Demo trading are simply simulations; They are not “real” and “don’t exactly replicate Live Trading conditions”. Hence, they are termed ‘Demo-accounts or practising accounts..
Aspiring traders can never or rather would find it difficult to develop the necessary mental skill to succeed in real-world trading as long as they cling on to demo-trading for long. The truth is that Demo trading would not teach you so much of live trading, where your goal is to trade consistently and make real money. It is said that consistency makes a trader.
In as much as both newbies and experienced traders routinely use demo accounts to try out new brokers and trading strategies,over dependence on it is the bane of most newbies and not encouraging if you want to develop the mental skill required for consistency in Forex trading as a business,due to the under listed reasons.
1. REAL TRADING CONDITIONS MAY DIFFER:
The reality of trading can be quite different especially during major economic news releases or news events announcements.
2. REQUOTES MAY BE LESS FREQUENT IN DEMO-TRADING:
In order to attract new clients to their demo trading, some brokers might reduce or eliminate requotes from their demo-programs; whereas requotes are common in Live trading situations.
3. EMOTIONAL RESPONSES ARE DIFFERENT:
Successful and consistent trading involves learning to manage ones emotions accordingly.It has been observed that the emotional ups and downs we experience on a live account doesn’t exist in a demo account. The abilities and confidence one develops in a demo account will not help you instead it would hurt you adversely in a live account. Hence,the need to start small and get used to the psychological aspect of trading which is very vital.
4. POOR TRADING HABITS:
Some traders do not learn their lessons when demo trading, because it involves virtual money.They end up developing false confidence and abilities under false circumstances
5. EXCESSIVE USE OF LEVERAGE:
It has been observed that most Demo traders indulge in the use of excess leverage. when such behaviour are carried into trading Live account, it leads to nothing but trade disasters.
Most Demo traders are said to be trigger happy. Simply by entering numerous trades excessively thereby over-trading. This could render them unsuccessful when they move to Live trading. so the earlier it is avoided the better.
7. ORDER EXECUTION TIMES MIGHT BE FASTER:
Since Demo account does not involve real money,this might result in faster execution of trades unlike real accounts which depends on market conditions, especially during various economic news releases or announcements.
In view of the above,it is strongly advised to start with small capital as low as $5, as well as small risk levels and as soon you gain live trading experiences, one could gradually increase his/her lot size.
Secondly,accept that Forex is a business which should be treated as such, that losing is part of trading and that with proper money management,one could grow gradually as well. When we start small one should be prepared to grow accordingly, be able to develop more confidence,ability and faith in ones strategy so as to grow ones account in the long run.
Finally, going into Forex market with the right mindset is very vital to treating Forex as a business and a career over a long period of time. The passion for trading must be developed in order to be able to persevere and get used to the psychological aspect of trading as a whole.
InstaForex Nigeria professionals states that experience has shown that most beginners or newbies in Forex do not know when to place trades,what to look out for before placing trades. These are some of the reasons why most beginners lose all their money. Hence the need for training is very important. These and many more are very well taught via training.
Forex simply means foreign exchange and it involves the buying and selling of foreign currencies only via the brokers platform. It is the most traded financial market in the world. It is opened round the clock,five days a week; enabling traders to act on news and events as they happen. It is a market where half a billion dollars trades can be executed in a matter of seconds and may not even move prices noticeably,quite unlike other markets.
With such a huge financial market the need for training can not be over-emphasised for the under-listed reasons;
1. FOREX AS A BUSINESS: There is the need to see Forex as a business and not gambling, it is only then that the trader/newbie would have the right mindset to embark on the business. It is a long-term business and should be treated as such. Traders are advised to take trading seriously and as business as it’s only then would they be
able to apply the rudiments or strategies necessary for success in the trading. These could only be acquired via training, re-training and advance training.
