Best Forex Trading Simulator - Virtual Money, live virtual forex.

Live virtual forex


Before you start evaluating your current trading strategy, you need to make sure you use the right setup.

Top-3 forex bonuses


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Best Forex Trading Simulator - Virtual Money, live virtual forex.

Check out our guide how to backtest a trading strategy for more trading tips and tricks.


Best forex trading simulator - virtual money


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


In this article, we will cover the best forex simulator software of 2019. You’ll find step by step instructions for how to choose the best simulator software, how to use simulators for day trading, and also how to test your forex trading strategy.


Using simulators will help you get rid of the bad habits and become a better trader. Simulated forex trading can be one of the most efficient ways to practice trading risk-free. Throughout this guide, you’ll learn how to gain live-market experience and discover the benefits of using a forex trading simulator software.


Is this your first time on our website? The team at trading strategy guides welcomes you. Make sure you hit the subscribe button, so you get your free trading guide delivered every week to your inbox.


To determine whether or not forex trading is for you, you need to engage in the markets and to do your due diligence before committing any real money into the game. Using real-time historical data you can reduce your learning curve and quickly determine if forex trading is right for you.


Simulated forex trading does present some issues. Often times, positive results on a demo account can translate into negative results in a live trading environment. This can make people question the validity of simulated trading.


However, the real cause behind this discrepancy is due to the lack of emotional involvement you get when real money is at stake.


Moving forward, you will learn what simulated forex trading is and how you can benefit from sim trading.


What is simulated forex trading?


Best Forex Trading Simulator - Virtual Money, live virtual forex.


A forex trading simulator is a piece of software that allows you to test your strategy offline using the historical data from the markets. If you have new trading ideas, trading simulator software can help you test them. This allows you to find what works and what doesn't, and eliminate any losing strategies.


While you might be working with a demo account, the market conditions resemble the live trading environment. You can open and close trades and modify orders the same way you would do in a live trading session.


The main advantages of using a free forex trading simulator are as follows:



  • Acts as a live trading environment.

  • Ability to backtest and forward test your trading strategy.

  • Implement new trading ideas to see if they work.

  • Risk-free account trading with all the functionalities and trading features of live trading.



Using a free forex trading simulator can help you learn the ropes to succeed in trading. If you apply the 10,000-hour rule of mastery to your trading, you definitely need a forex sim to practice your skills.


Before you start evaluating your current trading strategy, you need to make sure you use the right setup.


In the next section, we'll show you what to look for when comparing the key features of the best forex trading simulator software.


Best forex trading simulator


There are several important factors that every forex trading sim needs to be equipped with. At a bare minimum, it’s important for your simulator to satisfy the following requirements:


1. Live pricing feed


Best Forex Trading Simulator - Virtual Money, live virtual forex.


It’s necessary to ensure your simulator has a real market environment that streams live pricing data. Without live pricing data, you’ll miss the opportunity to examine your trading strategy effectively.


A live pricing feed mimics the spreads. This means when you run your strategy through a simulator, it will use the actual spreads found in the market.


This feature is more important than anything else.


Having real-time price data will ensure that your backtested results are accurate. This helps you determine whether you can rely on the simulated historical data found in the software.


This brings us to the next important feature that any sim trading software should have.


2. Forex trading simulator historical data


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Secondly, you need to have accurate historical forex data that goes several months back. Not having enough historical price data to simulate the performance of your trading strategy will lead to unrealistic backtested results.


The best online forex simulators will provide you with historical prices. It will also provide you with the ability to browse historical quote data for your preferred currency pair. Aside from the end-of-day quote data, the database should also cover intraday quotes. No matter your trading style, be it day trading or swing trading, the best forex trading simulator will be able to help.


The historical price data needs to be in a clear format where you get the high, low, open and closing prices for the selected currency pair and selected time frame. In some instances, you can also get the tick volume information. If your trading strategy is based on volume, it’s vital to have access to the volume data.


Let’s move forward and see what other features your free forex trading simulator needs to have.


3. Flexible virtual money account


Best Forex Trading Simulator - Virtual Money, live virtual forex.


In our experience, traders fail to see the importance of using a virtual account balance. It's recommended to start with a balance close to the amount you wish to use in your live trades. If you can only fund your live trading account with $5,000, there's no point to use a $100,000 demo balance.


