A successful trader uses an array of trading tools to make things more simple in the market. A stop-loss is a Forex order a trader places on a trade, and it remains there until it reaches a specific price, then it will immediately sell or buy for you, depending on how the order is set up. When you set a stop-loss, it becomes very useful for removing any anxiety or worries from your trading decisions. It keeps track of your positions for you, so you don’t have to just stare at the screen. Sounds like a win-win right?
Demo accounts are being broadly used nowadays throughout the Forex industry. They're popular because they're easy to use and often free. Typically, when you partner with a brokerage company, you will receive a demo account already active and ready to go. I always suggest finding a demo account through a brokerage company so you can have access to trading education, advice and guidance.
Demo accounts are great for many reasons. They offer the opportunity to try a strategy without risking everything and they allow for traders to try out a platform without having to commit their investment capital. However, depending on who you trade a demo account with, you could be preparing yourself for unrealistic expectations. Whether you are looking into a new broker and trying out their demo account to see if you want to invest money or if you are just going back to practice a new strategy, there are a few things to keep in mind when it comes to trading a demo account.