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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.

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. FXCM 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

These materials constitute marketing communication and do not take into consideration your personal circumstances, investment experience or current financial situation. The content is provided as general market commentary and should not be construed as containing any type of investment advice, investment recommendation and/or a solicitation for any investment transactions. This market communication does not imply or impose an obligation on you to perform an investment transaction and/or purchase investment products or services. These materials have not been prepared in accordance with legal requirements designed to promote the independence of investment research and are not subject to any prohibition on dealing ahead of the dissemination of investment research.

FXCM, and any of its Affiliates, shall not in any way be liable to you for any inaccuracies, errors or omissions, regardless of cause, in the content of these materials, or for any damages (whether direct or indirect) which may arise from the use of such materials, services and their content. Consequently, any person acting on them does so entirely at their own risk. Please ensure that you read and understand our Full Disclaimer and Liability provision concerning the foregoing Information, which can be accessed here.