Practice account to try CFD trading., page-9

First 9 Last

Share
Profile

Follow
plugger

20 Posts.

22/01/16

18:22

Post #: 16853083
Share

Originally posted by bendigo ↑

It may be of interest that ig markets have a demo account.
(Probably other CFD providers do too)
You can fund up the account with serious paper money and see how you perform.
Although the buy/sell prices are the same as using real money, it is " paper trading "
So psychologically it is not quite the same as doing it with your own real money.
(And any real trader will tell you, having your head in the right place is very important to being successful.)
But it is a useful guide for anyone contemplating trading CFDs

If anyone does try it, I suggest you treat it as if it really is your money.
Be cautious.
Don't be cavalier and reckless. ( but you can top the account up if necessary)
Use money management, position size, discipline etc and pay close attention to the underlying real market

Then at the end of say 3 to 6 months you will know a little more about whether
you MAY succeed with real money.

But none of the above guarantees success.
Indeed, most CFD traders lose money.

Disclosure:
I have traded with ig markets with real money for a number of years, and prior to then with cmc.
But other than being a client, I have no association with them.

I only trade the indices, both long and short, and mainly the Australian ASX200 index.

Occasionally I trade the O/S indices at night.
But this is mainly to keep me amused, as there is rarely anything worthwhile on TV.
The sudden big swings on the o/s indices are very dangerous.
So I am quite cautious, because just like watching most TV,
I don't find losing money very amusing either.

Cheers,

bendigo

Expand

Hi Bendigo,

Our TradeDirect365 website with the TD365 Platform Demo only takes 30 secs to be practice trading on the exact same platform as used when trading live. The ASX CFD Commission is 30% cheaper than IG and the Australia 200 index is currently fixed at 0.9 spread during 10:00 - 4:00 market hours.

I very much agree with you that it is a smart idea to practice trade first with a defined trading plan. Finding consistency over a reasonable sample size of trades helps with confidence when going live. CFDs are leveraged which increases risks to traders and I hate seeing newbie traders blow up their accounts by punting.

Thanks,

Davin Clarke

CEO TradeDirect365
Upvote

Reply

Top Stories

BPH

Australia’s gas crisis is here – and dying coal plants aren’t helping

ASX Market Close: Index creeps lower as half-year mark approaches | June 26

'Not possible' to port renewable gas: ACCC takes AGN to court

NATO’s 5% target: Why Almonty Industries’ mega mine and NASDAQ listing are a perfect fit for investors

Listen: HotCopper Wire Podcast 015 – Yeah, we're thinking the IPO market is back