Forex Simulator Software reviews by ForexSQ experts, Finding out what is the best Forex simulator software to practice currency trading online and free of charge
Best Forex Simulator Software
[sam id=”8″ codes=”true”]
Forex simulator is trading software that simulates market conditions, creating an impression of a live trading session. The usual aspects of trading, such as opening, modifying and closing orders, remain the same.
The key features of Forex simulator are:
- live simulation and market updates
- risk-free demo account trading
- inclusion of all trading features and functions
- the ability to test any strategy.
While a degree and strong analytical skills can certainly help you succeed in trading, they will do little good without live practice.
Some believe mastery requires 10,000 hours of practice. Generating success in trading will likely necessitate similar diligence.
At any rate, you don’t want to lose money while getting the practice you need. Using Forex simulation software on a demo account lets you learn the ropes and avoid putting your hard-earned money at risk.
How do I know it’s the best Forex simulator software?
There are two types of trading simulation software.
The first uses a simple algorithm to mimic the broader market. The second is a sophisticated trading platform, which offers a far more realistic market experience.
While both of these can be useful, the second provides much greater value. Let’s review the most important factors involved in selecting the right trading software.
Ensure a real market environment
Having a live pricing feed is crucial to Forex trading simulation software. This feature will provide you with real-time price data. Without this information, you will not be able to evaluate your trades effectively.
A flexible deposit amount.
A flexible deposit amount
When you’re ready to begin practicing with a demo trading account, it is important to use a paper amount close to the sum you expect to use for live trading.
Practicing trading with a demo account will:
1-grant you the opportunity to learn more about the software platform
2-give you a chance to develop and test strategies.
Remember that any strategy you use should incorporate stop-losses, take-profits and margin levels.
Choose an advanced trading platform
When you start trading with a demo account, it is important to work with Forex simulator software that is sufficiently advanced.
If you just pick the most user-friendly platform, you may need to upgrade later due to lacking features. So starting out with an advanced platform like MetaTrader 4 Supreme Edition may save you time in the long run. Also keep in mind that if you don’t want to day trade, an advanced platform is not as vital. Fortunately, Admiral Markets has developed a special software in cooperation with FXblue that is a part of MT4 SE.
Whether you want a minimalist software or a powerful tool, your trading simulator allows you to manually test your trading strategies based on historical data and analyse the results.
One additional way to find a good Forex simulator, is to search for a flexible backtesting feature.
The MT4 trading platform offers the best day trading simulator which allows you to backtest manual strategies with historical data. This trading simulator can test various strategies under different time frames.
Find popular strategies and try them out for yourself. You never know how effective these strategies will be until you try them yourself.
How to Setup Forex Day Trading Simulator
After you have installed the MT4 SE platform, you can start by pressing Ctrl+R. You need to select the preferred timeframe window and make sure that you have enough historical data loaded up. It is recommended to properly adjust your account balance to match your live account.
After you’ve completed the above step, click the start button.
Day trading simulation lets you place market and pending orders, set trailing stops, alter the s/l and t/p on orders by clicking on the chart, save complex order definitions as templates, quickly close all open orders, and access many more features which are not available as standard in MetaTrader 4.
Simply load your template after clicking Start test button to apply it. This day trading practise software also offers a range of extra features such as:
- Multiple timeframes
- Smart Lines
- Keyboard shortcuts.
Go for a regulated broker
[sam id=”8″ codes=”true”]
You can get most demo accounts from brokers. Be sure to thoroughly evaluate any brokers before using their Forex trading simulation software,Why?
Because after getting the needed practice, it is likely you will continue to use their platform. Failing to perform the proper due diligence can have serious consequences.
For example, derivatives broker made some substantial wagers on the capital markets, then declared bankruptcy in October 2011. This resulted in losses close to $1 billion in customer funds in the process.
While this cautionary tale involves only one institution, there are other reasons to do your homework. Every broker is different and not all of them will offer the assets you want to trade.
In some circumstances, the only way to trade an instrument is to work with brokers that have uncommon platforms. Because of these limitations, it is important to explore everything a broker has to offer before using its simulation software.
Don’t want to commit yourself to a trading platform? Again, there’s very little commitment with a demo account except time spent developing your own trading potential.
What software should I choose?
MetaTrader 4 is the best Forex simulator software and the best choice for anyone looking to start trading with a demo account. It’s professional, reliable and has proven itself among FX traders globally.
The program offers many highly advanced features:
- performing detailed analysis with more than 50 technical indicators
- quick scalp trades with MT4, using the one-click-trading terminal
- displaying prices in live mode to give you a true sense of real-time trading.
Chances are, you will use MT4 once you have built up the knowledge and confidence needed to trade. Using the program for practice trading could save you time and effort.
Another compelling benefit of MT4 is that this regulated broker lets you use the software free of charge for as long as you want. In other words, you have nothing to lose by setting up a demo account.
The key to successful paper trading
[sam id=”8″ codes=”true”]
After choosing the best Forex simulator software, you should determine what goals you want to reach before moving on to a live account. Whatever you do, remember not to overtrade paper.
Many traders have a hard time figuring out when to transition from using a demo account to a live account.
Basically, the choice is yours. Simply create your own goal for transition. For example, monthly returns of at least 3%, or a profit of $1,000 for three straight months without losses.
Regardless of whether you are using Forex simulation software or a live account, don’t be afraid of failing. Traders often produce losses, especially towards the beginning of their trading careers.
There are many cases of traders who failed at some point but ended up producing significant gains after some time.
For example, Jesse Livermore gained fame for making a fortune by shorting the stock market in 1929. However, he experienced both great success and humiliating failure during his ventures.
Livermore filed for bankruptcy three times but also became a Wall Street legend by amassing a $100 million fortune through speculative trades.
Not every trader’s story is as dramatic and exciting as Livermore’s. If you fear failure, you can easily gain experience and confidence by using risk-free Forex trading simulation software.
Before trading FX professionally, it is crucial to gather experience – preferably without losing money in the process.
You can do this by educating yourself on Forex trading, then practicing what you learn via demo trades. It is vital to evaluate each trade’s success and, finally, repeating the process over and over again until perfection.
Now you know what is the best Forex simulator software to practice currency trading online so tip ForexSq experts please by share this article on social networks please.
