How to Open Practice Account from MT4 Software Platform
The demo account to learn forex trading with is the MT4 practice trading account. To open a new demo trade account for practice trading, a trader can do this direct from their Forex platform. Below using MetaTrader 4 platform software, on top left corner: click File then click on "Open an Trading Account" button like is displayed below.
Open Free Forex Demo Account MetaTrader 4 Platform Software - MT4 Demo Practice Trade Account
Once you click on this link you will be taken to your currency online broker website where you can register for MT4 practice account details & particulars of a practice trade account.
Next step is to fill out the following MT4 practice demo trade account opening forms shown below, the required data is:
- Your first name
- Last name
- Country
- City or town
- Phone number
- E-Mail address.
After entering in these MetaTrader 4 practice trade account sign up details and particulars on the form below, click register demo account button.
Demo Account Registration - How to Open MetaTrader 4 Demo Demo Practice Trade Account
Once you fill out the MT4 demo account signup form and complete this step, you will then receive the confirmation authorization login credentials of your online demo login and password credentials just as illustrated and shown below. A copy of these FX sign in credentials will also be sent to your E-Mail address.
MetaTrader FX Practice Registration Confirmation
The log in details and particulars of the free demo FX account you just signed up for that are sent to you as an e mail will popup in your inbox such as displayed on the image below.
Demo Account Sign-Up Details Sent to E Mail Address - Open MetaTrader 4 Demo Practice Account
Once you as a trader receive the demo account login credentials, you as a trader can now then sign in into the MetaTrader 4 software & begin to access the financial market and practice trading on this practice trading account.
Link to also download the MT4 platform is also provided along with the log in and password authorization login credentials upon sign up of the MT4 practice account so that as you as a trader can download the MetaTrader 4 Platform/Software, if you haven't downloaded it.
The procedure for installing MT4 software, is covered & explained in our previous MT4 practice tutorial lesson before this one: How to install MetaTrader 4 platform/software.
How to Log in to Demo Practice Trade Account
To sign in to your MT4 demo: Open MT4 platform software and at the top left corner of MT4 press "File" button then click Sign in just as is shown below:
Log in to Demo Trading Account on MT4 Software - MetaTrader 4 Demo Practice Lesson Guide
The following popup window panel will appear prompting you to enter your demo account login credentials & password. Enter the login details and particulars just as shown and illustrated below and save the information by checking 'save trading account information' button so that there's no need for you to retype it the next time you as a trader want to sign in.
Log in to Demo Trade Account
Enter details and particulars as below & sign in
Log in to Practice Forex Demo Account - MetaTrader 4 Demo Account Guide
You will then be logged into the MT4 demo account as is shown below:
Example of How Demo Account Looks in MetaTrader 4 Platform Software - MetaTrader 4 FX Practice Account
Once you've opened free demo practice trade account you as a trader can then start to practice the following:
- How to place and open trade orders
- How to open charts & place indicators
- How to interpret and analyze and analyze the trading charts
- How to monitor profits and losses
- How to navigate MetaTrader 4 platform software interface
While practicing all the above, the money used is virtual currency, meaning a practice demo trader will practice using virtual money but everything else including currency price moves will reflect the true market movement.
Demo Practice versus Live Account
The practice practice trading account the only difference to the real account is the deposit, with a demo account a trader can not deposit or withdraw money but with the real account a fx trader can deposit & withdraw money & all the trade transactions will be traded and transacted using real money and profits can be withdrawn & losses will be subtracted from the amount deposited.
Forex traders should use this practice account to test out their strategy and practice forex until when they can trade the forex market profitably. Then when they get to learn how to earn profit on their demo practice account then they can open a live/real account & start trading the real market.
Once a beginner trader registers for the free practice account the next step is to learn the Forex platform & also learn Forex systems & trading strategies that will be used to generate signals for forex trading. Trader will then test these forex strategies on the Forex demo account that they will have opened to test if these strategies are profitable. Once the trade strategies are profitable on the demo account and a trader starts to make consistent profits on their Forex practice demo account then they can consider opening a live account.
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