How to start trading Forex from scratch: detailed instructions for beginners

How to start trading Forex and where to get lessons for dummies? How to work with the trading platform for beginner traders MetaTrader4? Where should you start analyzing the Forex market?

Hello, dear readers! This is the author of the HeatBober website, Alexey Morozov. We continue our acquaintance with the Forex market, today we will talk about the basic knowledge necessary for trading.

I have successfully traded on the Forex exchange with the largest Russian brokers for several years. Based on my own experience and conversations with professional traders, I can confidently say that without awareness of the material below, trading is simply impossible.

So let's get started!

How to choose a Forex broker with whom you can earn money

One of the main conditions for making money on Forex is choosing a reliable brokerage company. But how to distinguish an honest broker from a “kitchen”? After all, at first glance they are similar, like a real and a fake banknote. And yet there are certain “watermarks” - key signs by which you can identify a company worthy of trust:

How the broker works

There are two ways brokerages operate: A-book and B-book. The difference between them is that A-book assumes transparent trading conditions with fair quotes and the output of all client transactions to the interbank market. That is, if you open a position, for example, to buy euros for dollars, then the Forex broker instantly displays your trading order on the international market, where your transaction will find a counterpart (to sell euros and buy dollars) at the most favorable price for you.

B-book brokers, on the contrary, find counterparties for client transactions within the company itself. Of course, in this case your trading order will not be executed at the best quote for you, but in a way that is beneficial to the broker. Such companies are often called forex kitchens and should be avoided.

An example of an A-book broker is Gerchik & Co. The company guarantees the honesty of quotes (and this is confirmed by regular audits from experts of the International Financial Commission FinaCom), and also ensures that transactions are instantly brought to market at a speed of 1 millisecond.

The authority of the founders

If the company is honest, then the managers do not hide their faces. For example, in our company the general director is investor and businessman Ivan Kroshny, the creator of the international community of traders Cartel. And the president is Alexander Gerchik, a trader with 23 years of experience who successfully trades on Wall Street. Both co-founders of the company are public people who often become speakers at trading forums and marathons and willingly share their knowledge and experience. And you must agree, this inspires confidence.

But brokers, where the managers are unknown (or maybe fictitious - who knows?) people, are rather alarming.

Broker's earnings

What is the benefit of a Forex trader is clear. But how does the Forex broker himself make money? The so-called “kitchens”, unfortunately, most often make money on the deposits of their clients. And the more money traders spend during the trading process, the better. Hence the problems with withdrawing profits, painting quotes, unjustified blocking of trading accounts, etc.

But a real broker is only an intermediary between the trader and the financial market, who does not interfere in the trading process and is interested in the profits of his clients. The earnings of such companies are commissions for transactions.

For example, at Gerchik & Co, traders pay a small commission when opening a position and can be confident that their trade will be executed on fair market terms.

There is also a Zero account, in which there is no commission, as it is included in wider spreads.

Learn more about Zero

Thanks to this approach, it is much more profitable for Gerchik & Co for its clients to trade and earn more. That is, the result is a “WIN-WIN” situation, when both sides win: both the broker and the trader.

What about online reviews? Is it worth taking them into account? Yes, customer opinions are important too. But precisely customers, and not competitors carefully disguised as them. Often, even about a reliable company, you can find custom-made negative reviews that are not actually supported by a single fact. Therefore, you should not focus only on reviews and the broker’s place in various ratings.

Read reviews from Gerchik & Co clients

General information about the Forex market: basic concepts, terms and definitions

To understand what Forex is and where to start your activities here, you need to study the history of this phenomenon and the terminology used by its participants. If you want to quickly immerse yourself in the world of the foreign exchange market and start making money on it, then it is recommended to use short guides that give a summary of the material and set the direction in which beginners should move.

