Forex is one of the advanced types of stock market. The only difference between a Forex and a stock market is the Forex is bigger. When the traders are interested in opening a real live account in forex, they are happy when they learn that they can open an account with as small as 10 dollars. When they are going to open an account for the stock market, they cannot open an account with little dollars. The traders do not value the 10 dollars and open a live account. They practice and trade all kinds of strategies that they have learned in the Forex market. Most of the traders are not successful and they lost all of their money. If you are a new trader who is interested in opening live account first, do not want to open a demo account, you will lose your money. Most of the traders can learn a lot thing about the Forex market. This market is volatile and risky. You cannot realize it until you are trading with your real account. Practicing in the demo account will give you the real live signal of the market and you can improve your trading experience by trading in the demo market.
Why demo account first?
Demo account is the account in which traders are given the advantage to trade with their paper money. If you lost trade, you will not lose money. If you win trades, you will not make a profit. The only objective of trading in a demo account is to become an experienced and advanced trader. Also, there are many risk strategies in Forex. You do not know which strategy will work for you in the market you are trading. If you practice in the demo account, you will know what strategy to follow in the market. Most of the professional traders in the Singapore learn trading CFDs by using their demo trading account since it reduces the risk of losing real money in the market. So make sure that you develop your trading strategy in the market by using the same formula of the expert traders.
Demo account gives a real live signal of the market. You can practice here with the live signal on the market. It is an advantage you should take. Many expert traders trade in the demo account before placing a trade on their live account. If you are interested in Forex account, open a demo account first and see your forex trading experience in the market.
Price action trading strategy
There are many different ways of trading the financial instrument in the world. If you look at the professional traders then you will notice that most of them are trading CFDs by following price action trading strategy. But if you truly want to become a professional price action trader in the forex market then make sure that you trade with the reputed broker like Saxo since they offer an excellent trading platform like SaxoTraderGo.
Conclusion: Forex market is risky. It is a market that can take money from the impatient to the patient. Try and practice strategies in the demo account. If you are relatively new in trading CFDs then make sure that you learn the basic for the financial market very precisely or else it will be extremely hard for you to execute high-quality trades in the market. When you use the price action confirmation signals in the market make sure that you trade the higher time frame in the market in order to secure the best possible trades in the market.