-- A trading simulator is a software program that simulates real market conditions. Simulation trading is similar to trading on a demo account, the difference being that the prior is based on historical data. Using a Forex simulator traders can place orders, change them or close them in the same way as in real trading. A Forex simulator not only helps practice trading, but also check trading ideas and learn their effectiveness.
What is trading simulation on Forex?
Using a Forex simulator is an excellent way to learn all the intricacies of trading in the Forex market without the risks associated with real trading. By using real historical data, Forex simulators provide novice traders with an opportunity to understand what real trading looks like and learn about the markets. There are many platforms offering Forex trading simulators, such as RoboForex Demo, IC Markets Demo, and XM Demo.
The advantage of simulation trading is that you can try any strategy without the risk of losing money. Before starting to use Forex simulators, you need to choose a trading strategy. It depends on the time a trader is prepared to dedicate to trading. Next, you need to place a trade in the simulation trading mode on any platform you choose. Once a trader has mastered his strategy and starts to consistently earn profit on a test account, he can consider switching to real trading.
How to open a free demo account on Forex?
Almost all Forex brokers offer free trading demo accounts to offer an opportunity to traders to learn the basis of the market and how to trade using virtual money. Here are the most popular trading platforms that offer demo accounts:
- MetaTrader 4 (МТ4);
- MetaTrader 5 (МТ5);
- МТ4 Web Terminal;
- MT5 Web and MT5 Mobile;
- cTrader.
MT4 and MT5 are the most popular platforms both for demo and real accounts. The platforms offer mobile and web versions of demo accounts.
Contact Info:
Name: Peter Halt
Email: Send Email
Organization: Traders Union
Phone: +35725060055
Website: https://tradersunion.com/
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