The best way to test a trading strategy is through a demonstration account. But what if you are constantly on the move. What are you don’t have time to sit down at your desk and test a trading strategy? Well, there is a solution. You can trade a demonstration account directly through your mobile device. This allows you to have access to the best of both worlds. You can trade while you are on the go, and you can take advantage of your broker’s demonstration account.
Many high-flying corporate executives and entrepreneurs are jet setting the globe. They do not have the time or the energy to use a desktop and access their trading set-ups. Do you think these guys stop when they are mid-air or in transit? No, not at all! They use their mobile phones to log directly into their demonstration accounts and do the trading. This is how millions are made on a private jet flying from LA to London. Making money does not stop for the best as they have mastered the art of forcing their broking and trading firms to come up with innovative solutions all the time.
What is a Demonstration Account?
A demonstration account is an account that allows you to have access to your brokers trading platform. The one caveat is that you are not trading your own funds. Instead, you are trading with demo money that is supplied by your broker. The funds are distributed to you, and you can trade in real time, using all the bells and whistle that are available on your broker’s platform. You can test if you are able to execute trades at levels that make sense, as well as, test out all the technical analysis tools that are offered by your brokers’ platform.
The benefits of a demonstration account are vast. You can make a mistake when executing a trade and you will not lose any money. You can test multiple strategies without having the fear that you will lose capital if they don’t work the way you expect. A demonstration account is an excellent tool to use to test multiple strategies. Additionally, you can test out different risk management techniques to see which one works the best. You can place market orders or limit orders. You can even determine if there are large amounts of slippage when you execute a trade.
A demonstration account is a moneymaking platform on the go. It offers you the ease of access, efficiency and a risk-free trading environment. By having complete control and autonomy over your spending, you always feel that you are in control. This also helps keep unwanted influences away. Yes, your brokerage firm will keep giving you tips and notifications, but at the end of the day, you will be the one calling the shots. If you are in the habit of calling the shots, this is right up your alley.
What is a Mobile Account?
Your broker will likely offer you access to their mobile platform. This is a platform that allows you to execute trades via your mobile device. Some mobile platforms have access to technical analysis tools as well as charts and graphs.
Some brokers also provide access to a mobile demo account. This will allow you to test drive your trading strategies while you are on the go. If your mobile device is your main access to your broker’s platform is imperative for it to have access to a demonstration account. If you have tested a strategy you want to be able to execute trades even if you are not at your home or your office. The combination of using your mobile device to execute trades and test strategies while you are on the go is a very powerful tool.
The best way to test a trading strategy is through a demonstration account. If you can trade a demonstration account directly through your mobile device, you are ahead of the game. This process allows you to have access to the best of both worlds. You can trade while you are on the go, and you can take advantage of your broker’s demonstration account, which allows you to test their platform and your trading strategies.
Along with the above, the benefits of taking quick decisions can mean the difference between a few thousand dollars and a few million!