Demo Account in Forex: When should You Stop Using it?

Foreign exchange is a financial market that can provide you with limitless possibilities to earn. For earning via trading currencies, you do need to develop certain familiarity with the market. A demo account can help you do that. If you are using this account or you will be using it in the future, you may wish to know till when you should use it and access a live account for making real profits. This is exactly what we'll be discussing today.

 

Indicators to Find out When to Stop Using a Demo Account

To begin forex trading, a demo account can give you a tour of what a trading platform is like. It can work as your partner and lay the foundations of your experience in the market. If you're completely new to forex and market operations, then such an account is exactly what you need as a beginner trader. Brendon Yong Weng Siang explains that while you start your journey in forex with this account, when you have gained the basic knowledge of the market, you can hope to switch to a live account.

 

Mr. Siang, the forex expert, suggests that along with forming your knowledge, there are several other indicators that can tell you when to stop using a demo account. As per him, forex beginners often feel clueless when they enter the market. Having their hands on a demo account will go a long way in removing this feeling. The moment you feel you're not clueless any longer, that will be the second indicator.

The third indicator should hint that you're now able enough to handle some risks in forex. As Brendon Yong Weng Siang says, forex beginners should have the basic skills to manage risks. A forex demo account can teach you those skills. When you've mastered them, you can gear up for live trading.

 



Conclusion

We hope that the three indicators mentioned here will help you know when to stop using a demo forex account. As you switch to a live one, do make the best use of it.

Comments

Post a Comment

Popular posts from this blog

Should Forex Beginners Take the Risk of High Leverage?

Image
Higher leverage is one of the things which makes the foreign exchange market more attractive. Even when this market is compared with stock exchange, the traders can expect a higher leverage in forex. While trading with the help of high leverage, beginners often wonder whether they should use it. As per the forex professional, Brendon Yong , leverage or borrowed capital can work like a sword with double edges at times. When a forex trading beginner has understood the concept of this sword, it will be clear whether or not it should be used. Understanding the Risk of High Leverage for Forex Beginners   Forex beginners may know that leverage is basically the funds borrowed for levelling up the trading position. However, not every forex beginner may understand that using leverage isn't always simple. When the concept of using it is not clear, opting for high leverage will be a big risk. Brendon Yong believes that when the amount of borrowed capitals is increased, the risk of trad
Read more

Make the Best of Lockdown, Be a Certified Trader

Image
Ever since the 2020 lockdown started, the ways of earning money online have gone under many changes. Going out and earning money in the traditional way does not seem feasible now. To your happiness, forex trading gives you a great chance to earn from home. It will be helpful for you to know that earning money in forex is not as easy as it may seem. For certified traders, however, making profits by trading currencies is nothing new.   For this reason, being a certified trader to earn money online during the lockdown will be a brilliant suggestion. Do you know the best platform that can help you become a certified trader? Read this post to find out!   BigBrainBank Malaysia: Best Platform for Becoming Certified Trader   When it comes to forex training, BigBrainBank Malaysia is the first name we hear. BigBrainBank Malaysia is a forex training platform that has been created by Dato Dr. Brendon Yong Weng Siang . With Brendon Yong’s efforts and hard work, this platform has toda
Read more

Brendon Yong: Success is Beyond Making High Profits in Forex

Image
  As per a common understanding, people usually believe that a trader who is making multiple profits in forex is largely successful. Brendon Yong Weng Siang believes that success should be seen beyond high forex profits. Mr. Siang is a celebrated forex trader who has very much experienced success in this industry. According to him, success should be measured more by what you have learnt than how much you have gained in forex.   Defining the True Meaning of Success   Several forex traders who have experienced success in foreign exchange believe that to reach such a position, they had to pass through several phases. As they started their journey in this industry, they had to experience losses multiple times. They were also surrounded by several risks and managing them was not so easy. To experience success, they had to manage risks, overcome losses, and then earn profits that were expected.   To do so, they had to learn a lot about the forex market. In addition, they had to
Read more