trading software
Best Forex simulation software
The Forex Simulator is a free forex simulator 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 characteristics of the FX simulator are:.
While high knowledge and high analytical techniques can help you succeed in trading, it will not be enough without live practice.
Some believe that mastery requires 10,000 hours of practice. Success in trading will probably require high discipline.
In any case, you will not want to lose money while you practice. The use of forex simulation software in a demo account allows you to learn the keys and avoid putting your money, hard earned, at risk.
How do I know which is the best Forex trading software?
There are two types of forex simulator software.
The first uses a simple algorithm to mimic the broader market. The second is a sophisticated trading platform, which offers a much more realistic market experience.
While both can be useful, the second provides a much greater value. Let's review the most important factors involved in selecting the right forex software.
Ensure a real market environment
Having prices in real time is crucial for the forex trading simulator. This function will provide you with real-time price data. Without this information, you will not be able to evaluate your operations effectively.
A flexible deposit amount
When you are ready to start practicing with a demo account, it is important to use an amount of money close to the amount you expect to use for live trading.
Practice trading with a demo account:
1. It gives you the opportunity to learn more about the trading platform
2. They give you the opportunity to develop and test strategies
Remember that any strategy you use should incorporate stop-loss, 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 simulation that is sufficiently advanced.
If you just choose the easiest-to-use platform, you may have to update it later because of the lack of features. So starting with an advanced platform like MetaTrader 4 Supreme Edition can save time in the long term. Also keep in mind that if you do not want daily trading, an advanced platform is not that vital.
If you want a minimalist software or a powerful tool, your trading simulator should always offer graphics, real-time prices and the like.
An additional way to find a good FX simulator is to look for a flexible backtesting function.
The MT4 SE platform allows you to test manual strategies with historical data. This trading simulator can test several strategies in different time frames.
Find popular strategies and try them yourself. You never know how effective these strategies will be until you try them yourself.
Step by step guide to using the Forex Strategy Tester and Daytrading Simulator
First, we will start with the strategy tester. This is our best CFD simulator to simulate trading with CFDs.
Once you have installed the MT4SE platform, to start using this strategy you can start by pressing Ctrl + R or by clicking on the button as shown in the following example. You must select the temporary frame window you prefer and make sure you have enough historical data loaded. It is recommended to correctly adjust the balance of your account to match your real account.
Once completed, click on the Start button. We will use the Master Candle template and simulate approximately the last six months of operations (01.01.2017-05.07.2017).
Source: Admiral Markets Platform Graph of H4 USDJPY H4, July 6 at 17:35 hours of the Platform
To ensure a maximum compromise between speed and quality, apply these settings:
Tips for tests:
The Forex Simulator is a free forex simulator 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 characteristics of the FX simulator are:.
- Live simulation and market updates
- Trading with free demo accounts
- All the features and functions of trading
- The possibility of testing any strategy
While high knowledge and high analytical techniques can help you succeed in trading, it will not be enough without live practice.
Some believe that mastery requires 10,000 hours of practice. Success in trading will probably require high discipline.
In any case, you will not want to lose money while you practice. The use of forex simulation software in a demo account allows you to learn the keys and avoid putting your money, hard earned, at risk.
How do I know which is the best Forex trading software?
There are two types of forex simulator software.
The first uses a simple algorithm to mimic the broader market. The second is a sophisticated trading platform, which offers a much more realistic market experience.
While both can be useful, the second provides a much greater value. Let's review the most important factors involved in selecting the right forex software.
Ensure a real market environment
Having prices in real time is crucial for the forex trading simulator. This function will provide you with real-time price data. Without this information, you will not be able to evaluate your operations effectively.
A flexible deposit amount
When you are ready to start practicing with a demo account, it is important to use an amount of money close to the amount you expect to use for live trading.
Practice trading with a demo account:
1. It gives you the opportunity to learn more about the trading platform
2. They give you the opportunity to develop and test strategies
Remember that any strategy you use should incorporate stop-loss, 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 simulation that is sufficiently advanced.
If you just choose the easiest-to-use platform, you may have to update it later because of the lack of features. So starting with an advanced platform like MetaTrader 4 Supreme Edition can save time in the long term. Also keep in mind that if you do not want daily trading, an advanced platform is not that vital.
If you want a minimalist software or a powerful tool, your trading simulator should always offer graphics, real-time prices and the like.
An additional way to find a good FX simulator is to look for a flexible backtesting function.
The MT4 SE platform allows you to test manual strategies with historical data. This trading simulator can test several strategies in different time frames.
Find popular strategies and try them yourself. You never know how effective these strategies will be until you try them yourself.
Step by step guide to using the Forex Strategy Tester and Daytrading Simulator
First, we will start with the strategy tester. This is our best CFD simulator to simulate trading with CFDs.
Once you have installed the MT4SE platform, to start using this strategy you can start by pressing Ctrl + R or by clicking on the button as shown in the following example. You must select the temporary frame window you prefer and make sure you have enough historical data loaded. It is recommended to correctly adjust the balance of your account to match your real account.
Once completed, click on the Start button. We will use the Master Candle template and simulate approximately the last six months of operations (01.01.2017-05.07.2017).
Source: Admiral Markets Platform Graph of H4 USDJPY H4, July 6 at 17:35 hours of the Platform
To ensure a maximum compromise between speed and quality, apply these settings:
- Model: open prices or each tick;
- Visual mode: checked (to ensure visual backtesting of data);
- Period: Select a period that matches your trading strategy;
- Spread Current.
Tips for tests:
- The slider just after the visual mode option allows you to accelerate or slow down the visual backtesting process.
- If you use the Every Tick model to test your Forex strategy, keep in mind that it may take a long time to complete the backtesting.
- Each tick makes it more precise, but also the slowest.
- Make a Backtest as many times as necessary until you finally find profitable .
Source: Platform of Admiral Markets MT4SE Graph of USDJPY H4, July 6, 6:00 p.m.
Once you have finished with the visual backtest, click on the Results or Report tab to see the result obtained. In the following example, we can see that Master Candle's strategy has produced approximately a return on investment of 6.72% during the trial period. Even much better than banks give you, right?
Source: Admiral Markets MT4SE Trading Platform, Admiral Markets Trading Strategy
After finishing the tests, you can publish and print the result.
Test of Manual Strategies Using the Admiral Markets Day Trading Simulator
The simulation of intraday trading strategies (Day Trading) allows you to place market and pending orders, establish trailing stops, modify SL and TP orders of orders by clicking on the chart, save complex orders as templates, quickly close all Open orders and access many more features that are available in the standard version in MetaTrader 4.
One of the best things you can do with our strategy tester is to use historical data to test manual trading strategies. Here is how you can do it:
Open the strategy tester by clicking on the icon or by pressing Ctrl + R. Choose the expert advisor named Admiral - Trading Simulator.ex4, and then set the trading instrument and a time frame.
If you do not know which specific test model to use, choose the Open Prices Only option, so we recommend you use other settings only if you have experience.
Then, choose the time window you prefer. You must make sure that there are enough historical data for this period. Also, activate the visual mode.
To make the simulation more authentic, adjust the initial balance of the account in the EA options to match your real account. You can do this by clicking on Expert Properties in the MT4 simulator window and then clicking on Testing Tab.
To ensure the maximum compromise between speed and quality, apply these settings:
- Model: Open Prices;
- Visual mode: Checked (to ensure visual backtesting of data);
- Period: Select a period that matches your trading strategy;
- Spread Current.
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