To trade forex profitably, you need to have the best trading forex broker coupled with an easy to use trading system.
Through the forex broker, you are able to access a trading system. Once on the trading system, you can now access the forex market to trade your favorite currency pairs and to make profits.
There are different types of accounts that you can get from your forex broker. A demo account and live trading account. With these accounts you can learn how to trade, and, practice what you have learnt to make profits.
Open a Demo Account
A demo account is a forex account that you use to learn how to trade forex.
It gives you access to the forex market in real time. You can access the market to make your trades. The trades you make through the demo account are for training since the account contains virtual money to use for this purpose.
Through this account you can get the skills to read charts and indicators and to make investment and trading decisions. You can also access the different categories of investment products available in the market and learn how to invest in them too.
You can open a demo account on the forex metatrader4 trading system provided by your forex broker.
To open a demo account, you need to download and install the Metatrader account onto your PC. You can also download the mobile app on your phone. Once the system is in your devices, test it to see that it is okay.
Now, customize your account by filling in your personal details.
On the main menu, click File and choose open account, select your trading servers and complete registration details.
You can now get started on trading with your virtual money.
Open a Live Trading Account
When you have finished training in the demo account and are ready to move from virtual money to investing real money you need to move to the actual trading account. This account is known as a live trading account.
A live trading account just like a demo account provides you with real time access to the market. However, it does not contain virtual money to trade with. You will have to fund your account with real money to trade.
Your broker will give you instructions on how to fund your live trading account.
Once your account is funded, you can trade, make profit and withdraw your profits. With a live account, you can trade other asset categories.
You can also gain leverage from your broker to enable you to hold larger positions on your investments and make larger profits. Leverage can also lead you to make large losses.
With a live account, you can get different types of assistance in trading from your broker. You can get research and analysis to help make the right data driven decisions towards your investments. You can also get tips and news that are likely to affect the market in terms of prices.
Opening a live account is a quick and simple process.
The first step in opening an account is choosing a forex broker. From your broker’s website choose to sign up for a live trading account.
You will be directed to open an account with your broker first. You will need your personal information to complete the account opening process. Your broker will then give you a link to the Metatrader4 platform to open a live trading account.
Download the MT4 account onto your device. Run it to make sure that it works on your device. Open a live trading account, fund it, start trading and make your profits.
The Metatrader4 platform is the most popular trading platform with forex traders and brokers. You can open a demo account to learn how to trade. Once you are ready to risk your own money and make trading profits, open a live forex Metatrader4 account.