Introduction
Whether you are starting your journey as a novice trader, or have a fair amount of experience, being able to access a demo account can only be regarded as an asset. Demo accounts can teach the inexperienced while acting as a test bed for strategies with those more experienced. Trading can be intimidating, but fortunately Strifor broker provides you with a demo account where mistakes can be made without financial penalty.
Lessons for the Novice
For those looking to begin their investment journey, to say it can be overwhelming is an understatement. Figuring out what you are going to trade, how news impacts your decisions, or even choosing your broker in an age of scammers and inherent danger, is a daunting task. A quick visit to strifor.org might be just the thing to help you on your successful journey.
One of the things that become immediately apparent when choosing Strifor broker, is access to a demo account. This is essentially an account charged with a fictional balance that can be traded, but no trades are enacted in reality. This allows you as the novice to find out what trading instruments interest you and to test what you’ve learned without being out of pocket, or worse, actually owing the brokerage firm. By using a demo account, novices can quickly learn how to leverage profit and loss dynamics while weighing up market volatility to their advantage.
What’s more is the demo account offered by Strifor is fully compatible with MT5, helping novices not only learn how to use Strifor as their broker but also use MT5 as a software package. This promotes further experimentation with the Strifor and MT5, and thus better learning.
What about intermediate traders?
If Strifor broker is already your brokerage firm of choice, and you are no longer what you would consider a novice trader, does the demo account still have value? This can be answered with an emphatic yes. As an example, you could set pending orders to execute later while you first test the trade on the demo account. This allows you not only to try new things, but to test your hypothesis before you put some skin in the game.
This helps the intermediate trader develop confidence and a broader knowledge base to assist in future endeavors. Sadly, intermediate traders do not make use of the demo account as much as they should, as they feel it is a tool for novices only. This could not be further from the truth, as even dedicated professionals use demo accounts.
The Professional
Professionals have been seen to use the demo account to test advanced risk mitigation strategies. Further, we have seen the demo account used to test money management theories to better improve profit taking. While the professionals will make real trades, they will use the demo account to mirror their trades then modify amounts or leverage across multiple instruments to see what performs best.
Conclusion
Your demo account with Strifor is your best friend regardless of skill level and experience. As there is no financial risk involved in the trades, traders are free to make errors that would otherwise prove very costly if done through a live account. The demo account will also reveal your own risk tolerance when it comes to volatile instruments, helping you better understand your own psychology when deciding on trades. This is an invaluable insight a demo account can unlock.