What Size Of A Demo Account Should I Practice With?
I was speaking with a good friend the other day; about demo trading versus live trading, and how to make the transition smooth. He mentioned that he had not yet started trading live, and that he had been offered by a broker a free demo account with an initial balance of fifty thousand dollars. He stated that when he did go live it would not be with that amount. He then asked “Was this a good way to practice trading the platform?”
This is my feeling on the subject. When a broker advertises “Open up a free demo account” with a large dollar amount attached I think it is poor form. This gives the beginner and anyone unable to trade with that large of a dollar amount right off the bat a faults sense of security. I think it is premature and greedy on the part of the broker.
Dealing With Your Broker
When we refer to our broker we are referring to the people we talk to when we contact that broker. It may be someone in the funding department, the accounts department, the client services department, or a person placing a trade for us. In any event they are people.
Yes the broker should be there to serve the client or trader after all it is the trader who keep the broker in business. Since we are dealing with people we will always get better service if we show a little tact and politeness toward the person helping us. If we are rude we may still get our concerns taken care of but how much better would it be if we treat the person helping us with a little kindness and respect. Little do we know that that person may have the answer to a question that we didn’t even think to ask.
Client Service people are more helpful, more flexible and more respectful to their customers if they are treated with respect. Show a little courtesy and be polite, see if that helps. You may not have any problems with your PR skills we just thought it would be good to know that employees a
Which Broker Should You Use?
I recently got a question from one of our JumpStart users about why we recommend downloading the Meta Trader (MT) platform from InterbankFX (IBFX). I’m sure there are others with the same question. So here it goes:
A company called Meta Quotes out of Russia writes the Meta Trader trading platform. There are many brokers that use the MT platform, and IBFX is just one of them. I personally like IBFX because they have been around for awhile and seem to be financially solid. They also seem to be improving their processes quite often to make things better for the trader.
One of the most important aspects is that IBFX doesn’t have a dealing desk, which means they do not take the other side of the trade. The trades go directly to the banks so they are not trading against you like brokers with dealing desks. There are many other brokers that are exceptionally good as well. The main thing we recommend is that the broker you use performs the way you like, and that they use the MT platform. The platform is great because the charts, order history, current trades and prices are all in one place. Most importantly though, it’s free.