This has the potential to set unrealistic expectations that will lead to bad habits once you start live trading.


Simply put, ensure that the virtual money account you’re using to backtest your trading strategy is the amount you will fund your trading account with. This will also allow you to implement a more realistic risk management strategy.


This way you will have no issues when you transition to live trades.


When you start trading with a demo account, you don’t need to invest any real money. Make sure you pick a free forex trading simulator that has the minimum of trading features and tools to get you started.


Starting out with the world’s most popular forex trading platform aka metatrader4 might save you time in the long run.


Below you’ll find a step-by-step guide to use MT4 strategy tester


Best forex trading simulator – MT4 strategy tester


Best Forex Trading Simulator - Virtual Money, live virtual forex.


In this section, you’re going to learn how to backtest a strategy using the MT4 strategy tester. For this reason, we’re going to use a default strategy that can be found in the MT4 strategy library.


The first step is to open the strategy tester window by simply pressing CTRL+R or by clicking the respective icon found in the top toolbar.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Make sure you’ve selected the preferred time frame window and the appropriate settings. For the purpose of this example, we have chosen the following settings:



  • Expert advisor = moving average.Ex4 (the name of the strategy we backtest)

  • Symbol = EUR/USD (the instrument we run our strategy on)

  • Model = every tick which is the most precise method

  • Period = 1H (the preferred time frame to run our strategy)

  • Spread = current



We recommend playing with these settings over and over again until you discover the winning settings.


Once finished with selecting the settings, click on the start button so that the simulation can begin. You can check the results of the backtesting strategy under the report tab.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


In the proposed example, we can notice that the default moving average trading strategy has produced a net loss of approximately -$400 during the tested period. This means that we’re not yet ready to jump into live trading.


We need to work more on our strategy and fine-tune the strategy parameters until you discover a profitable trading strategy that you’re comfortable to go live with.


Check out our guide how to backtest a trading strategy for more trading tips and tricks.



Conclusion – forex trading simulator


The goal of simulated forex trading is to filter out bad trading strategies and to optimize your trades to get bigger profits out of your trading system. The key to successful trading is to make the transition to live trading as soon as the simulation provides evidence that you have an edge on the market.


Find a forex trading simulator that's popular among other traders, and practice your trading strategy without the risk before you start trading in real time. Get the experience first, start live trading when you develop your strategy.


Sim trading is part of the process of becoming a profitable trader, and it’s the perfect environment to learn the skills of forex trading without losing money in the process. Also, check out our zero to $1 million forex strategy.


Feel free to leave any comments or advice below, we always respond!


Also, please give this strategy a 5 star if you enjoyed it!


Best Forex Trading Simulator - Virtual Money, live virtual forex.
Best Forex Trading Simulator - Virtual Money, live virtual forex.
Best Forex Trading Simulator - Virtual Money, live virtual forex.
Best Forex Trading Simulator - Virtual Money, live virtual forex.
Best Forex Trading Simulator - Virtual Money, live virtual forex.
(4 votes, average: 2.75 out of 5)
Best Forex Trading Simulator - Virtual Money, live virtual forex.
loading.


Please share this trading strategy below and keep it for your own personal use! Thanks traders!



Virtual versus live forex trading


What is the difference between virtual and live on forex trading? There are so many comments on the topic, but if I can sum it up here, it is essentially a difference about our feeling in treating virtual funds compared to real money.




What is the difference between virtual and live on forex trading? When that question is asked, some people may answer, virtual trade usually can profit. But live trading means loss. Or else, virtual trading lacks sensation, live is more challenging, or virtual trading is easier, there is no loss of funds. There are so many comments on the topic, but if I can sum it up here, it is essentially a difference about our feeling in treating virtual funds compared to real money which lead to difference in decision making during trading.


Practice forex trading with virtual or live account?


So, if virtual funds are different than real money, then what is the use of demo trading? Well, training with virtual account before starting live trading is basically very important for forex trader candidates especially to understand the market, indicators, and other mechanisms.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


The problem is, many beginners feel impatient in prolonged demo trading with virtual account. Because of that, they went directly to live trading by thinking that there is no advantage can be taken from virtual. They considered it meaningless when they can't withdraw anything although managed to make profit. But well, if I may say something to them, you can say that when you have made profit, but what if you suffer losses or margin call?


