FXCM demo account

Beginner Questions
1

Hi everyone im 17 years old and started trading forex about 3 weeks ago. at this point i have the basic idea of how some of the forex market works. I know the FXCM demo account starts you at 50K but i was wondering if there is a way to change that to about 5000 because eventually im gonna open a real account and probably start with about 5000 dollars give or take. at this point im just trying to get a simple system in place and focusing on how many pips i make. if anyone can infrom me on how to do tht please let me know.
Thanks

2

Hello Krash!

I did the same: started with 50k FXCM demo, then wrote to them and they set me up with their smallest demo account for 5k.

Go for it.

X

3

I might just trade with the smallest amounts and just focus on gaining pips. you think thats a good idea?

4

That is a great idea…New account, new challenge, and a clean slate to monitor your profit/loss…

5

Hi Krash,

Welcome to BabyPips!

Note that FXCM does not accept clients under 18, but that gives you more time to learn on a demo account. :slight_smile:

You can set up a demo account with $5000 in it through our MT4 platform: http://download.fxcorporate.com/FXCM-MT4Install.exe

After you download MT4, just go to File > Open an Account on the platform to register a free demo. The registration form will allow you to select your balance. If you have any other questions about FXCM, please feel free to ask me in the Broker Aid Station.

Thanks,
Jason

6

is it possible to do that on Marketscope 2.0??

7

I think a better way to go about it is to try to lose $49,000.00 in the demo account. Double down on bad trades, use gut feelings, do everything as wrong as possible. Think of it a Brewster’s Million’s experiment. (Watch that movie if you have not seen it). Then, when you are down to $1,000.00, start actually trying to trade without blowing up that last $1000.00. If you can do that, you will be ready.

8

Pips are absolutely meaningless by themselves.
Your focus should be on the psychological components of trading, and, more importantly, developing a strategy. If your strategy bags 100 pips or 10 pips a day, it’s completely irrelevant.

Process before results.

9

ok so can anyone tell me if i can set up a demo account with 5000 in Marketscope 2.0?? or only 50000?

10

I like what I see on FXCM US site*… except the low leverage… is it possible to get the same spreads on FXCM UK or some other way for overseas clients?

  • I mean in the way of tighter spreads, whereas the UK site is not yet caught up - still using their old products
11

Don’t get me wrong but I would suggest you to open a small real account and develop your own trading strategy with trading on it. What ever you will learn on demo account is not going to be useful for you once you move to a real account. Demo trading is just wasting of time.

12

Hi Ycomp,

While FXCM US (fxcm.com) is the first FXCM entity to launch our new low-cost pricing, we plan to roll this out to FXCM UK (fxcm.co.uk) soon. I will post more updates in the Broker Aid Station as I receive details about when it will become available to our clients in other regions.