What Is Demo Trading?
As a beginner looking to get started with day trading, it can be very intimidating to try and take your first steps into the real trading arena. Trading with real money can be costly, and making the mistakes that beginners need to learn from can be very expensive for hopeful traders trying to learn the basics. There are a few different strategies for learning the ins and outs of the market with free trading methods, and one of the best ways is to learn through trading with a demo account.
Demo trading is offered by trading platforms and funded with fake money that enables the customer to experience the ins-and-outs of the service before setting up a real account. Demo accounts make it easy to learn the different features and faculties of a trading platform, or the various techniques involved with live trading, without putting your own money down to do so. This allows for beginners and experienced traders alike to gain the benefit of knowledge and practice before they are ready to trade with real money.
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Demo Trading Saves You Money
It takes time and significant investment to familiarize oneself with the trading system. Since day trading is such a complex activity, it is expected that beginners will make mistakes. This is one of the main reasons that it is a good idea to learn with demo trading.
Finding a good trusted firm which offers demo trading services allows traders of all skill levels to educate themselves about a trading platform, or trading in general, before they buy. Since Day trading can be a risky business, and the rate of success is often low, being able to gain this kind of knowledge without incurring too much risk early on is essential.
Unfortunately, it costs firms money to handle demo accounts, and many of them will not allow beginners to use demo accounts to learn how to trade. Most firms who offer demo trading do so as a way of offering a trial for their own brokerage services, which makes them less than suitable for beginners looking to learn how to trade. There are other options available, as well as firms with various offers designed to help beginners get started learning and practicing their knowledge and skills within a real live trading context.
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Tradenet offers a demo trading challenge that provides hopeful traders with a chance to compete for a range of educational and trade prizes from Tradenet. The challenge allows traders with high potential to test their mettle for a chance to apply for a funded account from a trusted third party firm. Although slightly different from a traditional demo account, the Tradenet demo challenge allows hopeful traders to see if they have what it takes to perform in the world of live trading.
The challenge involves trading with a funded account from a trusted third party. Participants who manage to earn $500 net trading profit within 7 days with the funded account will be eligible to win a range of prizes from Tradenet. Even though the accounts are funded with real money, the risk is shouldered by the third party, allowing the contestant to try their hand at real day trading without risking their own money, which is what gives the challenge similar advantages to traditional demo trading.
The trading challenge is a great way for both experienced traders as well as beginners with high potential for day trading to see if they have the performance and motivation of a professional day trader! Hopeful contestants will have to sign up and receive approval before participating in the challenge, in order to ensure that only those traders with the potential to perform under pressure are selected for participation. If you’re in the early to middle stages of your day trading career, and you think you have it takes to give yourself a leg up, check out Tradenet’s Demo trading challenge today!