Using the Demo Account As an Educational Tool
Forex traders can increase their trading sophistication by demo-trading $25,000. This educational resource allows Demo traders to hone their trading strategies and become comfortable with the trading software. These accounts offer access to free real-time quotations, news and analysis, charting applications and account summary reports through our proprietary trading platform, DealStation™.
MG Financial Group offers two types of Demo Accounts: Free Demo Account and Contest-Demo Account. The free demo account is available for as long as you want it. The Contest-Demo Account is available to those who wish to continue demo trading for a chance to participate in MG's monthly Demo Trading Contest.
We recommend that all investors, novice or experienced, trade a Demo Account before opening a Live Trading Account. A Demo Account allows one to become familiar with trading procedures, such as placing Market, Stop, Limit, OCO and If Done Orders without any risk. All dollar losses or gains on a Demo Account are imaginary.
Without financial risk (or gains), one can go through the process of making decisions based on breaking news, reacting to charting patterns, and tracking one's performance. If you do not know how the dollar will react to news developments, you can form an opinion on the direction of a currency pair and test the prediction against the market. MG Financial Group suggests that a person use a Demo Account until s/he produces a monthly 'profit'. Although racking up big gains on paper does not insure profits in live trading, those who are not successful trading on paper rarely are successful when money is on the line.
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