How To Setup A Demo Account

Recently, many people have asked me to teach them how to trade in the Forex market. However, one cannot trade Forex without having a forex trading account: which can either be a demo (demonstration) account or live/real account.

This article will show you images of how to open a demo account on your personal computer PC or mobile device. It will also show you what to do when you are about to trade in the Forex market for the first time using a demo account.

 

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Forex Market: Introduction to Forex Trading

The Market Price: Forex Currency Price

Choosing the right lot size for Forex Trading

Price Interest Point (Pip): Price Measurement

Risk Management in Forex Trading

Do’s and Don’ts of Forex Trading

Margin in Forex Trading Explained

 

Setting Up Your Trading Account

Firstly, you need to register with a broker and download Meta Trader 4 on your PC or mobile device on the broker’s website (you can register through any of my referral links  1. Alpari (https://alpari.com/en/?partner_id=1244646) and 2. FXTM (http://forextime.com/?partner_id=4806145)

 

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Support and Resistance

LONDON BREAKOUT STRATEGY FOR GBP PAIRS

ELLIOTT WAVE PRINCIPLE

Introducing The Beandicator Signal!

Introducing the Pips-Beantrapper Indicator!

Achievable End Of Year Target For Newbies

Bollinger Bands and Scalping Strategy

 

Registration With Alpari

  1. You may browse the Broker’s website through this link https://alpari.com/en/?partner_id=1244646

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2. Register your details to open an account with your Broker

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3. Confirm your registration

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4. Type in your password

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5. Click Open Account tab to open your trading account
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6. Create your demo account

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Registration With FXTM

  1. Browse the site through the link http://forextime.com/?partner_id=4806145

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2. Register your details to open an account with your Broker

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3. Complete your profile details

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4. Open a demo account

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5. Create your demo account

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Now, you are all set with your demo account login details. The next step is to download MetaTrader platform on your PC or Meta Trader application on your mobile device.

How To Download Meta Trader 4 On Your PC

Click the download tab under your generated login details

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How To Enter Your Log In Details on Meta Trader 4 On Your PC

  1. As soon as your Meta Trader app is downloaded and installed on your computer, click the File tab and click Login to Trade Account tab

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2. Input the login details for the demo registrations

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3. Click circled areas to perform tasks or activate features on your Meta Trader app

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How To Buy Or Sell Currencies On Meta Trader 4 On Your PC

-When you click the New Order tab, the Order box opens for you to either click Sell or Buy the currency pair that you have on the MT4 chart displayed (EURUSD in this case).

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How To Set Take Profit Or Stop Loss On The Running Trade On Meta Trader 4

To set take profit for a running trade, you will right-click on the trade, then click on Modify or Delete Order tab.

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On the Modify Order area, click the Copy as buttons, then edit the values to your desired Take Profit and Stop Loss values

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To initiate Pending Orders

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How To Enter Your Login Details on Meta Trader 4 On Your Android Mobile Device

-Download and install Meta Trader 4 MT4 on Google Android Play store on your mobile device

-Load the application

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-Select the Login to an existing account tab

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-Search and select your preferred broker

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-Enter your login details

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You can also register on Metaquotes if you don’t have a broker yet.

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The image below shows what Meta Trader app quotes looks like on your mobile device

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The quotes above show Bid and Ask price for each currency pair, that is EURUSD, GBPUSD e.t.c The Bid price of EURUSD is 1.16532 and it is lower than the Ask price 1.16551.

-To select more Currency pair symbols

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-The icons at the top

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-To execute Trade Orders

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-To execute Sell or Buy orders, and to edit Take Profit and Stop Loss values

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-To edit Lot size and set pedning orders

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-To place a Buy Trade

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How to set Take Profit and Stop Loss on a running trade on Mobile app

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Caution: Forex trading is risky. It is advisable that you acquire enough experience before you start to trade with real money. Do not invest in money that you cannot afford to lose (it is important that you study leverage, lot size, and money management in Forex trading very well before you execute your trade decision).

To trade in the Forex Market you must first sign up with a Forex Broker. There are lots of Forex Brokers out there that offer good service to their clients. Services include tight spread, partnership amongst others. My preferred brokers are 1. Alpari (https://alpari.com/en/?partner_id=1244646) and 2. FXTM (http://forextime.com/?partner_id=4806145). You may sign up through any of the partner links above. You may also send me a mail in case you need me to guide you on how to sign up and start trading (beanfxtrader@gmail.com).

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