Online Forex Brokers - A Fantastic Idea for Novice Traders
Will you make money at currency trading? This is a question most traders try and answer by trading a demo account - but the problem with demo accounts is there is no pressure, i.e no money on the line and it proves nothing.
Most traders who make money with demo account lose when they open an account with a forex broker. Now there is a fantastic way for traders to see if they have what it takes. There is a new account called a protected account and it acts as a bridge between a demo and a full trading account. The concept is:
The Protected Account works as a funded demo account in which the client pre-determines their risk level. Among its features are:
-Trade up to 100 times your initial deposit, even with a negative balance.
- Make as many trades as desired, 24 hours a day, using any currency pair.
- At the end of the a set period, (normally two weeks) any positive balance is the clients to keep the broker covers the losses.
This has significant advantages over a demo account, as it simulates the feeling of trading real money on the Foreign Exchange and let's face it when money is on the line we feel and act differently.
Trading is probably 20&% method and 89% mindset and it's a fact that most traders fail because they don't trade with discipline.
To make money you not only need a method but you need the discipline to follow your method when the going gets tough. Its easy to score a penalty goal in your back garden but not so easy when its a huge game and you have to score to win and have 100,000 people watching you!
The Protected Account acts as a bridge between a demo account and a real one, providing an authentic trading experience, but of course the risk is managed and a huge advantage is - even if you go debit on the first day you can still keep trading so you get plenty of trades and plenty of practice.
These accounts are being now provided by forex brokers and they are a fantastic way to get your feet wet, before progressing to a full trading account and will help you determine if you have what it takes to become a successful forex trader.
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