GlobeX360 provides you with a demo account that lets you trade different assets.
Let’s tell you what a demo account means and how you can open a demo account with GlobeX360.
What does a demo account mean?
A demo is a practice account that allows you to familiarise yourself with a trading platform and its features in a simulated setting.
In the past, it was performed by keeping a paper trail of simulated trades, thus the phrase paper trading. Likewise, trading in a virtual scenario without risking real money is referred to as paper trading.
Signing up for a demo account before creating a real-money account can be a simple and risk-free way for traders searching for a new broker to see if the broker’s trading platform meets their needs.
Similarly, traders who have never traded real money on a trading platform can utilise the demo account as a starting point for their trading careers. Understanding and using a trading platform to easily grasp all of the aspects involved in the trading process will help you get the most out of it.
Before you start trading for real money, it’s also a good idea to equip yourself with the trade environment’s charts, indicators, and other trading analytical tools.
A demo account can also assist with developing, testing, and optimising trading strategies and robots.
How does the GlobeX360 demo account work?
You can build confidence in your trading choices using a GlobeX360 demo account; you can trade without fear of making mistakes. In addition, you may use this account to keep track of market conditions and experiment with different charting tools and indicators.
By learning the steps involved in entering, analysing, and executing trades, you may practice utilising stop-loss orders as part of your risk-management strategy.
Whether you trade forex, indices, precious metals, or energies, you can experiment with every asset class.
Learning how the GlobeX360 platform works will help you decide which one is ideal for your trading style.
You should register a GlobeX360 demo account before investing in forex, indices, or metals, even if you have a lot of expertise trading in the forex market.
Why should you trade with a GlobeX360 demo account?
“Do not open a live trading account till you have traded on a demo account.” Again, this is something that most seasoned traders will tell you.
If you can’t wait to be successful on a GlobeX360 demo account, there’s a slim chance you’ll be profitable when real money and emotions are at stake.
You’ll need to set aside time to focus on honing your trading skills and creating strong trading habits.
You’ll also need to be exposed to a range of market situations and learn how to adjust your strategy and tactics as the market changes.
Assume you start trading on a GloeX360 live account as a newbie with no prior experience in the forex market, and you lose all of your trading money within the first month.
Isn’t that something you don’t want?
As a result, you should start with a demo account.
How to make GlobeX360 demo trading realistic?
Demo trading has a lot of benefits since it gives inexperienced traders a general idea of how the market works.
So, can a demo account be traded in a certain method to make it more realistic?
While a GloeX360 demo account will never produce the same results as real trading, there are a few things you can do to make it seem real:
Keep it real
Assume the money is real as much as possible. Keep an eye on your emotions and how trades affect you mentally, even though these feelings are different from those experienced while trading on a real account.
You must create your feeling of loss or profit because GloeX360 demo capital delivers no actual loss or gain. One way to achieve this is to deprive yourself of something you prefer if you don’t follow the trading strategy or reward yourself.
In the GlobeX360 demo account, trade the same amount of money as you would in the actual market. If your demo capital is bigger than your actual trading capital, don’t utilise it.
Trade with minimum capital
Assume you start trading on a GloeX360 live account as a newbie with no prior experience in the forex market, and you lose all of your trading money within the first month.
Isn’t that something you don’t want?
As a result, you should start with a demo account.
How is GlobeX360 demo account trading different from line trading?
Here’s how GlobeX360 demo account trading is different from the real one.
Better execution
Demo accounts would normally fill a market order at a price displayed on the computer. However, slippage occurs when an order is placed in the live market.
So, market orders are commonly not filled at the expected price, or at least a portion of big orders is filled at a different price than expected.
In a demo account, it’s impossible to identify which orders were executed in the live market.
Emotions
One of the most obvious differences between demo and real trading is this. Fear of losing one’s own money will wreak havoc on a tried-and-true trading method and hinder the trader from enforcing it efficiently.
Greed can have a similar effect, keeping you in a trade when you should have abandoned it.
When real money is on the line, the experience is vastly different from trading on a demo account, where success or failure has minimal impact on a person’s life.
Tighter spreads
Spreads are tighter in GlobeX360 demo trading, however, spreads in actual trading might fluctuate by as much as one pip. Also, when trading on a live account, you will see changing spreads because each broker has different spreads.
Stop-loss and take-profit
In GlobeX360, demo trading, stop-loss, and take-profit orders are nearly flawlessly executed. However, in real accounts, traders frequently discover that the broker has executed their orders at high levels, putting them at a bigger risk than planned.
Bottom line
So, there you have it. Of course, trading on a GlobeX360 demo account has its advantages and disadvantages; nevertheless, if you don’t want to risk your money and want to learn about the world of trading, a demo account is the way to go.