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How to trade forex: Getting started with a trading platform

by , 17 June 2015

The easiest way to trade forex is by using an online trading platform. By using a trading platform, you can really get to grips with how forex trading works.

So how should you start trading forex using a trading platform?

Read on to find out…

Using a trading platform to trade forex

When looking for a trading platform to use to trade forex, it’s important to look for one that has a demo account for you to use.

A demo account is a great way to learn the ins and outs of forex trading.

Using a demo account has a number of advantages:

  • It will help you really understand how forex trading works;
  • It will help you understand how the trading platform works;
  • You can check how well your trading strategy works without risking any of your own money; and
  • You can check how effective your risk management is.

You should use a demo account until you feel completely ready to trade forex.

What to do with your trading platform first

A demo account will help you gain a thorough understanding of how forex trading works.

A demo account can help you to:

  • Decide what currency pairs to trade and that work best with your strategy.
  • Decide what level of risk you’re happy with.
  • Find the best times for you to trade.
  • Find the best stop loss levels for you.
  • Test your strategy out over a period of time to see how well it performs.

Whilst using a demo account, you can make mistakes without having to feel the pain of real losses.

Only once you feel you’re completely up to speed with all aspects of forex trading and your strategy is yielding good results, you can move onto trading with a live trading account.

So there you have it. How to get started with a trading platform when trading forex.

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How to trade forex: Getting started with a trading platform
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