Best Forex Practice Account – Do This Wrong and You Will Mess Up Your Trading

Best Forex Practice Account

What if I told you that a Forex practice account can be extremely damaging to your trading life? If you’ve read any of my publications, you’ll know that I’m a big fan of using fake play money for practicing and testing software. However, if done incorrectly, you’d wish you’d never signed up for one of these free tools.

You’re probably wondering, why would a Forex practice account cause me any harm? It’s free. I can trade away all day long and not lose a penny.

First off, if you’ve never heard of a practice account, it’s exactly what it sounds like. It’s identical to your real trading account except it has “play” money in it. You can try out trading methods without risking any of your cash.

Many brokers will allow you to get one for free. The reason companies do this is they hope that you end up depositing money with them in a real account at some point in the future.

So here’s the problem. If you asked any full time trader what’s one of the biggest obstacles they have, you will frequently hear “emotions.” It’s surprising just how emotional you can get when money is on the line. You are watching price go up and down and your emotions go along with every little price tick. Using fake money does little to get your emotions going. Best Forex Practice Account

People tend to be very casual and frankly sloppy when using fake trading money. They trade with large sums of money. If things go wrong it’s not a big deal. They may even say that wouldn’t have done that if it was real money. Trust me on this, this happens all too frequently.

Emotions must be under control. Full time, professional traders are very calm no matter if they make or lose money. They know that it’s just a numbers game and losses are part of the deal.

I believe in using these as a tool to help you become a better trader. It’s a necessary step you must take. However, you need to treat it like real money. Get yourself in a mindset that the money is real. Take it slow like you would with real money. Don’t worry if you make losses. Don’t get overly excited about winning trades. Follow your trading strategy to the letter.

If you are using or thinking of using automated trading software like I do, use your Forex practice account to test out the software. Set it up as per the instructions from the software company. Although not as critical with manual trading, be sure you set it up and use it like you would with real money.

Make no mistake about it, using a Forex practice account the right way like for testing out software will go a long way in making you a profitable Forex trader! Best Forex Practice Account

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This entry was posted on Friday, June 18th, 2010 at 18:16 and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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