Online Forex trading is one of the best ways of making money hassle free. This is because all you need is a computer or smartphone and a little bit of start up capital. Most Forex brokers have low capital requirements, so you can start trading with leverage and make huge profits. Before that can happen, however, you need to learn how to trade successfully. The good news is that there are many Forex brokers who can facilitate online Forex trading for both beginners and experienced professionals. Most of these firms offer dummy accounts to help newbies. Keep reading to learn more about the Forex demo account in Metatrader 4.
About the Metatrader 4
Online trading, whether in Forex, commodities, CFD’s, options, stocks or futures is only possible on a trading platform provided by the broker. There are four available options for traders. You can use the Metatrader 4, or MT4, MT5, webtrader or mobile trader. It’s important to note that both the web and mobile trader versions are available for both the MT5 and MT4 trading platforms. The MT4 system is the older version, but it’s still one of the most popular options. Even after the MT5 platform was unveiled, many traders still prefer using the older version. One of the most attractive features of the MT4 trader is the ease of opening trades. It’s also much easier for traders to carry out fundamental and technical analysis before opening positions. The reason why the MT4 is still popular is the fact that experienced traders have not found any fault in the application to warrant an upgrade. However, new traders appreciate the advanced features of the MT5. It’s important to note that automated trading algorithms can be used with both platforms. You may need to familiarize yourself with all the available trading platforms before you commit yourself. After all, the success of your Forex trading enterprise will be dependent on your choice.
MT4 Web and Mobile Traders
The MT4 is available in 3 options: desktop app, webtrader and the mobile trader. The beauty of the webtrader is that users can access their trading accounts from any internet enabled device. It’s also more secure as your trading and personal data are not stored locally, so malicious attacks on your phone or computer cannot compromise your account. Additionally, there is no need of regular updates as Forex brokers usually offer the latest version of the software on their websites.
Using the Demo Account
Most brokers offer demo or dummy accounts to all their clients. The demo account is meant to help newbies learn about online Forex trading. Demo accounts are usually funded with free virtual currency. New traders can use these accounts to try out different trading strategies until they find one or two that work best for them. However, profits cannot be withdrawn. Similarly, losses are not real. Demo accounts help to prepare traders for real trading. Every new trader is encouraged to start with a demo account before they risk their money. After all, forex trading is risky, and demo accounts can help to mitigate risks.