Hello everyone, im interested in getting into the forex and i have looked around at a few trading platforms. Unfortunately i dont wanna pour alot of money into something im starting out with and rather do things slow with alot of care and dedication and here lies my problem.... I cannot find a demo account where i can start with the minimal im willing to start out with (1000USD) as most of them start with 50000 and on and on..... Is this because of margin or what.... Could anyone refer me to a demo account where i could start out small to test my calculations.....
you can open one at Oanda there FXgame you can add or subtract funds asmuch as you want, i think you start the demo with 100k all you need to do i subtract 99k and your left with $1000 also at such small amount you might want to use 50:1 leverage but only trade a 1k lot that equals .10 per pip and $20 margin req, which is a good way to start.
Why does the size of the demo matter? Just trade with percentage risk parameters in mind and convert it to whatever size you want.
The FX Sol demo tradng account allows you to start with your choice of either $250, $500, $2500, $5000, $10000, or $50000. http://www.codexcommodities.com/Forex_Trading_Online_broker.html
Stick with the Oanda recommendation for 2 reasons: - their demo does not die so you can keep practicing until you are comfortable - when you decide to go live, you can start with a small amount (trade amts as low as one dollar) and ramp up your size as you get the experience. Why? Becuase trading demo and trading with your own money on the line has different psychological effects on the trader. And having the option of trading ANY size you are comfortable with is a bonus Oanda offers that most do not.