How To – Forex Demo Account Painful Tricky Question

How to do this, how to do that on Forex demo account?

One day it will come time when you will struggle with some problems on Metatrader 4 Forex trading platform that you cannot solve by yourself.

I have encountered several problems which I seen that pose a problem to many beginner traders on the Forex.

I have listed them here for you to see which one I have answered:

1. What is Forex Demo Account on Metatrader 4
2. What is the Difference Between a Demo and Live Trading Account
3. How do I Use Forex Demo Account on Metatrader 4
4. Can I Open Forex Demo Account on Metatrader 4
5. How Long Does a Forex Demo Account Last
6. Is There Forex Demo Account on Metatrader 4 That Does Not Expire
7. Can I Have Multiple Forex Demo Accounts
8. How Do I Renew My Forex Demo Account in Metatrader 4
9. How Do I Retrieve Demo Username and Password
10. Can I Reset My Forex Demo Account
11. How to Change Forex Demo Account Password

If you read all of them you will solve many problems you have encounter or you will encounter in the future.

1. What is Forex Demo Account on Metatrader 4

Demo account on Metatrader 4 is an account where you choose broker server for that account, account name, account type(currency), deposit balance and leverage. Everything you choose, except server, is virtual and without risk for you.

Demo account allows you to work under virtual conditions, without real money invested but offers real tools to test trading strategy. Money on the demo account is fake money, virtual money with which you can experiment. This feature allows you to trade on the Forex market before you invest real money.

You can open demo account on Metatrader 4 for free and there is no commission or fee you have to pay. It is meant to be first step for any trader in their trading career where they can learn what they need to be a trader.

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2. What is the Difference Between a Demo and Live Trading Account

Demo account possess same functionality as the real account. Difference is that demo account does not require real money investment to trade. But demo account does not give any real money profit to withdraw.

2.1. How Does Forex Demo Account Work

Demo account is a live simulation of real account but there are few differences compared to live account.

2.1.1. Demo Account Money

On demo account you open virtual money which you can open any trade with without worry of losing your money. It is virtual money where deposit balance is defined during demo account opening process. So, you can set any value on it and after that trade.

2.1.2. Demo Order

Any trade you take on demo account will be done as on real account. It will open sell or buy order depending what you want to have. Trading pair price will go up and down and you will see what happens on you account balance. If you open an order that is in line with price heading you will see rise on your account balance.

2.1.3. Demo Leverage

You can test leverage where you see how account balance behaves with different leverages. Leverage can do positive and negative thing to your account. Testing various leverage is very useful before going to real account. You can see how much lots you should open on each trade comparing to your trading strategy and account balance.

2.1.4. Metatrader 4 Trading Terminal Charts

While you use Metatrader 4 terminal for charts it does not matter is it on demo or real account. Charts tools are the same on any type of account because all technical tools is connected to Metatrader not to account type.

You can use trading indicators with same functionality as on real account. All shapes, channels, chart templates, timeframes are available for you. If you use any of them on demo account the way you use them is same as if you use them on real account.

2.2. Difference Between Demo and Real Account

Demo Account

• You trade with fake/virtual money
  • No worry about losing all account balance. Just reset balance or open new demo account and you start fresh like nothing happened
• Spread is different on demo account. Sometime is better than live account
• Open/Close order is processed immediately
  • there is no slippage or re-quote or special occasion like when important news is published
• Emotional status does not impact on your trading
  • When you use someone else money, especially when is virtual then you do not pay attention how much you lose

Live Account

• You trade with real money
  • Invest as much as you can afford to lose without affecting your normal living costs
• Spread is different on live account. Sometimes is better on demo account
• Open/Close order sometimes does not process immediately
  • You will encounter slippage or re-quote on Metatrader 4 trading terminal
• Emotional status impact the most on your trading
  • When you lose or earn money each time you will feel happiness or sadness. Fear when you start to lose money and greed when you start to earn money. Emotional status impacts your trading in a way that you make wrong decision in a wrong moment.

From my experience I can say to you to trade on demo account first. Learn all technical details you need to know to open order and to use Metatrader 4 functions.

When you learn everything you need to know on Metatrader 4 open real account and fund it will low amount(50-100$). Low amount on your account balance will allow you to test your strategy you bring from demo account.

Emotional experience you get on real account is very valuable for you. You will see how you behave when you open a trade and lose that trade. Will you be disciplined or you will open bad trader after bad trade. If you are not disciplined small amount is affordable to lose but it will give you good lesson where you need to improve yourself.

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3. How do I Use Forex Demo Account on Metatrader 4

You should use demo account in Metatrader 4 like you would use live account.

• Open demo account with same amount of money you plan to invest on real account. This is not mandatory but suggestion
  • This way you are preparing yourself for real trading environment at least in account size
• Use demo account with same strategy you would use live trading account
  • Test your trading strategy so you can verify all aspects or possible situation on trading pairs. You will see how trading strategy is doing when news are published
• Test various situation on demo account to extract as much knowledge from it as you can
• Change settings on the charts to see which settings are for what and what difference it makes when you change them
• If you EA(Expert Advisor) test it before going to real account. You will get some results which you confirm again on real account

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4. Can I Open Forex Demo Account in Metatrader 4

You can open demo account in Metatrader 4 trading platform. Every Metatrader 4 offers you to open demo account for trading so you get familiar with platform.

To open demo account in Metatrader 4 you need to follow certain steps which are very easy. When you start process for new demo account just read what you need to do and in few steps you will have demo account open.

Here is a step by step guide for you: How To Open Demo Account On Metatrader 4

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5. How Long Does a Forex Demo Account Last

Demo Account is valid indefinitely on most broker platform.