2. KNOWLEDGE: Forex is knowledge-based. Any business worth its salt requires knowledge. The essence of training is to acquire knowledge. It is said that every business has its secrets and Forex is no exception. Hence,the importance of training is very necessary as the secrets of Forex trading could only be taught or acquired via Forex training.
A trader must be committed to continuous education,study technical analysis,fundamental analysis,psychology of trading,and be able to make logical decisions devoid of emotions and learn to trade in control. These and many more are very vital for trading and could be acquired via training and re-training.W.D Gann said that,”knowledge of the market is more important than money” he went on to say that “time spent in gaining knowledge is money in the bank”. With knowledge,you can take a small amount of money and make more after time spent in gaining knowledge”. Your success depends in knowing the right kind of rules and following them. Forex does not depend on luck,chance or fate like gambling without knowledge. Please go for training.
3. INVESTMENT: Forex trading is Investment,and Investments worldwide or globally is knowledge based. Every aspect of investment needs to be taught. Both investment professionals and beginners are meant to undergo training and retraining in order to update their knowledge. This is a worldwide practice which needs to be upheld.
Hence,the need for Forex training and retraining is very vital to success in Forex trading, and for anyone who wishes to make or take up Forex trading either as a professional or for passive income.
4. STRATEGY: Various strategies are well taught in various Forex training centres across the globe. Most of these strategies are only exposed or taught to members only. Hence, the need for training and retraining can not be over-emphasised. Any person wishing to embark on a Forex journey must be prepared to engage or register with Forex training courses, as these experienced traders or mentors would only expose their strategies to registered members only.
Therefore, any serious minded person should not dabble into Forex without first and foremost undergoing training. In as much as training is very necessary,mentoring is equally vital,as every trainer would wish his or her trainees success. We have heard it from W.D Gann,one of the most successful trader/mentors of all times,that knowledge is very of paramount importance to successful trading. He further stated that passion for trading is equally necessary. It is said that half education is dangerous and since every business has some element of risks associated with it(Forex is no exception). The need for training and retraining need not be over-emphasised.
Forex and Gambling are different things all together. In as much as there are risk associated with trading and gambling, the risks involved in Forex could be minimised/calculated while the risks associated with Gambling are entirely based on luck or chance.
Most traders(Forex) especially Newbies or beginners embark on their Forex journey as gamblers leading to what is known as Forex Gamblers thereby losing a lot of their money. This has led to the saying that one should only trade with the money that he/she can afford to lose.
In as much as there is great risk in Forex the potentials of money making in Forex is as close to endless as any, if not more than any market in the universe. A market where more than 3 to 5 trillion dollars are traded on daily basis far exceeds that of all the stock exchanges globally put together. While the comparison between Gambling and Forex is not totally baseless.
The under listed features differentiate the two industries>>
The Forex Market/Industry is backed by the biggest/largest financial institutions in the world. In as much as traders do not trade with the banks but on retail basis,the fact that market is supported by such financial organisation leads more evidence to a higher level of legitimacy than the gambling industry. Gambling as we know worldwide faces challenges of legitimacy on the legal front.Forex on the other hand is a legitimate business as any other business such as stock markets or commodities markets. Hence one should look out to put his/her hard earned resources in learning how to trade and trading which is legalised and controlled than the Gambling business.
Unlike Gambling one is not totally in the dark about/when opening a position or taking/placing trade. Various schools of thought/Academies are trying to or dedicating much of their time and resources in a bid to minimise the risks associated with Forex trading as possible.These are carried out via technical analysis as well as fundamental analysis. Forex is not about luck unlike gambling. Forex is investment and investment worldwide is knowledge based unlike Gambling. The Forex market could be analysed for days before opening a position and traders could keep an eye on the currencies they intend to trade on before taking a decision to either buy or sell. No such tools exist in the gambling world which is simply based on chance,luck or fate.