What is Forex - brief definition and history

The name Forex comes from the abbreviation of the English term Foreign Exchange - foreign exchange - and accurately reflects the meaning of this phenomenon. Forex is a certain space where international exchange takes place, or, to be more precise, foreign currency exchange. Transactions for the sale, purchase and exchange of currency are concluded here.

The birthday of the modern Forex market can be considered August 15, 1971, when Richard Nixon made a decision that the dollar would be backed by gold.

This event had far-reaching consequences; the entire world monetary system changed. Other countries also abandoned the gold standard. Exchange rates became floating, and it became possible to freely exchange currencies on a free market in accordance with their floating rate.

Main advantages

The main advantages of the Forex currency market are the following:

guarantee of free market relations, due to the fact that there is no single control center;
large trading volumes, which can reach trillions of dollars, which implies greater freedom of action;
24-hour market operation.

Key market participants

Forex market participants are divided into 2 main groups depending on their ability to generate market quotes. These are active and passive participants. The first group includes central banks, commercial banks and brokerage companies. Passive participants trade at the price set by active participants. These include international corporations, investment funds, private investors and companies involved in foreign trade transactions.

Basic terms and concepts of the market

A broker is an organization that assists traders in trading and receives remuneration for this.

Margin is a part of the collateral amount blocked on the trader’s account when opening a transaction.

Leverage is a kind of financial support that a broker can provide to clients.

A security deposit is money that a trader places in an account with a brokerage company. They act as collateral, allowing the use of leverage.

Arbitrage is a technique for making a profit based on the difference in quotes from different brokers or the difference in prices on different exchanges.

How to Choose the Most Suitable Forex Trading Style

There is no universal recipe for success in trading, just as there is no single correct and profitable trading strategy. There are a lot of ways to trade Forex profitably, and the choice depends only on your preferences.

What are the different trading styles? Usually there are 3 styles: short-term, medium-term and long-term. Let's look at the advantages and disadvantages of each of them:

Short term style	Medium term style	Long term style
Characteristic	Trades last from a few seconds (piping) to several hours (intraday trading). Positions are not carried over to the next day.	Transactions can last several days, but usually no more than a week.	The duration of transactions is from weeks to months. This method of trading is called positional and is similar to investing.
Advantages	Because trades are closed during the day, the trader does not have to pay swap to roll the position overnight.	You can trade on clear strong trends, which most technical indicators work well on.	They will allow you to take maximum profit on powerful long-term trends. In this case, you need to spend no more than 1-2 hours a day on market analysis.
Flaws	The style requires a lot of involvement of the trader in the trading process, and this can be tiring.	Due to the length of transactions, you have to pay a swap - a fee for transferring an open position to the next day.	Swap fees, as well as a long wait for profits.

To understand which strategy is right for you, focus on factors such as:

Your experience in trading. Typically, intraday (but not pips) strategies are suitable for novice traders, while long-term ones are preferred by professionals.
How much time are you willing to devote to trading? Do you have time to trade all day? You can trade intraday. Do you want to visit the trading platform less often? Your style is medium-term.
What assets do you choose to work with? Some currency pairs work better in short-term trading, while others can be used to make money in positional transactions.

Advice!

If you don’t know how to choose a trading style, turn to more experienced traders for help. For example, in the Telegram chat of traders Cartel Traders Club.

Clean up your charts

Most beginners collect many indicators on their charts. They think that since indicators help in trading, it means that the more of them, the better. But that's not true.

Each additional indicator:

Clutters your schedule and makes it difficult to understand.
You have to analyze a lot more information before opening a trade.
Increases the likelihood of receiving conflicting signals.

Indicators are not necessary. I personally trade without any indicators at all and use support and resistance levels in combination with price action. I'm not saying that you need to get rid of all indicators. Limit their number to a maximum of two indicators on the chart.

How to choose the right assets for Forex trading

So you became a trader, installed a trading terminal, opened it, and... your eyes widen. Of course, in Gerchik & Co platforms you can trade more than 390 instruments. There are 66 currency pairs and CFDs on stocks, indices or commodities. But experts do not advise trading everything at once, since each asset has its own “character”.

