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Forex demo account

forex demo account mentor anna coullingHello and welcome to another of my financial trading and investing sites, which this time aims to cover you all you need to know about opening a $orex demoount – what could be easier I hear you say, and what could I possibly need to know before opening an fx demo account? The answer is rather more than you think, and I hope this site will provide you with all the things you need to consider, long before you even think of opening a demo account with your forex broker, and let me be provocative from the start – the forex broker you choose is there to make money for himself, and sadly not for your benefit. Having spoken to many senior executives on the inside of the industry, less than 10% of retail forex traders survive more than a few weeks, or months at most, which is why the forex brokers spend so much on advertising, marketing and incentives, in order to lure the next batch of willing lambs to the slaughter. As a small forex trader, you are at the bottom of the food chain, and merely provide the next meal for your forex broker, of which the humble forex demo account is merely a gilded lily, with which to lure you into the his grasp. Much like a venus fly trap, once you are inside, the trap is sprung, and you will be the next tasty morsal on the forex brokers table! Am I joking ? – the answer is NO, and if you think that opening a free forex demo account will tell you all you need to know about your broker,  then I suggest you think again. The truth is it will tell you nothing at all. Do you seriously think that any forex broker worth their salt is going to deliver the same feeds to you in a demo account as in the live trading account? The answer is no, and I will explain why in due course, along with a whole host of other issues that you need to consider carefully, before even thinking of opening an online $orex tradingount. So where do we start as I try to explain all you need to know about the $orex market in particular forex brokers, and the tricks they use to lure you into the world of online forex?

As some of you may know, I am a full time forex trader myself as well as trading in commodities such as gold and oil, and like you, I am self taught, and probably just like you I learnt the hard way by making mistakes. I started my trading career in the futures market, in the days of no Internet and orders were placed by phone with a broker, who then placed them directly to the floor of the trading exchange. By the time the order had been executed and filled the price on my screen had already changed, making it extremely stressful at £10 per index point! Somehow I survived and continued to trade in stocks, shares, options and more recently in commodities and forex, and it is hard to imagine that only ten years ago the forex market as know it today, barely existed. In those days the major banks, who now create the liquidity pool for the forex brokers and dealers, showed little interest in foreign exchange, and indeed it was regarded by many as a diversion to mainstream banking, and which was only offered as an additional service to major clients required currency conversion for major projects.  How times change, as the major banks now make millions a day from the forex markets.

Probably like you, I entered the world of online forex trading, with little understanding of the market, no knowledge of how the forex brokers worked, and certainly no idea what made the forex markets move, or indeed with any form of  trading strategy. My choice of forex broker was more by luck than judgement, and my first trading experience lasted 24 hours as I sat and watched my trading account decline rapidly overnight, only to recover back to par where I closed all my trades with a $10 profit, having at one point been almost $4,000 dollars down overnight. I survived, just, and since then have spent many years learning about the forex industry, the good, the bad and the downright ugly, and make no mistake this is an ugly business, and one which is often referred to as the slaughterhouse. To avoid being the forex brokers next meal I would urge you to read the following pages which I hope will at least make you stop and think, before you open your forex demo account, or worse, a forex trade for real!