Forex Trading Education - New to Forex
Step 1 - How to trade the FXCM Practice Account
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| Start Trading Currencies with FXCM |
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| STEP 1: HOW TO TRADE THE FXCM PRACTICE ACCOUNT |
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TIP: |
Make sure you have correctly installed all the trading software |
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The account looks like the real FXCM Trading System including price action, and trade execution.* |
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TIP: |
A video overview of the FX Trading Station is a great way to get started |
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TIP: |
An important tool for learning is the Practice Account...so use it! |
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| 1. Choose your currency pairs |
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| 2. Decide how much risk you are willing to take and how much you want to gain |
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| 3. Track the time and date you placed the trade. |
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| 4. Keep notes describing your strategy and why you chose to enter the trade. |
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| 5. Decide how long you want to stay in a trade (hours, days, weeks, months). |
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6. Why did you exit the trade? Was it at your stated stop or limit level, or did
you get out for other reasons, etc.? |
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| 7. Experiment. Remember, you want to make your mistakes on the practice account - not with real money! |
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| Additional tools for support: |
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| *Although a demo account shows live prices and functions as a live account, it is important to note that trade-execution on live accounts can differ slightly, especially during volatile market conditions, when more resources are dedicated to live accounts. Despite these slight differences, the demo account is still the best way for a trader to test a trading strategy without risking real money. |
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