Few Forex brokers who offer Demo account
There are many brokers. Choose your broker wisely. I would suggest you to open demo accounts with 3 different brokers and compare your broker's feature and choose the best for you.Each broker has a different software and they provide online training on how to trade forex with their software. Most of the forex tutorials they provide are easy to understand. It is upto you to choose the right broker.
My question to you:
When do you think is the right time to open a live forex account? Do share your views so that all can be benefited.
