Day 3 – Using Demo Accounts


If you’re brand new to forex trading then the very first time you open a demo account will be daunting.

There are so many charts, options and settings that you can easily get sidetracked and confused. Seriously – the number of times I’ve personally helped someone open a demo account and they’ve just sat there with a look of bewilderment on their face is countless.

So to give you a simple and concise tutorial of how to open and use free demo accounts, here’s what we normally do:

Because it’s 100% free (unlike many demo accounts), we like to use the FxClub system.

Although you do have to install some of their software on your computer, we’ve found their demo account to be easy and free – which is exactly what you need from a demo account.

Below is the image we see when we browse to the FXClub homepage. To sign up for their demo account, just click on the “Demo” column you can see in the middle of the page (we’ve highlighted it for you.

step-1

Once you’ve clicked on that link, you will be presented with a sign up screen which is pretty self‐explanatory. After that, you then need to download their “ExpressFX” software.

You can see on the next screenshot where you click to download the file.

step-2

Once you’ve downloaded and installed the file (this is pretty simple), you can then open it up and start investigating.

Now, it must be noted that the system can only be used during the working week (I.E NOT at weekends. I believe the exact opening hours are between 21:00 Sunday and 21:00 Friday (GMT)).

So with that in mind, you will be able to open up the charts and see exactly what’s going on in the markets BUT you won’t be able to “trade” anything.

Once you’ve got your program set up (all you need is to click on it to load it up) then you can start initializing trades with your fake deposit of 5,000.00, however you’ve got to understand what it’s telling you and what you can do with it.

step-3

When you load up the program, you will be presented with this screen:

Essentially, this screen is your “dashboard” to your forex account – telling you exactly what’s going on with your forex account and most importantly how much profit / loss you’re theoretically making.

The chart in the center of the screen is the most important aspect of the software as it shows you how a certain currency pair is performing at any given time AND how it had been performing in the past.

A currency pair is basically the conversion rate between two currencies. For example, the “GBP/USD” currency pair is showing as 1.7662 on my screen. This

means that with 1GBP you can purchase 1.7662USD. It’s basically 1GBP/1.7662USD.

Although there’s a whole bunch of information you can learn about forex charts and how to tell if the currency pair is worth investing in or not, all I am going to say now – as to not overwhelm you – is that you need to buy currency when it is low… and sell when it is high.

We strongly advise you just make a few trades with the trade wizard at the top left of the screen before you even look at any other information or tutorials because you’ll be able to see exactly how the system works and how you make / lose money.

The problem that so many would‐be traders find themselves in is what I like to call “information overload”. Because they’re scared stiff about losing ANY money (even the fake virtual money you get in demo accounts), they just sit around looking at the most lengthy and complicated tutorials and articles they can find, in the vain hope that it will somehow help them into the forex “success club”.

You don’t NEED to know all the latest “secrets” to trade forex. You just need to apply common sense and always look at the wider picture. You may know everything there is to know about how to read charts and how to spot “indicators” or “signals” but the sad fact is that if you don’t get out there and “spread your wings” as it were – you’ll never get the experience and home‐grown knowledge you need to succeed.

That’s why this strategy is so powerful. It gives you the “head for heights” as it where… allowing you to gain real experience and real knowledge which no‐one can teach you.
 

Next Steps:
1. Signup for a broker – the best broker we’ve found is Easy Forex. You can deposit money in a variety of different ways, including credit card payment, and you can start for as little as $100

fap-turbo

You can Read our full review or Visit the Website by Clicking Here >>

 

2. Select an automated trading software – one that will sync with your broker account. From our research, the most accurate and most aggressively back-tested software is FAP Turbo.

fap-turbo

You can Read our full review or Visit the Website by Clicking Here >>


 
 

Previous Lessons:

Day 1
Day 2
 
 

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