This is absolutely [B]dreadful[/B], [I][U]awful[/U][/I] advice.
An important thing, as a newbie, is to do your due diligence about brokers [B]before[/B] opening even a demo account, in order to avoid the later problem of having to trade with real money for the first time at the same time as getting acclimitised to a new/different broker’s interface, terms of conditions, policies and procedures, helpdesk, technical support and so on.
To benefit from the practice, as a newbie, it’s [I]essential[/I] to use a decent, well regulated broker, otherwise even the learning-curve and practice itself can turn out to be of rather limited value.
Generally, Ill agree, that its better to choose a reliable broker even if youre going to use only demo at first. Because, traders often dont want to change broker to which they are accustomed and just create live account with broker, that they used to trade on demo.
Yeah and its very subjective, as they get accustomed to website design, navigation, “courteous” support etc.
But then they stumble open dreary and hostile reality of live trading, which they often face unprepared.
I would suggest OctaFX, as I think they are very good and one that you could trust upon. However, I would say before joining any broker you could simply go with checking out their demo account. I don’t think you need to use it for months or even weeks; it is good if we just test it for couple of weeks. I think this is where we could easily get clear picture as how good the broker is and can work with confidence with them.
We should choose the broker which is regulated and meet our personal need. Actually a regulated broker will give you pace of mind that your funds are in secure hands. Because, they always ensure security of funds at any kinds of investments with a wide range of trading technologies.
That’s a wise guideline. 90% of wipeouts comes from inexperience and taking incorrect view on the difficulty of trading. So if you want really to progress in trading then you have to be in constant process of picking holes in yourself. That’s my philosophy…
All brokers offer demo trading accounts. I tested with few brokers but opened up a live account with finpro trading due to the trading conditions they offer. Do your due diligence and make an informed decision.
I still trade and I still withdraw interest if I have interest. issues such as: investors do not understand the legal, trading contracts, operating markets, it is not a scam where my best friend
I think that first of all, you need to choose the broker which is regulated. It means that your invested funds will be protected. And it is really important factor. Also, for me, it is very important trading conditions provided by brokers. And maybe its support for getting answers and quick feedback)
Demo accounts is a common feature with all brokers. If you are not particular about a UK based broker I can suggest the ones I am using: Fxview and Oanda. Both are FCA regulated, which is the financial authority of the UK and ensures that no broker plays foul. Plus fxview has one of the lowest spreads and commission, $2 for entry and exit comes out to be very reasonable compared to mark up on spreads or % based calculation.
