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Forex Simulator

Is Trading Forex For You?

Are you fascinated with economics, free trade and international relations? Is the possibility of securing profit through engaging the world's largest marketplace attractive? If so, then trading currencies on the forex market may be for you.

How Do I Prepare For The Live Market?

If you consider yourself an aspiring forex trader, then it is crucial that the proper due diligence is performed before entering the marketplace. At a bare minimum, it is necessary to address the following issues ahead of putting your money at risk:

  • Market Education: No matter what kind of professional experience one may have, it is necessary to gain an adequate knowledge base regarding the international currency trading environment. FXCM provides helpful forex-related education that can bring a new forex trader up to speed. In addition, detailed study of the products being traded, historical market behaviour and competing market participants may be very useful in identifying both opportunity and risk. Knowing when to trade, what to trade and how to trade are key elements of achieving success in the forex market.
  • Goal Setting: In order to achieve success, you must first know what success is. It is important for a new entrant into the marketplace to set specific goals and objectives before live trading.
  • Practice: Forex simulation is one of the most effective ways to gain live-market experience without financial risk. FXCM provides forex traders the opportunity to trade an interactive demo account via one of several supported platforms.

Forex Simulation: Practice Makes Perfect

"Rookie" mistakes often lead forex newbies to sustain considerable financial loss. Listed below are a few of the most common (and costly) rookie mistakes:

  • Order entry and exit errors: These are relatively simple to mitigate, and are often the result of an unplanned click of the mouse. Sharpen order entry skills and alleviate many of these mistakes with a demo account.
  • Misuse of leverage: The financial leverage placed upon a trade can be increased by mistake or on purpose. Implementing leverage on a demo account can help one understand how to use leverage safely and properly.
  • Periodic lapses in discipline: A forex demo can provide a detailed illustration of exactly how costly haphazard trading can be.

Extensive use of a forex demo can reduce the number of unforced errors while helping to promote good trading habits. In addition, the demo can be instrumental in developing new ideas or fine-tuning an existing approach.

As a leading forex brokerage firm, FXCM gives individuals the opportunity to trade forex via demo account on several unique platforms. Trading Station and MetaTrader 4 are a few of the software platforms offered by FXCM that support forex simulation.

Being able to interact with the forex market in real-time, without risk, is a tremendous advantage to both novice and veteran traders alike. No matter which type of trader you are, experience gained through simulation is a solid step toward achieving success in the forex marketplace.

Any opinions, news, research, analyses, prices, other information, or links to third-party sites are provided as general market commentary and do not constitute investment advice. Friedberg Direct will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

Disclosure

Any opinions, news, research, analyses, prices, other information, or links to third-party sites contained on this website are provided on an "as-is" basis, as general market commentary and do not constitute investment advice. The market commentary has not been prepared in accordance with legal requirements designed to promote the independence of investment research, and it is therefore not subject to any prohibition on dealing ahead of dissemination. Although this commentary is not produced by an independent source, Friedberg Direct, FXCM or its affiliates takes all sufficient steps to eliminate or prevent any conflicts of interests arising out of the production and dissemination of this communication. The employees of Friedberg Direct and FXCM commit to acting in the clients' best interests and represent their views without misleading, deceiving, or otherwise impairing the clients' ability to make informed investment decisions. For more information about the Friedberg Direct's internal organizational and administrative arrangements for the prevention of conflicts, please refer to the Firms' Managing Conflicts Policy. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.**

Order Execution Only

Order Execution Only

Regulatory Documents:
IIROC Brochure: How Can I Get My Money Back, How IIROC Protects Investors, IIROC Complaints Brochure, CIPF Brochure, CIPF Coverage Policy

The relationship between Friedberg Direct and FXCM was formed with the purpose to allow Canadian residents access to FXCM's suite of products, while maintaining their accounts with a regulated Canadian firm. All accounts are opened by and held with Friedberg Direct, a division of Friedberg Mercantile Group Ltd., a member of the Investment Industry Regulatory Organization of Canada (IIROC). Friedberg customer accounts are protected by the Canadian Investor Protection Fund within specified limits. A brochure describing the nature and limits of coverage is available upon request or at www.cipf.ca.