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Free Forex Trading Tools for New Traders Entering the Market
Mar 27, 2012 (05:03 PM EDT)
SYDNEY, March 27, 2012 /PRNewswire/ --
Forex trading, commonly known as 'foreign exchange', 'forex' or simply 'FX'; is the act of exchanging one currency for another at an agreed price. Forex is the world's most traded, over-the-counter (OCO) market, with an average turnover in excess of US$4 trillion per day.
New traders looking to enter the foreign exchange market can improve their trading potential through free forex trading tools and education resourses from City Index Australia, whereby they can enhance their financial knowledge; imperative when managing your trading risk.
Traders using these tools can both learn about forex and build their confidence before they start trading.
Through the City Index Australia site, traders have full, free access to their dedicated trading education section; offering webinars, seminars, a demo trading account and guides to managing risk plus more.
These tools aim to help you to fulfill your trading potential, no matter what your level of forex knowledge.
Below, we take a closer look at the free forex trading tools available to you.
Demo Trading Account
It can be a daunting process when making your first trade. With that in mind, it is important to practice first. Through the City Index Australia demo forex trading account you can test all you have learnt through your trading strategy and analysis by trading your chosen market with a virtual cash balance and therefore at zero risk to your capital.
As a new trader looking to start trading forex, opening a demo forex account will let you familiarise yourself with the City Index Australia trading platform before committing to a live forex trading account.
For two weeks, you can trade prices on 37 currency pairs for free using a virtual cash amount of AUD$10,000, across a custom-built, easy-to-use platform with live streaming prices.
With zero obligations, you do not even have to be a City Index account holder to use it.
Risk Management Orders
As mentioned above, managing your risk plays an important part in your trading success, making it fundamental to your trading strategy.
Through the City Index education section, you can learn how to limit potential losses with the various risk management tools available; these tools are also accessible through their trading platform.
It comes highly recommended that you consider these tools when you trade using a live account with your own funds, but also whilst practicing through the demo forex trading account to gain a more realistic experience and familiarise yourself with the tools.
Trading forex is a popular choice for many traders; as one of the world's largest financial markets, those new to trading are advised
to regularly set time aside to check their positions and manage their demo forex trading account.
Through a demo forex trading account, you can achieve a greater, more realistic, understanding of trading forex and the risks involved.
About City Index:
Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.
City Index is a leading global provider of margined foreign exchange and CFD trading. As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. To learn more visit: http://www.cityindex.com.au/
SOURCE City Index Australia