One of the main problem with gambling is the issue of addiction. People go into betting,casinos etc with the sole purpose of money thereby letting their emotions get the best part of them. When this desire of making money is not realised they simply keep on gambling thereby losing all their money and most times becoming aggressive. This is not the case with Forex whereby the trader is advised to put his emotion in check or out of the equation though most traders especially newbies or beginners find this psychological aspect very difficult, they soon find out that the way to go/follow is with knowledge unlike gambling. Forex Traders are advised to trade objectively,scientifically,set their goals and abide by them. Thereby Avoiding over-trading and revenge trading this would also put greed in check.
4. STRATEGIES (InstaForex Nigeria Special Tips):
It is said that a high percentage of traders lose money. This is true because they trade blindly without adequate knowledge,skills and above all strategy. Before a trade is taken one has to make serious decision as regards his/her trading goals. Once the decision is made it must be adhered to and implemented to the letter using a brokers platform. Application of stop-losses to checkmate our emotions and the quest to be in a losing trade instead of getting the hell out of it. Secondly, application of take profit to curb our greed of remaining in a trade instead of hoping that the our trade would continue to increase in value. Please utilise stop-loss and take-profit as part of our trading strategies instead of depending on our weak human emotions.
The Amount of money traded in forex on a daily basis cannot be compared to that of gambling worldwide.
Between 3 to 5 trillion dollars or more are traded in the Forex market daily which by far surpasses that of the gambling industry worldwide, hence the Forex market is said to be highly liquid and volatile.
From the above analysis,do you want to be a Forex trader or Gambler? The choice is yours. I’d rather choose to be a Forex trader than a Gambler of which the benefits of profit making is endless and stands out as a long term business.
For information on how to open a free Forex account or instant account funding in Naira Click here..
At InstaForex Nigeria we render high-grade services which are aimed at assisting clients have access to Forex news sms notification, Forex education and other helpful Forex information.
The Forex mindset prepares you to be a successful trader by helping you identify your unique psychological strength, weakness and how you naturally behave in times of financial stress.
Successful trading requires 10% skill and 90% emotional intelligence – Jaret martinez
- See yourself or imagine yourself as a successful trader and be goal oriented.
Characteristics of Goals:
a. It must be realistic -within your capability
b. It must be attainable -begin with a small goal and move up from there.
c. It must be measurable.
d. Self evaluation after
2. Two Reasons for losing trades.
-You follow your rules but the market did not go in your direction.
-You didn’t follow your rule.
3. Remaining Flexible – Get out of closing trade
4. Being Objective
-The market can do and undo
Characteristic of an objective person:
a. You feel no pressure to do anything
b. You have no feeling of fear
c. You feel no sense of rejection
d. There is no absolute Right or Wrong
e. You recognise that this is what the market is telling you.
f. You can observe the market from a perspective as if you were not in a position.
g. You are not focused on money but on the structure of the market.
To be a successful trader you will not always be right but you will always need to be objective..
5. Self Improvement- Very Vital
a. Don’t impose a rigid mental structure on the market’s behaviour.
b. Let go of the fear of being wrong so that you can observe the market from an objective view point.
c. If you concentrate on fear it will cause your subconscious to act out of fear and give you the very losses you are trying to avoid.
-Blaming Others/factors only slows down the learning process.
Professionals at InstaForex Nigeria advise you should not risk more than 5% of your equity(Capital) on each trade..
DOWNLOAD THE TRADING PLATFORM:
a. Go to our website www.instaforex.com.ng
b. Locate Download Platform and click on it
c. Locate Trading platform-version for windows
d. Locate Download metatrader4 Trading platform (zip) and double click
e. Click on ‘itc4setup.exe-Application’
f. This pops up the ‘Terms & License Agreement’dialogue box.
h. Click on “yes” i agree with all the terms of this license Agreement; Then click on ‘Next’ which would be highlighted for you to click on’Finish’
UNDERSTAND FOREX BUSINESS:
It is about Trading on foreign Exchange(currencies) with the aim of profiting from the market.
