FOREX Account Fundamentals

The time you spend at the computer should be directed 100 percent to trading decisions, not trying to figure out how many pips equals $100, what your leverage factor will be on a trade, or fumbling with the order entry tool trying to remember where the Close Order button is located.

Your goal after you work with a demo account is to open a mini- or micro-account and get your feet wet. Since you do not have a trading method developed as yet, think in terms of finger exercises -- getting familiar with basic FOREX calculations, order types and entry, all the platform features -- all with a demo or micro account.

Figure below shows the basic functionalities you want to learn at this time.

They must become second nature to you. It is also important to understand how to manipulate the platform, create charts and indicators, and adjust time scales, colors, and other features -- collectively called navigation.

[caption id="attachment_13048" align="aligncenter" width="550"]Basic Demo Account Functionality Basic Demo Account Functionality[/caption]

By Michael Duane Archer
Michael Duane Archer has been an active futures and FOREX trader for more than 35 years. He has worked in various advisory capacities, notably as a commodity trading advisor, registered SEC investment advisor, and branch manager for Heinold of Hawaii. He currently trades FOREX and futures and is involved in several technical analysis research projects.

Copyrighted 2020. Content published with author's permission.

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