Did you know that global forex trading volumes hit a record high in 2018? Due to the volatility of the global economy, more and more people are actively trading in the Forex market. However, trading in a market with a daily turnover of over $6 trillion can be daunting at first. That is why it is worth starting trading on the Forex market with a demo account.

Beginners are highly recommended to start their trading experience by opening an Olymp demo account that will be used as a trading simulator. This process takes a few minutes, and immediately after opening a demo account, you can start risk-free trading on the global market for foreign exchange.

What Is Demo Trading

A demo account opened on the site of a chosen broker allows traders to trade without risk. For trading, only virtual funds are used, and traders choose the right moment to switch to trading with real funds on their own. Thanks to the demo mode of trading, one can apply the obtained theoretical knowledge in practice.

Forex Demo Account: Pros

The main benefits of a Forex demo account are access to the most recent market data in real-time, as well as to the data from experienced traders. If you talk to any experienced trader, he/she will list a huge number of advantages of a demo account for novice traders. It allows them to:

Find out how to trade Forex risk-free with a demo account

The Forex demo account can be considered, to some extent, free Forex training because it allows the trader to put their skills into practice without risking real money and trading virtual funds instead.

Explore a chosen trading platform

With a demo account, you can learn how to close a trade and use various instruments, such as different order types and trading indicators, to your advantage.

When moving to real trading, it is essential that you feel comfortable when opening, changing, and closing trades. To avoid panic, be sure to learn how to use stop loss and take profit correctly so that the broker and trading platform can manage your trades while you are away. A Forex Demo Trading Account can be the key to your long-term success.

Learn to manage your emotions

When it comes to real trading, emotions become much more intense. After several winning trades, traders experience a sense of euphoria and self-confidence, but in the case of subsequent unsuccessful trades, they are replaced by disappointment and doubts. These emotions often leave traders feeling insecure about their future trading opportunities. Forex simulator trading helps you to correctly identify these emotions so that you can take them into account when drawing up your trading plan.

Create, develop and test your trading strategies

The Forex trading simulator is the best place to test anything you learn about indicators or strategies. Over time, you will highlight your own trading patterns or even start developing your own trading system. The ability to trade without risk often allows traders to be more creative in terms of testing and figuring out what works best for them.