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Demo accounts are an excellent way to learn the basics of Forex trading without risking your investment. A demo account is very much to your advantage; it is a useful way to acquaint yourself with the trading platform and its features. You’ll also be able to test out some different trading strategies to find which style suits you best. Nearly all demo accounts offer full functionality and real time market prices, without any risk to your investment while you’re practicing trades. Demo accounts give you an opportunity to familiarize yourself well with the Forex market in a safe and risk free manner. This position is established when you initiate the trade. If you’re buying, you’re taking the long position; if you’re selling, you’re taking the short position. An easy way to keep this straight is to remember that “sell” and “short” begin with the same letter. Buying and selling can be confusing in the Forex market, because it’s easy to mistake one for the other. In order to keep it straight, remember that the “buy” and “sell” positions are based on the first currency in the pair; for EUR/USD, you are either buying or selling the euro while simultaneously doing the opposite with the dollar i. e.
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Promoters often lure investors with the concept of leverage: the right to control” a large amount of foreign currency with an initial payment representing only a fraction of the total cost.
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QUOTE CURRENCY: The second currency quoted in a currency pair in forex.
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best forex broker