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How does a trader move from demo trading to a live account mode?

Most of the best forex brokers on the market offer potential investors the option of opening a demo account in order to try out their trading platform and features before taking the final step of opening a live account and depositing funds. While a demonstration account is a great way to get a taster of…

Most of the best forex brokers on the market offer potential investors the option of opening a demo account in order to try out their trading platform and features before taking the final step of opening a live account and depositing funds. While a demonstration account is a great way to get a taster of the experience of choosing a specific broker, there are some downsides to using one. In this article, we look at the advantages and disadvantages of opening a forex demo account and outline how best to make the transition from a demonstration account to a live trading account.

What are the Advantages and Disadvantages of Using a Demo Forex Account?

For novice traders, a demo trading account can supply a valuable insight into the world of forex trading and can give beginners the confidence that they need to start trading for real. When used correctly, a demo account can be a useful training tool that will give them the necessary basic knowledge and skills that they need to get up and running. A demonstration account can be set up free of charge and only requires the potential investor to enter a few basic personal details. Access to this account enables the trader to get to grips with the trading platform without putting any of their finances at risk and allows the investor to see how to trade in real time, viewing the impact of fluctuations in price upon their account. Even more experienced traders can benefit from using a demo account as they offer a great opportunity to try out a new trading strategy in real time in a genuine trading environment and actual market conditions without taking any financial risk.

Nevertheless, there are some disadvantages to using a demo account. One of the major issues with demonstration accounts is that they cannot train an investor in the best way to manage their money. Most practice accounts come pre-filled with up to $100,000 of virtual money and this is hardly a realistic basis on which to begin. Most novices begin their foray into real-world forex trading with a Micro or Mini account which will involve depositing much smaller sums of money than this. These enormous virtual sums encourage investors to try their hand at much riskier trades than they should and this can become a habit that is hard to break after transferring to a live account and which can cost the novice investor dearly. The use of virtual money also protects the investor from the knowledge that they are risking their own hard-earned money when they make a trading decision. Therefore, a demo account cannot ever recreate the pressure of real-life forex trades and actually impairs the novice’s understanding of underlying risks.

How to Transition to a Live Account

Transitioning from a demo account to a live trading account can be a steep learning curve, and a novice trader cannot expect to be incredibly successful immediately. It is not unusual for potential investors to have great success when using their demo account only to fail to make a profit as soon as they transition to a live account, and this is because the pressure has increased with real money on the line. One of the keys to transitioning successfully from a demonstration to a live account is to resist the urge to trade quickly and to take your time. Money management is essential at this stage, and every investor should set a maximum daily trading amount for themselves in order to not overstretch their finances.

Objective thinking is very important, and it is vital not to let emotions get in the way. A clear head is the best way to successful forex trading, so developing a defined trading strategy and plan before leaping in is the best way to avoid spectacular losses. Limiting early trades to small values and only opening a Micro account that allows low deposits is the best way to start. Wise investors will use a demo account for around three months to hone their strategies before moving onto a live account. This is an adequate amount of time to see consistent virtual profit and to develop all of the necessary skills that will be so vital to a trader’s success in the real-world markets. Here are some key points to remember when transitioning:

Accept that losses are inevitable at some point – use losses as a learning curve.

Never risk money that you cannot afford.

Remember to take all of your trades into account across the course of the day rather than focusing on a single trade. If you are maintaining a risk reward of 1:2 or greater, you are being successful.

Spend enough time practising with your demo account to develop clear strategies before committing any funds to your live account.

Pre-plan your strategy to avoid making emotional decisions.

If you follow these guidelines, you will find the transition from a demo account to a live one less stressful and more profitable.

Post by Konstantin Rabin of Top Rated Forex Brokers

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Online Trading platform SIRIX

best-forex-demo

SIRIX|  Online Trading platform SIRIX Review

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Everyone that has been trading for some time has most likely traded on the metatrader 4 trading platform of metaquotes. This has been the standard in the industry for the last couple of years.

 

But more and more brokers Like CMSTrader and UBCFX are offering alternatives that might suite certain traders even better then the MT4 as they have a lower learning curve and are designed more intuitive.
One of these platforms is the Sirix Trading Platform.
The Sirix Trading platform is

Sirix, a fully packed trading software with numerous with numerous options and special indicators that are designed by the software company to present you with a personalized trading experience.

Positive features and benefits of the Sirix Trading Platform

Ease of Use: if you are a trader you will be able to access your Sirix trading platform and see all your trades and other information at any place and time. The Web-trader is a fully function trading platform that does not require you to do any download. This has more or less become the norm of the industry and if you for example take the Sirix Trading platform of LegacyFX you will be able to have a download desktop version, a web version and a mobile version.
these in general all have the same functionalities but of course is the mobile version a bit more limited due to the smaller screen real estate.

Indicators and Options: this platform provides build I more than 50 Indicators which for most traders is over kill but it does allow most traders to find the right indications to match their trading behavior and trading strategies.

The Charting Package that Sirix provides is easy enough to understand and gives you as a trader all the information you need, there are different time frames that in combination with the ability to display lines and annotations make this platform feel like it is designed for you.

Social Trading: Sirix has a full feature social trading module that allows you to watch the trades of others which might give you new insights and trading ideas. If you come a across a trader that is particular successful you are able to copy that traders’ trades and create a full automated copy trader,
You as the trader are still in charge and you have the option to trade with lesser or higher amount then the trader you are copying.
In order to use the social trading, you have to open an account with their social trading community.