Here are the basic rules for selecting assets:

1. Choose liquid assets. For example, among currency pairs these will be the most popular instruments, such as EUR/USD, USD/JPY, GBP/CAD, GBP/USD, AUD/USD. These pairs have the largest number of trades on Forex, so these instruments may have the lowest floating spreads (and this will allow you to make more profitable trades). 2. Consider your daily routine. If you prefer to trade in the morning, then pay attention to Asian currencies - for example, the yen/US dollar or yen/euro pair. They are most actively traded during the Asian session. But the euro/dollar or US dollar/Canadian dollar is more convenient to trade in the afternoon. 3. Choose assets based on volatility. Do you prefer roller coaster rides with powerful price fluctuations? Then your preferences will be on the side of pairs such as pound/US dollar or Canadian dollar/Swiss franc. Their quotes can fall or rise by more than 100 points per day. For lovers of quiet trading, the AUD/NZD pair (Australian dollar versus New Zealand dollar) is suitable, since its intraday volatility rarely exceeds 50-60 points. 4. Don't forget about your level of knowledge. Start trading on Forex with assets that are simpler and more understandable to you, for which it is easier to do market analysis, find expert opinions or a ready-made trading strategy. For example, the Gerchik & Co website regularly publishes analytical reviews on top currency pairs, and this can be a good help for you in trading. But leave exotic assets for now for more experienced traders. 5. If you want to trade not currencies, but contracts for oil, gold or shares of top companies, then in addition to technical analysis, pay great attention to fundamental analysis, since these assets react strongly to news.

Advice!

To make it easier to navigate the securities market, watch the webinars of Sergei Zabotkin, a trader and developer of trading robots, on the Gerchik & Co YouTube channel. He explains how to choose profitable stocks to trade.

Trade one currency pair

The key to becoming a professional trader is to make trading as easy as possible.

One of the easiest ways to simplify your trading is to trade only one currency pair. This will help you concentrate all your efforts on studying this pair and study its movement in detail.

If you try to trade 5 pairs at the same time, you will have to learn the unique characteristics of all pairs.

Each currency pair is unique because it:

Reacts differently to news.
Moves at different speeds.
It has different volatility on different days.
The rules for transferring a position and trailing stop are different for each currency pair.

If you are a beginner, trading multiple pairs will add a lot more stress and will only slow down your learning process. So start with one pair. Once you learn how to make a profit, you can gradually add new currency pairs.

Life hacks for a novice trader: choosing a strategy with Gerchik & Co

If you have already chosen the assets to trade and have decided on your trading style, it’s time to think about a specific trading strategy. That is, a set of rules by which you will open and close transactions.

Creating a strategy yourself is a difficult task and not at all necessary. It is much more effective to take a ready-made strategy and, if necessary, adjust it to suit yourself. What to choose from? Here is an approximate classification of Forex strategies:

Trend or flat . Trend strategies are designed for trading during periods of sustained growth or decline in prices. And flat ones allow you to earn money when there is no obvious trend and there is a lull in the market.

Indicator and non-indicator . You can get by solely with graphical analysis or use various indicators in trading - for example, MADC, Alligator, Bollinger Bands. Or the Real Market Volume indicator, which is available only to Gerchik & Co clients.

The advantage of this indicator is that it shows points of accumulation of large capital, from which it is much easier to understand at what price level to open a buy or sell transaction. In addition, the indicator has recently been improved, and an advisor function has been added to it, which shows the optimal stop loss levels and helps you trade more profitably on Forex.

Test Real Market Volume free for 30 days

Aggressive and conservative . Many new traders who do not know how to trade Forex with a small starting capital immediately choose an aggressive strategy - with a high level of risk and high profitability. But this is a mistake: such acceleration of a small deposit usually ends in its loss, since you have to trade with a large leverage. Risky strategies are usually chosen by experienced and, moreover, very emotionally stable traders who are able not to give in to excitement and not panic after large drawdowns. While you do not yet have experience in trading, we recommend giving preference to conservative strategies with, albeit small profitability, but with moderate risk.

