How can you benefit from a Forex Demo Account without a time limit?
A Forex Demo Account without a time limit is offered by many brokers and brokers that have time limits will issue out new Demo Accounts on a monthly basis to individuals anyway. Forex Demo Accounts with no time limit can provide benefits to those who know how to utilize them properly. In 2018, the Forex Demo Account has a practical use, but it is not the way that brokers and 99% of those who provide advice would suggest.
The Old Way of the Forex Demo Account without a Time Limit
This is an archaic and backward way of trading in the Forex Market, which reflects an unfortunate level of ignorance. It actually feeds into the problems that exist in the industry today.
Step 1: Read some advice from someone on a forum or a website about Forex Trading and how you can make a lot of money.
Step 2: Articles and brokers suggest getting a Forex Demo Account.
Step 3: Trade Manually in the Demo Account and lose fake money. Constantly re-load the account.
Step 4: Decide to "get educated" and pay thousands to learn how to trade.
Step 5: Trade for a week or two and experience success.
Step 6: Deposit money into an account and lose that money.
The New Way of Using Forex Demo Account without a Time Limit
The Forex Demo Account takes on a different role. It's actually quite useful in this role and it will seem awfully familiar if you do any sort of software or web development.
Use the Forex Demo Account or Accounts as your testing ground. Learn how to code in MQL4, MQL5, cTrader, or Python for cTrader API usage. Then use the Demo Account to test a strategy and refine it to ensure that it actually works as in triggering properly. Backtest to ensure that it worked in the past and then forward-test to ensure that post-adjustments, it works as it should.
Whenever you wish to edit the code or adjust the code when it is running live, you can just go into your testing environment (Demo Account) and make the adjustments. It will be the same repetitive testing process to ensure quality control.
How else can you use a Demo Account? Testing Copy Trading Signals. There are FREE Copy Trading Signals that you can test out in a Demo Account to see how effective they are as far as interbroker slippage is concerned. It is something to monitor in the cases of brokers without slippage metrics associated with particular Copy Trading Signals and cTrader Copy Trading Signals as these do not have interbroker slippage metrics published.
The #1 thing not to do in a Forex Trading Demo Account is to not actually place manual trades in this simulation environment. It is to be used for developmental and testing purposes. What is nice about a Forex Demo Account with Unlimited Time is that you do not have re-create a new account every month, it saves you time and effort.
Friends don't let friends trade manually.