Here is variation of possible cases where broker:

• have condition that you at least connect on server over your demo account every several days
• demands nothing in order to remain demo account valid
• asks you to send written request after 30 days of using demo account to extend period of usage of demo account in Metatrader 4
• close your demo account if there is no activity over one month period

Few brokers will allow you to have demo account available for one month and then they request from you to open live account if you want to continue using their platform.

Broker tend to close demo accounts because they are losing server resources and they want to keep resources limited.

Demo account could be closed for various reasons:

• Inactivity for a period of time
  • 10 days
  • 30 days
  • 90 days
• After a certain time
  • 30 days

Some brokers do not allow to renew old demo account after it is closed. You need to repeat process and open new demo account in Metatrader 4.

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6. Is There Forex Demo Account on Metatrader 4 That Does Not Expire

You need to find broker that will allow you to open demo account that does not expire. Many brokers have practice to close demo account after certain period of inactivity.

But also many brokers allows you to contact them and ask them to leave demo account live after period of inactivity passes. Try to contact your broker and ask them can they leave demo account open indefinitely. This way you do not need to worry when demo account on Metatrader 4 will be closed.

On the internet you can find a list of brokers who offers you demo account that does not expire. I will not offer that link because I did not verify those brokers and I cannot vouch for them.

One I can recommend is Admiral Markets.

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7. Can I have Multiple Forex Demo Accounts

Some broker will allow you to open up to 5 demo accounts. Some up to 19 and so on. There is no general rule that you will know how much is possible to have open demo accounts. Some brokers do not have any limit on demo account number.

If broker have a limit on demo accounts try to contact their customer service over e-mail or live chat and ask for additional demo accounts.

You will find broker that allows you to open only 1 account of each type per e-mail address. This way you are restricted to have more accounts unless you give them another e-mail address and open new account. This practice is not good for any trader because it spends your resources on opening new account instead giving you freedom to open as much accounts you want.

Usually you will not need more than 5 accounts or maybe even 1 will be enough but it depends on you and your strategy.

Anyway, test and test on demo account until you are very good in trading.

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8. How Do I Renew My Forex Demo Account in Metatrader 4

If you think to renew demo account balance and set to the initial balance like it was when you started trading then you just need to open new account and close the current one. This way you will have completely new start on demo account without trading history.

When you do not want to open new account instead you want to use current demo account and reset balance to initial balance in Metatrader 4 you need to contact broker customer service and ask if it is possible to reset account balance. They will give information is it possible to reset trading history on that demo account in Metatrader 4.

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9. How Do I Retrieve Demo Username and Password

It depends on broker. Here is a list of possible ways but each one you need to verify with your broker with which you have demo account in Metatrader 4.

9.1. Check Your E-mail

In your e-mail check have you received log in details for demo account. If you have then you can use them to log into Metatrader 4 trading platform.

9.2. Check Metatrader 4 inbox Terminal

If you are logged in Metatrader 4 demo account then you can find log in data in your Metatrader inbox “Toolbox – “Mailbox” like on the image below.

Open tab “Mailbox” and find message with subject “New account registration“.

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When you find correct message click with the mouse and new window will appear. In the window you can find log in details like one you have received over e-mail or when you have open account.

9.3. Check Trader Cabinet if You Have One

If the above steps does not help next one is to go into trader Cabinet, if you have one, where you can see all your accounts and their details. If the demo account is active you will be able to recover password.

Read more: Forgot Metatrader 4 Demo Password

9.4. Contact Broker Customer Service

You can always contact your broker customer service to help you with this problem. They will give you information is it possible to reset log in data or you will need to open new demo account.

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10. Can I Reset My Forex Demo Account

Here are few ways how can you reset demo account in Metatrader 4. But what do you want to reset it also matters.

Do you want to reset

• trading history
• account balance
• username and password

Account Balance

In order to reset your balance on a demo account in Metatrader 4 you can

• login into your back-office profile and reset to desired amount
• fill up contact form on broker web site and request reset account balance
• contact broker support over e-mail or live chat to reset it for you

Trading History

If you are looking to delete trading history you can contact broker support because most of brokers, if not all of them, cannot delete trading history. At the end the only way is to open new demo account on Metatrader 4.

By opening new demo account you will have fresh start with default settings and trading history.

User Name and Password

In order to reset your username or password on a demo account in Metatrader 4 you can:

• login into your back-office profile and reset
  • some broker does not have this option so please first check with your broker customer support before trying doing it
• fill up contact form on broker web site and request reset account balance
• contact broker support over e-mail or live chat to reset it for you

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11. How to Change Forex Demo Account Password

To change demo account password on Metatrader 4 you do not need high degree of knowledge. It is easy and takes 3 simple step to do it.

11.1. First Step

Right click on demo account in “Navigator” window in Metatrader 4 trading platform.

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11.2. Second Step

New window appears where you need to enter current password.

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If you do not remember what is your current password you can look into mailbox on terminal. There you will find login details and password which you need in this step.

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11.3. Third Step

In this window you need to enter new password. New password should be typed two times for verification reason.

Pay attention to enter new password that contains necessary complexity as stated in first sentence on the window.

You will see red color inside fields if you do not enter:

• password enough complex
• new password in “New password” field that matches with password in field “Confirm“
• correct current password in field “Current password“

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When you enter correctly all data you can test login with new password.

Write down somewhere new password because there will be no message in terminal mailbox like the first one you have received.

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Do you have any other problem or question I did not cover in this post? Please leave a comment and I will help you solve it.

If you think this could help someone else who is struggling with Metatrader 4 please share this post with him.