Advice!

In the “Personal Account” of a Gerchik & Co client, in the “Training” section, you have access to examples of ready-made strategies. They are designed as clearly as possible, with all the explanations, and you can use them for free.

Let your profits grow

Novice traders, seeing a small profit, immediately cling to it and fix it. This approach will not make money.

Don't stop your profits from growing.

To make big money you need to catch a big trend and wait patiently. I understand how difficult it is to see +3%, +10%, +30% profit, but you need to wait further until there are some clear signs of a reversal and end of the trend. Each trader must have his own rules for exiting and taking profits.

Don't look for picks in the market. It is impossible to predict them, so just wait until the market itself begins to give signals that the trend is over.

Forex market analysis with Gerchik: how to predict the direction of price movement

The behavior of currency pairs cannot be predicted 100%. But there are market analysis methods that allow you to determine with a high degree of probability whether the price of an asset will rise or fall in the coming minutes, days, hours or even months.

There are two types of analysis: fundamental and technical:

1. Fundamental analysis is a type of analysis that is based on external factors that influence the price. First of all, on macroeconomic news. For example, data on GDP, inflation rate, unemployment, production activity in a particular country. Let's say that US GDP growth almost always leads to an increase in the dollar exchange rate, and an increase in inflation, on the contrary, weakens the US currency.

To know in advance what news and how it can affect the market, use the economic calendar. It not only lists upcoming releases of fundamental data, but also historical and forecast values of these indicators. After all, the reaction of market participants is stronger, the more actual data diverges from the forecast and past values.

2. Technical analysis, on the contrary, is based on the fact that the market price already takes into account all external factors, so it is enough to analyze the quote chart to make the correct forecast and trade on Forex with profit.

One of the main tenets of technical analysis of the Forex market is that market history repeats itself. The human psyche remains unchanged over the years, so the way traders reacted to certain events in the past is likely to be repeated in the future. Indeed, if you carefully look at the price chart of any asset, you will notice repeating graphic figures and patterns - all this confirms that technical analysis works.

What is the main thing in technical analysis? According to Alexander Gerchik, these are resistance and support levels: most of all trading strategies are based on them. A trader from Wall Street is sure: those who do not understand levels have no business doing Forex.

So what is a resistance level? This is a conditional level from which the price begins to decline after moving upward. To determine this level, you need to draw a line on the chart along 2-3 upper peaks, after which the price rolled back down.

The support level, on the contrary, serves as an obstacle to further price decline and turns the price upward. To build it, it is enough to find 2-3 price minimums on the chart, connect them with a line and continue a little further. In the future, it is in this area that a trend reversal may occur.

In addition to levels, there are also graphic figures - triangles, flags, pennants, “double top” and “double bottom” and others. However, these figures are somehow based on the same levels.

Who is an investor and what does he do?

The concept of “investor” unites legal entities and individuals who invest capital in the purchase of assets or projects to generate additional income.
United by a single ultimate goal, investors have different approaches to achieving it and are conditionally divided into “conservatives” (purchase low-risk assets for the long term) and “speculators” (a striking example is Forex traders).

How investors work

Investment methods depend on a number of factors:

amount of free capital;
level of financial literacy;
acceptable time intervals;
assets used.

The technical execution of investment deposits (be they securities, shares in projects or currency speculation) is carried out in most cases on stock exchanges, through brokers. You can do without intermediaries when it comes to bank deposits or the acquisition of real material assets (precious metal bars, coins, etc.).

How much do investors earn?

If the main objective of an investment is to preserve funds (inflationary losses are taken into account), then the level of profitability is focused on this indicator.

Such investors will not speculate on exchange rates or buy junk stocks. The goals of aggressive investment strategies are aimed at significant capital growth and can be several times higher than the return on conservative investments.