This can only be done by using a nickname an order to protect you identity. When you are part of the community then you are part of all the brokers that offer this feature to their traders. Meaning you are able to follow a trader that is trading with 12trader while you are trading with account from UBCFX or any other broker that has Sirix.

Now I have to mention that if you look to only trade social then the Etoro Platform is still a better solution s this system is built only for social trading and they have pretty much defined the concept.

 


Sirix Crypto Trading Platform

this is the latest platform that was launched by Leverate.

it focuses , just like the name says more n the trading of cryptocurrencies.

as this company understands that this is the direction where the market is going and more and more traders are asking for trading in Bitcoin or ripple trading to just name a few they have added this feature to the Sirix Platform , this means that every broker that has the sirix trading platform is in theory able to offer trading in cryptocurrencies.

in addition they have launched also a platform that is only trading cryptocurrencies but that will be another review as i have yet to see and play with this system


Conclusion
The Software company Leverate has created a very user friendly platform with inbuilt social trading and news functionality. When they launched this platform in 2012 it was already a good platform but today it rivals the best of them easily.

The Intuitive aspect of this platform is one of the key features and makes the threshold of trading lower for newbies. There is also a fastn amount of Sirix Tutorials out there that will help even the total beginners with the Sirix Platform

Now of the traders that need bots and more indicators then there sis still nothing that beats the metatrader 4 trading platform but for many traders Sirix offers more then enough and makes the trading experience easier then with MT4.
More and more brokers are offering this alongside their other trading platform so you as a trader will come across more and more brokers that have the Sirix Trading platform in their arsenal.

These are some of the Best Broker for trading on Sirix

UBCFX
LegacyFX
12Trader
CMStrader

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Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Who Will Speak at Blockchain & Bitcoin Conference Stockholm?

Bringing DLT Specialists Together:

 

 On September 11, Sweden will host Blockchain & Bitcoin Conference Stockholm organized by Smile-Expo – international coordinator of business events.

The conference will introduce various topics regarding blockchain and will drive attention to the most topical problems of the cryptocurrency market today.

Key speakers:[yasr_overall_rating]

One of the invited experts is the Member of Swedish Parliament Mathias Sundin who is involved in the Tax Committee and the Finance Committee. The specialist has co-founded a revolutionary technological organization Warp Institute and joined financial company Goobit. At the event, the speaker will analyse the power of decentralized systems, evaluating its long-term strenghts.

Head of Digital and Innovation at Landshypotek Bank Merete Salmeling will deliver the presentation, too. She will explain how DLT can be integrated into the real estate, and what advantages it brings.

President of Blockchain Alliance Europe Tanja Bivic Plankar will join the conference as well. Being an initial coin offerings expert, she will share knowledge about ICOs, describe recent innovations in the token sale sphere and talk about the regulatory framework.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

Regulatory and legal challenges coming with innovations will also be discussed by Dr. Guenther Dobrauz-Saldapenna – Partner & Leader PwC Legal Switzerland. The speaker is a lawyer, VC investor, and banking specialist. He provides business consultations and has already written 10 books discovering innovative processes, money and technology.

See the full list of Key speakers here

Blockchain & Bitcoin Conference Stockholm is the second crypto event in Sweden carried out by Smile-Expo. The company has already held 40 successful crypto conferences in 25 countries.

Use an opportunity to meet leading DLT specialists, ask questions and learn new topical information about the blockchain industry at first hand at the conference!

Blockchain & Bitcoin Conference Stockholm

Details of the event and registration are available on the official website of Blockchain & Bitcoin Conference Stockholm.

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Go Visit the Blockchain & Bitcoin Conference Stockholm

Go Visit the Blockchain & Bitcoin Conference Stockholm

The Blockchain & Bitcoin Conference Stockholm is a highly anticipated crypto event in Sweden.  and is being held for the second time.

after the success of the first one they look to make this event a annual one.  since the crypto industry is going more and more out of the shadows and becomes more mainstream you will find that the quality of people involved also grows.

this is clearly displayed in the extensive list of speakers at this event.

Event goals:

bringing together the international business community in order to share their experience of integrating blockchain and cryptocurrencies; discussing blockchain industry issues and finding ways to solve them; encouraging a balanced growth of the cryptocurrency market.

Conference topics: 

  • blockchain in various sectors: energy industry, real property, newsmaking etc.
  • Legal regulation of the blockchain sector
  • token models and their application
  • ICO regulation.

Speakers:

the list of world-renowned blockchain experts, including government officials, foreign investors, entrepreneurs, lawyers, and developers is impressive and should get this event the notice it deserves.

Meet the speakers at the Blockchain & Bitcoin Conference Stockholm

who should not miss this Event :

investors, business people, lawyers, startup founders, and those aiming to launch a token sale.

why should not miss this Event :

:to receive full information with case studies about the blockchain application, to discover how to comply with the legal norms in the blockchain industry, to find business partners, and to enhance your brand awareness.

Prices of the Event

Standard ticket  – 240 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

Student ticket – 121 EUR

  • Full access to all conference sessions
  • Access to demo area
  • Сoffee breaks
  • Speed networking

A valid student ID should be presented at check-in. No refunds on the day of the event.

Buy Your ticket Now


Blockchain & Bitcoin Conference Stockholm is a part of the series of Blockchain World Events held in 25 countries. The organizer is Smile-Expo International Company.

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