Thursday, July 8, 2010

Demo Accounts

Always start with a Demo Account! All retail FOREX brokers offer these accounts. This account allows you to preview most of the broker’s platform features and become familiar with how charting, indicators, order placement, and accounting are handled. Do one survey of demos to decide which brokers to take to the next level with a micro-account or mini-account. Typically a microaccount allows for trades of as little as 1,000 units; a mini-account, for 10,000 units. There may be some difference between the demo account and a real-time account, especially in the data-feed and order types; make an effort to find out what these are for each broker on which you do due diligence.