At Instaforex.com.ng,thorough training is provided to our clients to ensure profitability. Newbies/Beginners should undertake training to ensure that they have a grasp of what it entails.
DEMO-TRADE (PRACTICE ACCOUNT):
On downloading your trading platform; please ensure that when filling out the personal on the information page,key in the amount of money you know that you would use to open your’live account’.This is very very important so that your practice would be realistic and in line with the amount of money you would be able to afford.
Secondly, by so doing you would be more serious with your practice(Demo) Account. The truth is; If you cannot grow a $10 account, you would not be able to grow a $500 dollar account.
DEFINE YOUR TRADING STYLE:
It’s either you are a Scalper by trading on lower timeframes e.g 5minutes, 15minutes,30minutes or 1hour or you are a Long term trader or Positional Trader with a view to enhanced profits.
DEVELOP YOUR TRADING PLAN:
Your trading plan should include whatever strategy you decide to use.Forex is business,every business requires a plan which should be objective.You should be able to keep a trading Journal which should include and not limited to your trading style as stated above, your entry points,take profit price levels and stop losses. Adherence to your trading plan requires discipline devoid of all emotions.
In every endeavour of life we have elements of risks associated with it,Forex is no exception,as risks
associated with investments if not well managed leads to loss of money. Instaforex provides micro trading platform which allows smaller investors as well as huge investors access the forex market.The minimium amount on instaforex micro platform is $10
Adhering to Proper/Risk management could ensure longevity in this business of Forex trading. It is very vital that one adheres strictly to it..
TO YOUR TRADING SUCCESS-
InstaForex MT4 In-built Indicators are softwares/tools which successful traders utilise in effecting trades eg to either place a buy or sell trades while Custom indicators are indicators which are either purchased online or borrowed from friends..
Begin the process by first extracting the software to any storage device or to your Laptop/desktop; then install as follows;
1. Copy the indicator extracted to your Laptop/desktop.
2. Open your Instaforex platform
3. Locate ‘FILE’and click
4. Locate’OPEN DATA FOLDER’and click
5. Locate’MQL4’and double click
6. Locate ‘INDICATOR’and double click.
8. Move your Cursor to the extreme right of the’INDICATOR’window(open space),right click and paste.
9. Close and re-open the platform in order to locate the installed indicator in the navigator.
10. Locate the installed indicator and double click on it.This brings it up on the chart.
11. Click ‘OK’for it to be attached to the chart
N/B please note that if you do not perform the no 8 operation the installed indicator(s) would not appear or
be seen in the navigator.
InstaForex Nigeria Technical Support Team are always ready to help you with additional guide on how to Open a Demo account or Indicator(Software) Installation.
For more enquiries call us +234 903 358 8803 or send us email on [email protected]
Professionals at InstaForex Nigeria advise newbies to key in the amount of money they intend to start Live Trading with, so that the Demo practice would be realistic..
2. Locate Download MetaTrader 4 trading platform (zip)
3. This pops up a dialog box click on “SAVE FILE” and click OK
4. After downloading, Double click on itc4setup.exc(APPLICATION)
5. It pops up a dialog box for you to click on agree; As soon as you agree to the Terms and Conditions’NEXT’would
be highlighted for you to click on in order to proceed.
6. Leave it at ‘STANDARD’
7. When it gets to ‘LEVERAGE’ pick either 1:500 or 1:100
8. When you get to “AMOUNT” please key in the amount of money you intend to start your live trading with, so that your practice would be realistic; The least ‘AMOUNT’ being $3000 does not mean that if you key in $100 it wouldn’t take it.
- Many newbies are in a habit of keying in or practicising with amount of money they cannot afford in true life situation hence they tend to trivialise the demo account. The truth of the matter is if you cannot grow a ten dollar account, you cannot grow a million dollar account.
- Click’ OK’and wait patiently for the platform to come up. next; Right click on the market watch and click on
‘SHOW ALL’ to bring up all tradeable instruments on the platform.
