How Can You Practice Risk Free?
With all of your knowledge up to this point, you may want to play around with the trading platform you have seen in these lessons. Fortunately, all brokers will offer you a free demo account for you to use. A demo account will allow you to familiarize yourself with the platform. You will be able to execute and manage trades without any risk at all. This is highly encouraged here at WaveFX Trading and will be stressed again in the members area. There are many broker options out there and choosing can be a tough choice. So the list has been narrowed down for you in our recommended brokers area.
How Long Should You Practice?
There is no one answer fits all to this question. You simply need to practice for as long as it takes to learn what you must. Learning how to use the trading platform is clearly something you don’t want to be doing while you are trading. Once you have understood the platform you need to work on executing your trading plan. You want to be at a point where trading is just reacting to what you see and following your rules accordingly. Forcing yourself to live through hundreds of trades in your demo will pay off later. You can do this both in the live markets and using the built-in backtester. The backtester is a great place to speed things up to get started. Doing things on the much slower real-time markets is necessary also though if you want to develop patience.
Can You Learn Everything You Need to on a Demo?
Most of what you need to know can be mastered with a demo account if you put the time in. The only thing that should be left to learn during live trading is mastering your own emotions. The demo will not allow you to feel and understand any fear of loss, greed, or anger properly. Everything else can be fully mastered with the demo account though. Do not underestimate the power of that. Do not rush!