Learn To Trade Forex | Learn Forex Trading | Learn Forex

Forex demo trading is very important if you want to learn to trade forex effectively and efficiently. Many traders overlook the simple fact that mastering the strategy they are trying to learn on a demo account before going live can literally save them thousands of dollars.

• Why demo trading is important - You need to demo trade first in order to familiarize yourself with your brokers platform to eliminate silly trading mistakes. Also, demo trading your forex strategy is critical so that you understand how to trade it when you go live. Mastering your strategy on demo account first, by doing this you aren’t just trading randomly when you switch to live trading; it makes the transition much smoother.

• If you can’t make money on a demo account you won’t make money live. Live trading has emotion involved and demo trading does not, that is the bottom line. So, if you lose money on demo accounts you will certainly lose money when trading live, and probably a lot more. Many traders overlook this simple fact and they jump the gun due to the temptation to trade live before they have proved themselves successful on a demo account. It is critical that you learn to trade on a demo account before risking your real hard-earned money.

• How long should I demo trading for? Until you see a minimum of 2-3 months of consistent profits and feel that you have completely mastered your forex trading strategy. If you are a price action trader this means you should have mastered 1 price action trading setup and traded it consistently for 2-3 months before thinking about trading live.

• Demo trading as a tool for continued trader improvement - If after going live you find yourself losing tons of money, go back to demo trading and “work out the bugs”. Demo trading is a great way to scratch your itch to trade without having to risk real money. You should use your demo account as an on-going tool to refine and master your trading strategy. If after a losing trade or a winning trade you find yourself with an overwhelming urge to jump back in the market but you know there is no real setup, trade your demo account instead, this will serve 2 purposes; it will scratch your itch to trade and it will also teach you that you likely would have lose money due to emotion.

• What charts do I use for demo trading? - It is essential that you learn to trade forex off of charts that close at the end of trading in New York, this 5pm New York time. The reason this is important is because closing prices are very important in all financial markets and the end of New York trading marks the end of the current forex trading day and the beginning of the new one, many price action setups are formed at this time as well. Click here to open a New York close demo account.

Many beginning forex traders believe they can learn to trade forex completely on their own with no help from a mentor or from another experienced trader. However, just like any other skill or profession in life, forex trading takes time and effort to excel at, and you can either go through a vast amount of trial and error or you can enlist the help of an experienced forex trader to speed up your forex trading progress.

You may have heard the story of the “Turtle traders” who were the result of an on-going dispute between famed traders Richard Dennis and Bill Eckhardt about whether successful traders were born with some genetic gift or they could be “made”, so to speak, by education. Dennis won the bet because over a 4 year period in the 1980s the Turtles earned over $100 million dollars simply from following the trading strategies and rules that Dennis outlined. So, Dennis had proved that a simple set of trading rules could be used to educate people with little or no trading experience and turn them into very profitable traders.

This does not mean that a forex trading mentor will make you rich overnight. In the end you will need to develop your own feel and trading instinct, but it is very important that you get started on the right foot and with a quality forex trading education. Successful forex trading can be obtained much more quickly and efficiently through the use of a reputable and effective forex trading coach or mentor, but you must make a strong effort to really learn the forex trading methods that your mentor is teaching you. You can really only be shown the door to trading success by a forex mentor, you must take the effort and time to walk through the door, no one can do it for you, but they can indeed guide you down the right path.

The example above of the Turtle traders is very brief and doesn’t go into a lot of details. You can rest assured however that the Turtles who became successful from Dennis’s trading methods were the ones who were the most focused and disciplined to learn to trade exactly what was being taught. When you learn how to trade from a professional, if you truly listen to them and implement what they are telling you, the odds are in your favor to become a profitable forex trader much quicker than if you go it alone.

If you want to learn to trade forex in a simplistic yet flexible and effective manner, Nial Fuller is considered the “authority” on forex price action trading strategies. Price action trading will give you the skills and ability to read a “naked” or indicator-free price chart, it is a trading strategy that everyone can benefit from, even if you don’t use it as your primary means of trading the market. When you learn forex with Nial Fuller you are getting an exceptional price action trading education because Nial teaches the same strategies that have enabled him to trade forex successfully for years. Just like anything else worth-while in life though, learning these price action strategies will take time and effort on your part, but once you get it down it will be a trading strategy that will not lose effectiveness and that you can use to trade the markets with on an on-going basis.