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Should You Open a Practice Account?
21st January 2009
Some seasoned forex traders say that practice accounts allow newbie traders to develop bad habits like overleveraging and making rash decisions and are generally inaccurate learning tools. Then there are others who swear by practice accounts, saying that a trial period is essential to long-term trading success. We tend to side with the latter argument. We demo traded for three-and-a-half months using an FxPro practice account. The experience was invaluable because it allowed us to experiment with different indicators without risking real money. By doing research and testing out the MT4 trading platform, we were able to become profitable much more quickly than other traders we know who dove blindly into real-time trading accounts.
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