All what you need to know about demo account

All what you need to know about demo account

There are many reasons to have a Strifor demo account. Contrary to popular belief, novice traders are not the only ones to use a demo account. Let’s take a look at the advantages of using an Strifor demo account alongside a standard or professional account.

Who uses a Strifor demo account and why?

Switch to one of the user profiles below that best describes you, then ask yourself if you’re doing all you can to improve your trading performance.

Novice traders learn on Strifor demo account

Many trading platforms can seem confusing to a novice trader, and many people are simply overwhelmed by the amount of information available to them. Novice traders can test the markets, find the trading instruments that interest them, and then get an idea of the degree of volatility and the influence of leverage on profits and losses.

With the demo account, it’s easy to learn how to set a Stop Loss (SL), a Take Profit (TP) and other pending orders. Tracking order results also helps you gain experience and the right reflexes.

Intermediate traders experiment on the demo account

Intermediate traders know how to set pending orders and have already started testing indicators on charts. However, many intermediate traders don’t explore their hypotheses on the demo account, which is a mistake.

Trying out new strategies and testing efficiency with virtual funds is a powerful way of finding the perfect tolerances. The size of your order and the leverage you set all depend on the amount of capital you have available to cover margins. Experimenting with different parameters on different assets can save you real money.

Professional traders develop strategies on the demo account

Yes, even professional traders use the demo account. Savvy traders test or customize existing money management and risk management strategies on a demo account. Often, they define demo account orders in the same way as real account orders, modifying amounts and leverage and observing which strategies work best with which instruments. This is the Holy Grail of trading. 

What Strifor demo account offers you

You can best familiarize yourself with the Strifor demo account by installing Strifor trading platform MT5, which incorporates an intuitive, straightforward interface alongside state-of-the-art graphics technology to give users a complete trading experience.

MT5 is ideal for traders of all levels and offers over 50 drawing tools and more than 100 popular indicators. Charts are easy to read in the default configuration, but more experienced traders will appreciate the highly customizable options available.

Try trading with 1:2 leverage and see how price action affects your capital, then compare with the highly sensitive 1:500 leverage. Although 1:20 and 1:50 are common leverage parameters, bear in mind that highly volatile instruments, such as Bitcoin, can produce catastrophic price swings, and larger capital is needed to survive such price action.

Play around with the parameters, experiment, try out some common indicators like moving averages. In its default mode, the Strifor demo account is ready to trade, but you can also customize it to suit your needs and style. That’s what makes the Strifor trading experience so seamless.

How to get the Strifor demo trading account

Signing up for Strifor is free and there’s no obligation to open a real account or trade. This means you can add virtual funds and try out the many trading platforms available. You can even test trading strategies, without any financial risk.

It’s advisable to set the virtual capital of your demo account in the same way as you would for a real account. This way, you’ll know what order sizes are realistic for you and what your limits are. You’ll also see how leverage can affect your real account when trading more volatile instruments like cryptocurrencies.