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Taking your first steps in forex with a demo trading account

Trading currencies means mastering a skill set to help you win at the foreign exchange (forex or FX) game. Learn how to conduct fundamental and technical analysis, read the market, and use risk management tools – and you might just end the session a few pips ahead of the pack.

Trading currencies means mastering a skill set to help you win at the foreign exchange (forex or FX) game. Learn how to conduct fundamental and technical analysis, read the market, and use risk management tools – and you might just end the session a few pips ahead of the pack. 

Trades take place between counterparties based anywhere in the planet where forex isn’t banned. For most people, if you have a reliable, fast internet connection, you can be a currency trader. 

People often start trading as a side-line. But the taste of success leads many to try it as a career. The benefits are obvious: you make your own hours, you work for yourself, and if you’re good, you’ll make a tidy sum. Money and freedom with a low barrier to entry. What’s not to love?

It’s so attractive and easy to get into that many jump straight into the deep end of full-time trading without getting the experience they need. That creates avoidable risk and leads to losses. 

Forex is packed with opportunity, but you have to learn the mechanics of trading, know how to read market moves, see trends, and build a trading strategy. That way, you can go forward with a system rather than relying on instinct or otherwise winging it. 

To learn properly, you need to spend time in the classroom. In forex terms that means signing up for a demo account. Demo accounts create a simulated trading environment where you can try your hand – and fail a few times – without risking any real money. 

Demo accounts explained

Demo trading accounts are virtual broker accounts where you can try before you trade. They use real-time data to simulate the real-world conditions you’d face if you were trading live.

The demo gives you real quotes for the currency pairs you choose and provides a selection of financial instruments. It looks and acts like a real account. You can open and close positions. Score gains or suffer losses – but only in virtual funds. No actual cash is ever put at risk.

You don’t need to make a deposit or link your bank details to open a demo. The funds your trade is a sort of play money created by the site for practice purposes.

So you can’t lose, though you can’t really win either. What you can do is have a solid go and learn from your wins and losses. What did I do right, and what did I do less right? Demo accounts give you a safe setting to experiment with different trading methods and see if you can cope mentally with the emotional highs and lows of trading. 

How do you start demo trading? 

Go to almost any forex broker’s website, and you can register for a demo account within minutes. The broker will ask for some personal data. How much depends on the company and regulated jurisdiction they operate in.

Once confirmed you’ll be given amounts to ‘fund’ your account with – all virtual money. 

The majority of demo forex accounts have similar features: buying and selling currencies, quotes for currency pairs, analysis tools, news feeds, and educational resources.

You might also get basic access to a broker’s customer support. Take advantage of these freebies if they’re on offer. They’ll help you get a good sense of what the company will be like to deal with after you’ve signed on for real. 

The screen set-ups can vary somewhat, and the execution platforms might differ (MT4 OR MT5 in most cases). That’s another excellent reason to use demo accounts. Even if you’re a seasoned trader, the demo account lets you do a hands-on trial before engaging in trades with that broker.

When does the demo phase finish?  

If you’re new to forex trading, most experts agree you should look to make about fifty demo trades before moving over to live trading with real cash. You need at least that much demo time under your belt to understand the mechanics of entering an order, closing a position, or using stops and limits. 

Notch up enough virtual trades, and you’ll have a firm idea of whether forex is for you. If it’s going well, you’ll be making profitable trades regularly. Crossing the 50-order border also gives you enough time to sense check if you’re emotionally cut out for the forex life.

Currency markets can be a roller coaster, loaded with hourly highs and lows. To be successful is to be disciplined and mostly immune to the fear, greed, and crushing disappointment that can grip you if a trade goes south. That doesn’t mean you don’t feel emotions, just that you’re trading decisions won’t be unduly influenced by them. As much as possible, you need to trade cold. 

If you feel like your feelings won’t be a problem, the next milestone to pass is the ability to form a trading strategy. There are four cornerstones:

  1. Timings. Choose the same daily time slot to learn the action that characterises that session.
  2. Pairs. Decide which currency pairs you want to trade – ideally based on knowledge of what drives the economies of those markets.
  3. Risks. What tools and position limits will you use to minimise losses?
  4. Instruments: Will you trade commodities, indices, CFDs, or currencies?

Pro tip: When your four-part trading plan is ready, test it on the demo account first. That’s what seasoned traders do before attempting any new strategic approach.

Demo accounts are like forex school

There’s no better way to learn the basics of forex and test drive a forex broker’s online trading platform. Demo accounts give you a real sense of what FX trading looks and feels like. Experience all the highs and lows. And never have to put your own cash in peril.

Demo trading is virtually risk-free. Those low stakes make demo accounts the perfect environment to test your trading mettle.

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Online Trading platform SIRIX

best-forex-demo

SIRIX|  Online Trading platform SIRIX Review

[yasr_overall_rating]

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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