Getting Started With A Virtual Trading Account – 101 Guide

When you start trading, it is essential to have some relevant experience through a virtual trading account.  Theoretical knowledge is not enough. Taking action in the real-time market requires some practical skills. When we say practical skills, it automatically means to have a live trading experience. This means some knowledge of the level of risk.

Takeaways

• Why you need a virtual trading account

• Which is the best one to have

Why do you need a virtual trading account?

Many traders start hesitating but also want to try trading. The main reason why they could not decide easily to start online trading is the existing risk. If you are interested in how you can have the risk-free experience option, this article is just for you. We will talk about the main steps which are needed to build experience. With this experience you can start effective online trading on any type of platform.

Why beginners should take an interest

On the other hand, for beginners, you might not know but the trends in the Forex market are constantly changing. There are tons of different information about the trends, popular actions, influential factors, and others. You may think that catching all these single details is impossible but we say that it is not.

There are different types of FX trading that can be used for specific purposes. If you do not know which strategy is more effective and suitable for you with your trading or financial interests, read on! We will introduce you to a very popular type called 101, the same as day trading.

What is a MtFXChoice demo account and how can it be helpful?

Demo accounts are the best supporters for inexperienced people. This is not only about trading but also other account-system sectors. Demo accounts give you the possibility to check the real picture and move on the market virtually. This is useful before operation on the live market. Trading markets is like the real game which is in life. It allows you to make the same decisions and place different positions as really involved customers do.

In an online trading system, with demo accounts you can place orders. You can also exchange currencies, make market analyses, and many other things similar to real operating traders or financial brokers. Because demo accounts are very useful, the demand for them is high. Accordingly, many companies and trading platforms provide customers with demo accounts.

What features does the virtual trading account have?

MyFXchoice is one of the greatest platforms for both advanced and inexperienced traders. Their demo account will help you to demonstrate, test, and improve your needed skills. This will increase your knowledge for more effective trading. They have different types of accounts where you can test MT4 or MT5 platforms.

You can also select if you want to join the platform with the classic or premium account. For example, if you want to get a demo account with MyFXChoice, you just need simple steps to follow. This includes the registration process, which will be described down below and confirmation of your user account.

There is not much difference between account types on MyFXChoice. The main difference is in central features and several beneficial services. Examples include the number of pips, lot sizes, deposit amounts, and others. As you know there are different types of trading. Experience trading with a demo account will help you on any occasion.

How can I start with a virtual trading account?

If you want to get one of those, you just need to follow the simple 3-level registration process. In the first step, you need to write the information about your name, e-mail address, and unique password to log in to your account.

After that, comes the phone number confirmation step. You will need to write the mobile number and unique, one-time code that will be sent to your number.

Subsequently comes the third level called complete. You simply agree with the general conditions and your demo account is ready for FX trading.

What strategies can I use in demo trading?

As we mentioned earlier, there are different trading types that are great solutions for other trading purposes. One of the most frequently used is day trading.

This is the simple and most suitable trading type for beginners but it can also be very profitable for experienced customers. So, after registering on the MyFXChoise demo account, you can use the following strategies for better ordering.

How does day trading work?

As the name clearly shows 101 trading types include the period of one, a single day. This means that you as a trader need to buy and sell your assets during the day and do not delay it for a longer period.

As you know, longer periods mean a higher amount and frequent fluctuations in prices. Day trading gives you a great possibility to avoid such kinds of changes and satisfy your trading needs with small but stable profits.

The most frequently used day trading strategies are range trading which is about predetermination. There is also scalping where the main attention is on small amounts of profits. Finally you also have high-frequency trading which is the same as HTF. It means you use your own algorithms and during the day place very short-term orders and makes small steps on the market line.

Conclusion

Yes, traders need to know how to manage the risk because there is no trading movement that does not include risks but if you manage it correctly, you can use it as a benefit. This is the kind of lesson you can learn by trading through a virtual trading account at MyFXChoice.