Finally, Install every currency pair that you intend to be trading accordingly.
InstaForex Nigeria Technical Support Team are always ready to help you with additional guide on how to Open a Demo account or Indicator(Software) Installation.
Click here to Open a Free Forex account
The most interesting feature of online Forex trading by InstaForex Broker is the way it is being operated transparently. There is no hide and seek involved in the process..
- Aside the broker’s spread; Online forex trading with InstaForex does not involve any commission, or exchange fees, or hidden costs etc. The trade is done in a very fast pace as there is no kind of any delay involved in it. It takes 1 or 2 seconds to execute the trade in InstaForex
- Traders can trade in different markets with different currencies at the same time without any restrictions. This is only possible with InstaForex because of the high grade online forex trading services it provides. This has brought in lot of flexibility and liquidity in online forex trading. InstaForex Traders are able to trade and access 107 Currency instruments, 88 CfDs on US stocks, Futures, gold and silver, Options Trading, 1:1000 leverage, Swap-free and many more
- Opening of an online forex trading account is very easy as there are many people who can offer this kind of service to the trader. But they need to be very sure that they too deal with the same kind of currencies which the trader is interested in as compare to InstaForex Broker which offers one of the highest numbers of Currency instruments. Click here to open an InstaForex Account
- Volatility is the essence of the currency market. Values for individual currencies rise and fall with news and information happening around the world. Sometimes the fall in a currency can be swift and can help to wipe out your entire account before you can react. So you must prepare for risks if you decide to trade on the Forex market. It is always import to note that the market can change suddenly all because of decisions made by some government or corporation in a distant part of the world.
- Therefore, if you want to become a successful trader in the Forex market, you must learn the fundamentals about the market and the currencies you wish to trade. Also, read press releases and other financial news that are updated on our site home page instaforex.com.ng and political news from around the world. You will do well by learning how to trade with the Candle Sticks Pattern,
InstaForex Nigeria $500 No Deposit Bonus is available to: New clients, or existing clients whose balance hasn’t exceed $10 USD in the last month, whose volume hasn’t exceeded .3 lots in the last 6 months and whose deposits haven’t exceeded $10 USD in the last 6 months.
FREQUENTLY ASKED QUESTIONS
1. Do I have to make a deposit to get the no deposit bonus?
– No, you do not have to make a deposit to get the no deposit bonus. You can receive the StartUp Bonus for free and trade it without your own investments.
2. Do I have to provide documents (verify my account) to get the InstaForex StartUp Bonus?
– No, you do not have to provide documents (verify an account) to get the StartUp Bonus.
3. How to make profits with the InstaForex StartUp Bonus?
– You can open and close trades on Forex on your own or subscribe to copying deals of successful traders through the InstaForex ForexCopy system (Trade via browser, Trade via mobile app, Trade via PC, Copy trades)
4. Is it possible to trade without swaps on an account with the StartUp Bonus?
– Yes. You can turn on the Swap Free service in Client Cabinet in the Personal information section. With this service, swaps for rollovers are not charged.
5. Is it possible to invest the bonus in the PAMM system?
– No, it is not. But you can use the bonus funds in the ForexCopy system and copy deals of successful traders.
6. In what currency is it possible to register an account for getting the StartUp Bonus?
– Only USD accounts can participate in the bonus campaign.
7. What account types support the StartUp Bonus?
– A Standard account is opened by default, but you can change an account type in Client Cabinet anytime.
8. How can I use profits made from the bonus?
– Profits that make up 10% of the bonus funds will become available for trading right after topping up the account. Withdrawal of these profits is
possible only after closing deals in the amount stated in the clause 5 of the Bonus Agreement.
9. Is it possible to participate in InstaRebate or any other program for returning spreads with the StartUp Bonus?
– Unfortunately, the clients who received the StartUp Bonus on their accounts cannot take part in the rebate programs.
10. Is it possible to withdraw the InstaForex StartUp Bonus?
– No. This bonus is given only to new clients providing them with an opportunity to make profits on Forex without their own investments.