Discarding “advertising provocations” about super-profits, you can focus on an average annual income of 5 to 50%.

Dividends on shares

One of the common types of investments is the purchase of shares not for the purpose of resale, but with the expectation of receiving dividends on them. In fact, the investor becomes a shareholder of the company and takes part in the distribution of its profits (in the part allocated for dividend payments).

The level of return will depend on the degree of risk and duration of investment.

Shares of “blue chips” (for example, Gazprom, Norilsk Nickel, Sberbank) are reliable, but grow slowly (yield can range from 4 to 8%), while the acquisition of “junk” shares (little-known companies) is associated with high risk, but they can bring in the future significantly larger dividend payments (from 8 to 20%).

Government bonds

One of the investment instruments in Russia, which occupies an intermediate position in terms of profitability between bank deposits and exchange-traded financial assets, is OFZ government securities (federal loan bonds).

The purchase of OFZs for individuals has become possible since 2022. The government acts as the guarantor of OFZs (the issue is carried out by the Ministry of Finance). OFZ are traded in rubles on the Moscow Exchange (yield from 4 to 7%).

How to choose OFZ for investment

The selection of OFZ depends on the priorities in terms of investment terms, as well as on the type of coupon (divided according to the method of percentage calculation and indexation of the inflation rate).

Interest in this tool is due to:

Availability - the value of one coupon is 1000 rubles.
Liquidity – high demand for purchases.
Wide choice - there are 41 OFZ options (divided by cost and maturity date).
Low risks - OFZs are backed by government guarantees.

Technical indicators: should a beginner use them?

Technical analysis often uses special indicators that, based on statistical market data, show possible trend reversals, overbought and oversold zones, and other information important for the trader. Among the most popular indicators are Bollinger Bands, Fibonacci Grid, Moving Average, MACD, RSI.

However, Alexander Gerchik believes that you should not rely on indicators: a trader should rely only on his own understanding of the market. This is exactly what he himself has been doing for more than 20 years - and the result is impressive: not a single unprofitable month and millions of dollars in his accounts.

True, there is one indicator that Gerchik is happy to recommend: this is Real Market Volume from Gerchik & Co. This indicator (or rather, a market profile + trading advisor) shows points of accumulation of large capital, at which you can find the best moments for transactions.

Advice!

In addition to the strategy, you also need a trading algorithm, which includes all aspects of trading, including the choice of time frame, signals for entering the market and risk management.

To create such an algorithm, use the “Algorithm Designer” service: fill out the form, and based on your answers you will receive a ready-made step-by-step action plan.

Create your own trading algorithm for free right now

Who is more profitable to be a speculator or an investor?

There is no clear answer to the question. Both investors and speculators live in a financial world that is subject to the influence of a variety of factors, often unpredictable.

The collapse of key stock indices, currency wars, bankruptcies and mergers of large corporations, force majeure of various natures are shocks that “hit” all categories of investors (both market makers and ordinary forex market traders).

It is not always possible to find a middle ground, so the ability to hedge risks, for example, diversify an investment portfolio, comes to the fore.
The longer the investment horizon, the greater the chance for an investor to outperform a speculator.

How can a trader improve risk control with Gerchik & Co

Every trader wants his Forex trading to be stable and profitable, and for this he needs to take risks under control. A trader takes risks when:

Gives in to excitement and wins back after an unsuccessful deal;
He is greedy and does not set take profit and stop loss;
Violates the rules of the trading strategy and opens trades based on intuition;
Trades “for the whole cutlet” - opens trades for a large part of the deposit;
Does not know how to complete a trade on time, even when he sees that he is losing money;
Selects a strategy that is not suitable for the instrument being traded.

To minimize risks, you need to develop discipline, train yourself to act strictly within the framework of the trading algorithm and not give in to emotions. But this is easy to do only in theory. In practice, even experienced traders know how difficult it is. And to help traders in their fight against risks, Gerchik & Co has developed the “Risk Manager” service, which is available to every client for free.

