The MetaTrader 4 (MT4) platform provides a user-friendly demo account feature. It permits new users to gain hands-on experience in forex trading without any financial risk.
A lot of people run out of money when trying to trade their demo accounts.
But they don’t know how to reset MT4 demo account balance. It’s really easy to reset the balance on your MT4 demo account.
It allows you to continue refining your trading techniques and testing new tactics.
What is demo account in MetaTraders?
Metatraders offers a demo account, which is also referred to as a practice or virtual trading account.
This account is provided to traders by retail forex brokers, allowing them to practice real-time trading without putting any actual capital at risk.
Usually, demo accounts come with hypothetical funds that can range from $10,000 to $1 million, depending on the broker.
New traders can use this platform to safely test their trading strategies and gain experience in executing orders.
Also, learn about market behavior without having to put their own money in danger.
Traders have the freedom to open and close market positions at their discretion. It enables them to assess their strengths and weaknesses prior to engaging in actual trading with real money.
Although the profits and losses in demo accounts are not real, they provide a realistic perspective on how strategies might perform in rapidly changing market conditions.
How to open a demo account on MetaTraders?
Opening a demo account on MT4 is a simple process. Following:
Open MetaTrader 4:
Open the MetaTrader 4 software on your computer. If it hasn’t been installed yet, you can easily download it from either the official MetaTrader 4 website or your broker’s site.
If you don't have the app downloaded, then download it from here! MetaTrader 4
Go to the ‘File’ Menu:
Find and select the ‘File’ option in the top menu bar.
Choose ‘Open an Account’:
Choose ‘Open an Account’ from the menu that appears when you click on ‘File.’ A new window will be opened for account-related actions.
Opt for ‘New Demo Account’:
In the account-related window, you’ll find options for a ‘Demo Account.’ Select the option ‘New Demo Account.’
Provide Necessary Details:
A form will appear where you need to provide essential details such as your name, email, and country. Please choose a username and password for your demo account.
Select Server:
If prompted, choose a server for your demo account. The broker should specify which server to pick.
Accept Terms and Conditions:
Read and agree to the terms and conditions if asked. Make sure you understand the conditions linked to the demo account.
Submit and Get Credentials:
After you’ve filled in the necessary information, simply click on either ‘Next’ or ‘Finish’ to proceed.
After completing the necessary steps, you will be provided with your demo account credentials, which will include your account number, password, and potentially server details.
Log into Your Demo Account:
Go back to the main MetaTrader 4 screen and select ‘File’ > ‘Login to Trade Account.’ Please provide the account number and password you received for your demo account.
Select the appropriate server if necessary.
Let’s begin trading:
Congratulations! You have successfully logged into your MT4 demo account. Start exploring the platform, practicing trading strategies, and familiarizing yourself with the features without the need to risk real money.
How do you reset a demo account on Metatraders?
Resetting your MT4 demo account balance is a great way to start anew and test different trading strategies. Here are some ways to do this:
Create a new demo account:
This is the simplest method to start fresh. By creating a new demo account, you can essentially reset your balance. Your previous trades will not affect the balance of your new account.
Reach out to your broker:
If you’re unable to create a new demo account yourself, consider contacting your broker for help. Most brokers offer support services to their traders, including resetting account balances.
They can assist in resetting your account balance to the desired amount. Following:
- Visit your broker’s website or contact their support directly.
- Inquire about resetting your demo account balance.
- Follow any instructions provided by the support team.
- The support team may reset your account balance as per your request.
Use MT4’s In-built Features:
MT4 offers various features, one of which includes resetting your demo account balance. To do this, follow these steps:
- Open your MT4 trading platform.
- Go to the “Account History” tab.
- Right-click within the account history area and click on “All History.”
- Once your account history is displayed, right-click again and select “Save as Detailed Report.” Save the report somewhere easily accessible on your computer if you need it in the future.
- Close and reopen the MT4 platform.
- Go back to the “Account History” tab.
- Right-click and select “Remove All.”
- Confirm your action by clicking “OK” when prompted.
- Restart the MT4 platform for the changes to be effective.
By following these methods, you can easily reset your MT4 demo account balance.
Considerations And Precautions:
For traders, resetting their MT4 demo account amount can give them a fresh start, but they need to be very careful and aware of the risks.
When you reset the amount on your MT4 demo account, here are some important things to keep in mind.
Understanding Your Broker’s Rules:
Before you reset the amount on your demo account, it’s important to learn about your broker’s rules and restrictions.
There may be different rules for resetting a demo account at different exchanges. Some might limit the number of restarts that can happen in a certain amount of time.
By knowing your broker’s rules, you can make sure you follow them and avoid any problems that might come up.
Risks Associated with Resetting:
There are risks when you reset your MT4 demo account balance, but it can give you a fresh start to try out new trade strategies.
One risk is that you could lose important trade records and historical data if you reset your balance.
This might make it harder for you to look back at how well you did in the past and see how you’re doing now compared to then.
So, you should think about these risks very carefully before you decide to reset the amount in your demo account.
Keeping important data safe:
It’s important to save and back up any important data or settings that you don’t want to lose before you start the reset process.
Custom indicators, expert advisers, or personalized chart templates could be part of this. This will make it easy to get back to the choices and configurations you like after the reset.
Also, it’s a good idea to keep track of important trading results or methods you’ve tried for later use.
Final Words:
Methods of how to reset MT4 demo account balance, it is clear to you now. Let us summarize this article at the end. MT4 Demo accounts come with hypothetical funds.
This fund allows new traders to safely test their trading strategies and gain experience without risk. This fund will be spent after a certain period of time.
However, if you want to continue practicing with the demo fund, you have to reset this account.
