May I start by saying that this site has motivated me to really give FOREX trading my full attention.
Some really great advice!!
I have been trading poorly for around a year through IG INDEX.
This is down to poor knowledge, preparation etc.
From reading the course I am going to use a demo account for 2-3 months…
Can anyone please recommend a suitable one!
One thats recommended for the forex school learning process
Any help will be much appreciated…
Chloeolivia
Hi Chloeolivia
I’m personally in the demo stage myself. I have currently a demo account with Oanda, i use their fxtrade platform to put my orders through but do all my charting through MT4…
I had read about a few but i chose them as i heard you can pick and choose what size account you would like to demo with. I wanted to start with a specific small amount realistic to what my live account would be funded with when i go live. Im sure other brokers offer this - but im just feeding you my experience
Good luck!
I like Alpari because it uses MT4 and you can continually renew it forever.
I also do what SanJ said, using Alpari and MT4 for analysis and Oanda for placing trades since I knew I would use them when going live.
Totally agree! I would also suggest Alpari. I’ve been using them for a while and I’m very satisfied! They have a lot of goodies along too.
Take a look at hotforex, i am demo’ing them at the moment, but when you go live sign up to be an affiliate then sign yourself up through the afiliate and you get 60% of the spread back at the end of the month !
and yes i have checked with hotforex if this is allowed and it is !
They are also good to demo with, i use it through MT4, and they have an iphone app as well.
Let’s see, anytime I want to review a broker, after sorting through the hundreds listed online…I start a demo, do a trial run for 2 weeks and then, set up a small account to see if there’s any variation between demo trading conditions and the real one.
And at the moment, I use both Trader’s Way, FXCM and Alpari, though it’s been a while since I used Alpari and guess what, nearly all of them do offer demo accs.
Here’s what you need to do, get some valid info on brokers, review the list, sort out the ones by your preference, start a demo for a while and after which, move on to a small account [live] for a while before topping your account.
Alpari is great MT4, Oanda Is great FXTrade. I like Oanda FXtrade, because of the drag and drop option.
But, now i found something for MT4, that allows me to drag and drop on MT4, , I might go back to MT4 Oanda Live, but last time, it was HORRIBLEy SLow… I lost alot of pips due to the lag… Alpari MT4 is very very fast, never a problem, but thats demo… But even Oanda MT4 demo, is laggy…
SanJ, thumbs up for " Mock" account balance, always demo the amount you plan to invest with real cash deposits. I was happy to read that, as I think alot start with large balances, and huge leverage, then find out, when live, its differant, but dont know why.
And, I also want o throw this out there, while we talk demo.
Have 2 accounts, 1 for SERIOUS action, meaning, pretend its real cash, real setting, something you plan to do everyday type routine. Then have another account, to practice with, but still, within the realm of small amounts. You want o practice the lifestyle also, not just the charts and numbers. Find a groove, and have a daily goal, and try to hit that goal, DAILY.
NEVER practice strats on LIVE " Mock" account… You Have to Mentally Think thats real cash account, so treat it like one…
Great Profits to you people,
I agree totally… I think this is where the 90% or whatever it is of the losing people who trade come in. Brokers will use their leverage and giving free cash deposits to lure them in. I have still very little experience, but all of this i can just see happening from some of the posts you continually see over and over on the forum. Not to call anyone out, on another thread the other day, i read about a guy in demo with a £20k account and was a few thousand up and was asking is it actually this easy? Lol… I just thought, wow, if you only know the half of it… There’s a big learning curve to take, but if your determined you’ll make it…
I’ve heard both sides of the story about whether to demo or to go straight into a live account reading on the forums, i guess at the end of the day everyone is different, but for me, demo-ing for a short time is a must, makes total sense to me. Atleast now when i do go live, i’ll have my groundwork already set up and get ready to get in this game for real…
I like this also… I’ve been planning to keep my demo on even after i go live for just this reason. I don’t want to have to risk real money to try out my strategy in progress. Also, dont know if others feel the same way, but i actually love and enjoy the rush of trading. So on big news days etc, where i really shouldn’t trade, ill probably play with my demo just to keep my head in the game… At the worst, ill learn something new! But then again, I’ve only been learning since November 2011, and demo now into my second month - I cant speak for the others who have been in this years ! Lol
Happy trading!
SanJ
FXPRO has an MT4 demo that never expires, and they offer CFD’s, gold and silver, worth a look anyway.
I don’t know how they are for live accounts though.
I want to suggest you for AVAFX forex broker. As it offers demo account for both auto trading and manual trading.
I personally use GFT for a demo and a live account. Its pretty good.
Thank you for all your advice…
Very much appreciated…
Large learning curve…but I think determination is key…
Thanks you again and good luck to you all.
Chloeolivia
Hi,
I have been looking for a web site that will let you use tools such as Fibonacci, so I can get a feel for using it, and looking at plotting historical data. That is without opening a demo account.
Thanks
But why? It would make more sense to use real time data to test drive the indicators since they reflect accurate trading conditions rather than ones from the past…just an idea.
Been using Oanda for sometime, but not liking MT4. Very clunky!
The charts from the website I am using only go back one week. I would like more data to look at then that.
@MoneyNVRSleeps: I had similar experience with Oanda. It seemed MT4 was slower than FXTrade, but perhaps they were both slow. Did you notice is it MT4 that is slow, or both?
What is the drag and drop script you found for MT4? I’d like to check it out.
I started with a demo account on forex.com then played around with MT4 for a while, still testing various demo accounts to find whats best for me. Currently trialing a demo account over on Mahifx, lots of historical data, around 6 months i think, and pretty quick. So far impressed.
Testing in real time is slow. You can only do so much testing, at the rate of one day per day. Back testing historical data, you can get years worth of testing done in one day, especially if testing EAs/robots.
I guess as most of the posts here show, go with an MT4 platform, lots of brokers offer them, if its demmo so it doesn’t matter which broker you go with! I also use hotforex, though I don’t think they accept US clients any more (thats what they say hehehe) alpari is good, if you are based in eur then go with one of the brokers there such as alpari UK, 
and practice more, Im glad to see that you are determined and that the key to success in forex, it is not about how many times you fall, its about how many time you pull it together and get up 