11. Is it possible to withdraw funds that I deposit to the bonus account?
– Yes, you can withdraw the funds that you deposited anytime without restrictions.
12. Why cannot I receive the bonus? I received an email saying that my account cannot participate in the campaign.
– The no deposit bonus is available only to new clients. See the clause 1 of the Bonus Agreement for other restrictions. Active clients can get the bonus after topping up their account.
13. Why does the bonus amount I received differ from the one promised in the campaign?
– The maximum bonus amount is determined individually. You can check the bonus amount available to you following the link on the bonus agreement web page
14. I cannot get the bonus. The “Get bonus” button on the campaign web page is not active.
– Please make sure the link you followed to go to the campaign web page is correct: https://www.instaforex.com/forex_promo/no_deposit_bonus?x=ifxnigeria.
We also recommend you to clear cookies and the browser cache or open another browser if the problem is not solved after following the stated link.
15. I cannot trade. The message “Trading is prohibited” appears in the platform.
– Please check the email box you specified when getting the bonus. Perhaps, your profits made from the bonus reached the threshold of 10% of the bonus funds.
16. Withdrawal: No, only profits can be withdrawn after trading 3 lots for each $1 USD profit. The withdrawal amount cannot exceed $50 USD. To continue trading, a deposit of $50 USD is needed.
Copying trade is easy and profitable for Newbies and professionals. Copying the trades of a professional is highly profitable even without you personally taking the risk of trading.
Link to InstaForex Forex Copy Trader: https://www.instaforex.com/forex_monitoring.php?trader=2817288#/
Your ability to observe Support & Resistance together with RSI Indicator as advised by Professionals at InstaForex Nigeria increases your chances of winning on every trades..
HOW TO OBSERVE SUPPORT AND RESISTANCE:
The support and resistance levels are key areas or zones; In MT4 charts in which traders look out for it enables them make accurate decisions as regards successful trading or in execution of their trades.
I) AT RESISTANCE LEVELS: Sellers are expected to come in more into the market thereby exerting a downward pressure on prices thereby forcing prices DOWN.
II) AT SUPPORT LEVELS: Buyers are expected to come in more into the market thereby exerting an upward pressure on prices thereby forcing prices UP.
At resistance levels prices might be retesting the resistance levels after a major uptrend thereby forming a channel.likewise after a major downtrend prices might be retesting the support levels thereby forming a channel.
Please note that resistance levels are not straight lines but an “area or zone” the same applies to support levels
PROFITABLE USE OF THE R.S.I INDICATOR:
The relative strength index(R.S.I) as the name implies enables the trader to determine the strength of the trends. It is better used with the default parameter.
Its applications are such that:-
If R.S.I is above 50 = BUY
If R.S.I is below 50 = SELL
If R.S.I is above 70 = OVERBOUGHT Which means that it started buying from Level 50
If R.S.I is below 30 = OVERSOLD Which means that it started Selling from Level 50
If the R.S.I is above 70 level it is said to have been overbought because it started buying from 50 and could remain at overbought level for days. If RSI is Less than 30 Level it is said to have been oversold because it started selling from level 50 and could remain at over sold level for days, This indicator is more stable when viewed at the bigger picture i.e on the daily time frame.
Please note that where level 50 is not on your indicator window, locate the horizontal line on your instaforex trading platform and drop it between levels 70 and 30. Double click on it and as soon as the white dots appear on the two extremes of the horizontal line, place your cursor on the horizontal line and then locate the 50 level accordingly
You can use the RSI technical indicator to create your own technical system.
This system will never work 100% of the time, but if they work 70% – 80% it should be enough. To further increase your chances of winning and reduce your probability of losing on every trade you can use fundamental analysis. I think that most traders choose one or the other but many traders use both.
Fundamental analysis is to trade the news.
Start your trading way right now with InstaForex Nigeria!