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Forex trading brings great profits. A successful trader earns more per day than the monthly salary of an average person. But there are also a lot of financial risks. At the very beginning of a career, every risk is perceived as difficult, and may even be the reason for refusing to trade and invest. However, there is a better option — to try a stock trading demo account, improve your skills, get to know the field as closely as possible, and immerse yourself in it.
Trading on a demo account has two main options:
- Effective training in practice, in the conditions of real situations;
- Complete absence of financial risk for a beginner, thanks to which the psychological effect is triggered.
A beginner has the opportunity to observe the market, see how it works and how exchange rates change. This practice contributes to competent interaction with the trading platform, building the right strategy. Try a demo account to see how lines, shapes, charts, and indicators work in practice. This is a great chance to test everything you’ve learned. When trading with real money, you can rely on this experience. After you switch to the main account, this skill is still with you.
Profits and losses of a beginner trader
The compensation of a Forex trader is the same as that of a stock trader: the market participant takes positions and receives a profit if their value increases. If the position loses value, the trader loses money. Gains and losses are realized only after the position is closed.
The existence of leverage increases risks because when the price of a position increases, you can place a certain amount as margin, but control an amount several times more significant. However, professionals warn: that until there is a clear understanding of how market dynamics can change, depending on certain factors, leverage can also lead to losses. Therefore, use the forex demo account free, learn all the pitfalls, and learn to control the situation and your emotions — and your trade will bring more than you expect.
How long does it take to learn Forex trading?
It will take about 2 years to learn all the tools, and strategies, understand the charts and feel confident in the market. But you can speed up the adaptation time:
- Find an expert ready to share secrets and knowledge with you;
- Subscribe to thematic channels and communities;
- Practice each new skill on a demo account, and gradually enter the real market;
- Spend at least 4 hours studying every day.
If you are focused and dedicated enough, you will be able to go from beginner to professional much faster. And your efforts will turn out to be the best investment in your life!
