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Forex Practice Brokers

By Edited Oct 30, 2015 0 0

Forex practice brokers are all over the Internet. In fact, just about every Forex broker service offers a practice service. This is because the Forex broker sees this as a lead. They consider you to be already in their sales funnel. Profit from this by practicing trades regularly. You don't need to sign up for a trading account or pay any commissions on a simulated trade. The reason is because you are not actually trading. The system is simply calculating how much money you would make if you did trade.

This is an excellent way to develop before going in to live trades. If you are preparing yourself by practice trading on a simulated system, then you will be all the more ready when you transition into live trades. This gives you an opportunity to test a particular trading system before actually going into it. Don't commit yourself to putting live money into a Forex account before you've mastered it on your own with simulated trades.

Some common Forex brokers to offer practice accounts are Forex.com and FXCM. I recommend getting used to the meta-trader system. This is because it is one of the most dynamic systems available and offers excellent features and support. By offering these features in addition to the already dynamic interface, meta trader beats out the competition as the best platform out there to trade on.

Just make sure that you're trading a broker that is a low spread. Even if it is a simulated trade, Forex trading is all the more challenging if you are trading with the high spread. A Forex practice broker should offer you a spread of one to two pips on each of the majors. So look for the EUR/USD to be at 1 to 2 pips on the spread. If it is any much higher than its, then I recommend practicing on a different Forex broker. You will not regret it in the long run as this will train you in condition you to trade on a low spread.

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