Dear sir,
I am new to forex from this month.
I started learning about forex and practicing in demo account (mt4) which is opened in insta trader.
My demo account deposit is 10,000 usd and is EURICA account.
So some questions raised in my mind and i want to know about it before investing.
I will be grateful to experts who is willing to give my answers.
[B][U]Questions:[/U][/B]
1. What is swap and how does it works?
(I don’t want swap due to religious restrictions, as i came to know that swap is interest. And interests are restricted in my religion. But the thing i am not sure, what will be the condition of my open trades if i not keep swap option? Is broker will close my trades?)
[B][U]2. For how long i can keep open a trade, without closing it?[/U][/B]
(In demo account i have opened so many trades and closed only some of them which i made some profit. But still some trades are in huge lose so i don’t want to close them with taking lose, so i kept opened for last 9 days for to take at least some profit. So i want to know is there any restriction from the broker for how long a trade can be open?)
[B][U]3. How to use leverage option in insta trader? [/U][/B]
(Actually i can’t understand either i’m using the leverage option or not in demo account. What is the way to understand that i’m using the leverage option in demo account and also in real account?)
[B][U]4. Does INSTA TRADER is reliable? Can i deposit and start trading?[/U][/B]
[B][U]5. What is standard account and eurica account? What is the difference between them? And which one is better?[/U][/B]
Please sirs also suggest me if there is anything i should know for FOREX TRADING.
I want to be an successful trader, not a failure.
Thanking you in advance for your kind co-operation and support.
B. regards / A.K. AMIT