“Risk Manager” automatically controls the basic parameters of trade management: for example, the maximum allowable drawdown per day/week/month or per trade in percentage or dollars. The trader himself sets the values of these parameters, and as soon as he tries to exceed them, the program will temporarily block the possibility of trading. And this is very useful, especially when emotions take over.

How to use Risk Manager correctly, watch the video

You can connect the “Risk Manager” in your “Personal Account”, regardless of the type of trading account.

Become a client of Gerchik & Co

How traders at Gerchik & Co can improve the accuracy of entering a trade

The outcome will largely depend on how accurately you choose the moment to open a transaction. After all, if, for example, you open a buy order when the price rise is almost complete and a downward reversal will soon occur, then you will probably “catch a moose” - that is, your transaction will close with a loss under the stop loss. And if you enter the market at the beginning of a trend, you can make a good profit.

Ways to improve entry accuracy

Method 1 - use Real Market Volume. This indicator analyzes the Forex market and shows at what price levels large volumes of buy or sell transactions accumulate. Based on this, we can conclude what the intentions of the major players are. And if, for example, it seems to you that the upward trend continues and you can open a buy position, but this indicator shows that market makers are already taking sell positions, then you should not take risks: most likely, the trend is about to reverse, and you can will be included in the sale. Another advantage of Real Market Volume from Gerchik & Co is that it has a built-in trading advisor that suggests the best levels for setting a stop loss. Thanks to this, you can not only open trades skillfully, but also reduce risks to a minimum.

Method 2 - learn from the pros. Gerchik & Co regularly hosts webinars with managing trader Viktor Makeev, algorithmic trading and crypto trading specialist Sergei Zabotkin, as well as with the most experienced “chef” Alexander Gerchik. From them you can learn all the nuances of trading using real market examples, and absolutely free. In addition, our broker’s YouTube channel has many thematic playlists, where you can also find videos on entering and exiting a trade.

Go to Gerchik & Co Youtube channel

How to choose a trading terminal for Forex trading

A trading terminal (or trading platform) is software that allows a trader to access market quotes and make trades. Today there are dozens of terminals that differ from each other in functionality, speed, interface, and security. Which platform should you choose?

As long-term practice shows, most traders prefer the trading platforms MetaTrader 4 and MetaTrader 5. Their advantages are a clear interface, the presence of a Russian version, accessibility, the presence of built-in indicators, and high transaction processing speed.

At Gerchik & Co, both of these platforms are offered to clients. What is the difference between them? Let's compare:

MetaTrader 4	MetaTrader 5
Year of issue	2005	2010
Tools	Currencies, CFDs	Currencies, CFDs
Timeframes	9 (from M1 to Mn1)	21 (including non-standard)
Analysis Tools	30 built-in	38 built-in indicators
Algo trading	Can be used	You can create robots in MQL5 language

Both platforms are available for computer, tablet and smartphone. They can be downloaded for free in the “Personal Account” of Gerchik & Co.

How to analyze trading statistics and increase the stability of profits on Forex

Making one or two profitable trades does not mean becoming a successful trader. The most important thing is to maintain positive momentum throughout the weeks and months. And so that profit is not a matter of chance, but your stable result, you will need to constantly analyze the statistics of your Forex trading - a trader's diary.

Any professional trader will tell you that keeping a trade diary is very useful. This allows you to track which instruments bring you more profit, and which ones are not worth trading yet; which signals to enter or exit a trade are correct and which are false; where you showed composure and traded strictly according to strategy, and where you succumbed to excitement and broke the rules. Knowing all this, you will be able to improve your trading and achieve better results day after day.

You may have already thought that keeping a diary is difficult and time-consuming. But Gerchik & Co has a convenient and practical solution - the Trader Statistics service. This is an electronic trading diary in which you can analyze your trading using 37 parameters, tables and charts. Using Trader Statistics is not difficult: you just need to download the program to your device and connect it to your trading account. Then the service will automatically enter all the necessary data on your transactions.

