Task 1: Read the instrument specification
Choose one symbol and locate its contract details. Record the contract size, minimum volume, volume step, trading sessions, and applicable margin and financing information.
On desktop MT5, the Market Watch specification function provides instrument details. Available information and interface steps may differ by device and server. Refer to the official MT5 Market Watch documentation for platform guidance.
Explain what the minimum volume represents in underlying units. Do not assume that 0.01 lot means the same exposure on a currency pair, gold, and an index.
Task 2: Estimate the loss before entering
Write down a hypothetical entry, planned stop and trade volume. Estimate the price loss if the stop is reached and add relevant costs.
Next, check the margin required and the free margin that would remain. This exercise separates possible account capacity from the loss you are choosing to accept. Use SmartFIN's margin and leverage explanation to interpret the figures.
If you cannot explain your exposure in money terms, repeat the calculation before placing the practice order.
Task 3: Practice different order instructions
Place a market order and observe the recorded execution price. Then practice a supported pending order. Identify whether it is a limit or stop instruction and where its trigger sits relative to the current quote.
Add a stop-loss and take-profit where supported. Practice changing them, cancelling an untriggered pending order, and closing a position manually. Review the official MT5 trade execution guide for the available operations.
Being able to open a position is only one part of using the platform. You should also understand how to remove unwanted instructions and confirm that an action was completed.
Task 4: Watch the account figures change
Observe balance, equity, used margin, and free margin while a position moves. Note which figure reflects the floating profit or loss and how closing the position affects the account.
Record the account's specified margin-call and stop-out rules. Demo settings can differ from live settings, so do not assume that a demo threshold will govern your eventual account.
Task 5: Reconcile the trading history
Close a practice position and compare its entry, exit, volume, and recorded charges with your estimate. If the result differs, investigate the quote side, specification, account currency, and fees.
Keep a journal of errors and unanswered questions. Repeat the tasks under settings resembling the proposed live account, where available.
Does a profitable demo account prove readiness? No. It does not reproduce every live trading condition or the pressure of risking money. Read the demo-versus-live guide before drawing that conclusion.
Next step: Ask SmartFIN about available demo access and confirm how its settings compare with the intended live account.
Demo practice is educational. Live leveraged trading carries a high risk of loss.
