Hi, I am a novice Forex trader. I’m currently trading with a demo acount on Metatrader and I was wondering how would it be different with a broker (on a real account).
Do I still choose when to buy or sell? What does he do for me? What are the main differences from the demo account? Can you trade without one?
Excuse my ignorance but I looked on many sites for these answers and I didn’t find it.
Tony,
Your MT4 is only your platform through which you connect with your broker. Whoever your metatrader is set up with is your current broker. When you set up a live account it will function on the same basis as your demo account i.e. you will enter/exit trades via your platform with your broker.
As a retail trader you cannot trade without a broker unless you are a (really) high worth individual in which case you can deal straight with the interbank market - but you are talking about really high worth here!
In practice, it is most likely that your broker will be on the other side of your trades and you will not be trading in the real interbank forex market at all. This is not really a problem unless your broker is unscrupulous and typically non-regulated or regulated in some offshore location.
@TonyFender
the trading will be about the same,
you might see some slippage or worse spreads
but these does not matter
What does matter is your psyche, I mean your feelings trading real money will be completely different compared to demo trading and thus you make behave and trade differently