Don't trust the experts

Experts are a fiction. Every newbie who has a profitable week begins to think that he is an expert. Another more pathetic type of expert is the 30-60 year old guy who claims to be a professional trader but asks you to buy his training courses. These people are most often unsuccessful traders who make money by teaching beginners.

Typically, these self-proclaimed experts seek to:

To sell you old information about trading, which is no longer relevant for a long time.
Claiming that they are rich people who hardly work. However, at the same time they are trying to sell their courses.
Making claims like they turned $1k into $10k in one month of trading or something like that.
Trying to prove that they are profitable traders by posting photos of their account made in Photoshop.

Most experts are clueless. Don't trust them.

How to start trading Forex from scratch: a training account to test your strategy

Taking the first step can be difficult, especially in trading. The biggest fear of a beginner is losing money, because without knowledge and experience there is a really high risk of losing your deposit. But there is a way out - start trading Forex from scratch, that is, without your own investments. To do this, you can open a demo account.

You can use a demo account at Gerchik & Co in the same way as a regular one: trading conditions are identical to a real account. This means that quotes, spreads, swaps, and the number of trading instruments in the terminals will be the same as on real Gerchik & Co. accounts. And you will be able to test your strategy and learn Forex trading, so to speak, in “combat conditions”.

The only difference is the absence of monetary risks. You can open a demo account with any virtual amount. Yes, even for $500,000! And at the same time, when making transactions, you will not lose anything if you make a mistake. The losses will also be virtual.

Unlimited deposits and no real losses are definitely a plus for a newbie. But be careful.

Firstly, it is better to choose, even for a demo, an amount with which you will be ready to start on a real account. Because it is for such a deposit that you will need to calculate risk management. Secondly, don’t let the virtuality of risks deceive you: treat them as seriously as if it were your real capital. Otherwise, it will be difficult for you to develop discipline later.

How to open a demo account with Gerchik & Co: brief instructions

To open a demo account, you must first register with Gerchik & Co. After registration, you will have a “Personal Account”, in which you can open a training trading account. To do this, go to the “Accounts” section, which is located on the left side of your online account.

Select the “Open demo account” tab and select the account type from the drop-down list: Demo Zero, Demo Mini or Demo Standard. In addition, you will need to choose a trading platform - MT4 or MT5.

Once you have created a demo account, you can start trading. The optimal training time for a demo is within a month. This time is usually enough to study the terminal structure and hone your strategy, after which you can move on to making money on the real market.

Life hack on how to correctly switch from a demo account to a real account

Switching from a practice account to real Forex trading is like switching from a tricycle to a two-wheeler. Or switch from a flight simulator to controlling a real plane. In the real market, you are already fully responsible for every step you take, because the price of unjustified risks is your deposit, and it is no longer virtual. Many traders experience stress when switching from demo to real. But there is one way to make this transition as comfortable as possible. This is a competition for traders on demo accounts.

Gerchik & Co has been conducting the 7th season of the Competition on demo accounts, and each time it is very popular among participants. The essence of the competition is to increase the starting deposit and enter the top 55 winners in order to receive a reward - a real $1000. Here is your starting deposit for real trading!

Here are the brief terms and conditions of the competition:

Start	June 1, 2022
Finish	August 31, 2022
Registration	Open until June 1st
Cost of participation	For free
What to do	Trade on a competitive demo account, show the greatest profit.
What is allowed	Any tools available in the trading platform, any strategies, robots, advisors and indicators.
What is prohibited	You cannot allow a deposit drawdown of more than 20% in terms of equity (after this the participant is eliminated).
Number of prizes	55
Prizes	$1,000 in real money to each of the 55 winners to their TIMA account.

Hurry up to register as a participant in your “Personal Account” in order not only to test the strategy in conditions as close as possible to real trading, but also to win a deposit for real trading.