I understand the impatience felt during demo trading. People usualy went straight to live account as soon as they know how to order buy/sell. Frankly, I was impatient too. First time I trade demo, I got out after the first week and went live. The result? Margin call in a week. That is when I realized that my skill is extremely insufficient and went back to virtual account.


There are some tips from senior traders in relation with training with virtual account:


1. Use virtual funds as much as the funds we are planning to deposit in the future.


If we plan on depositing 1000 USD, then use only that much virtual funds. The purpose is for us to not only learning analysis but also managing margin. Many friends who excels at demo trading lose out at live because there is no margin limit in virtual account. Forex brokers usually gave us relatively huge amountof virtual funds so that we can let a position to float hundreds or thousands pips. But then, after opening trades in live account with significantly smaller funds, the habit of letting floating position go on will soon invites losses and margin call.


2. Use the same leverage between virtual and live accounts.


This is in order for us to get used to the leverage. So, if we want to use 1:500 in live account, use as much leverage in virtual account. Treat virtual funds like real funds and regret it when you lose it. Or alternatively, like my friend said, trade in live account as if you used virtual funds, so we can trade without unnecessary burdens.


When to leave virtual account and start live trading?


The next question people often asked is about when to graduate from virtual account and start forex trading for real. Well, as long as you have abided aby the previous suggestions, here is some signs that point to the right moment to start trading on real account:


1. You can produce profit consistently.


It does not mean that all your strades should profit. It is just that you can make consistent profit from time to time despite of losses every now and then. Check your trading history each month and start trading only when you have satisfactory result for several period. Preferably, the result is something than can be put into a winning probability of 60% or more.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


2. You can run your strategy free of emotional interference


Beside of understanding the market, another purpose of practice forex trading in virtual account is to establish a reliable strategy. Of course, if you have already managed to produce consistent profit, chances are you already have a quite reliable trading strategy and money management. But can you roll out your strategy with the correct money management without feeling greed, fear, or other disturbing emotions? If you are able to do that, then consider yourself ready to trade in live account. Contrarily, if you are still easily get mad or lose spirit after consecutive losses, then keep away because you are not ready yet.


3. You can comfortably trade with your broker and trading platform


The third purpose of demo trading is to test the water, that is to know how suitable is the broker and trading platform that you used with your trading style and whether you can get used to the trading environment they created. In this one, you ought to make sure that your established strategy can run smoothly and your broker is fairly reliable.


If you have passed the three signs, then feel free to deposit and trade in a real account. It does not necessarily mean that you will be able to reproduce the result gained in virtual account though; it just means that you have gained the necessary understanding and feel of forex trading. For some people, experiencing margin call in the early days of trading is considered as some kind of rite of passage, just like how a kid will fall from bicycle at one time or other. The important thing to remember is to not give up after the first failure and keep trying.



Виртуальный выделенный сервер (VPS)


Более 200 активов и низкий спред
у надежного оператора CFD


При обороте 15 полных лотов в месяц мы готовы предоставить VPS-подписку у любого из перечисленных ниже провайдеров бесплатно.*


*учитываются только лоты по сделкам на форекс и металлы. При несоблюдении минимальных требований по объему торгов в течение двух месяцев подряд подписка будет отменена без предварительного уведомления.


Commercial network services (CNS)


Forex VPS


Beeks FX VPS


New york city servers


Основная цель IC markets – создание лучших и наиболее прозрачных условий для розничных и корпоративных трейдеров. Оператор IC markets создан трейдерами и для трейдеров, поэтому мы делаем все для предоставления лучшего спреда, исполнения и обслуживания.


Торговля на форекс

Характеристики

О компании IC markets

Основная цель IC markets – создание лучших и наиболее прозрачных условий для розничных и корпоративных трейдеров. Оператор IC markets создан трейдерами и для трейдеров, поэтому мы делаем все для предоставления лучшего спреда, исполнения и обслуживания.


Торговля на форекс

Характеристики

О компании IC markets

The website www.Icmarkets.Com/global is operated by IC markets global an entity that is not established in the EU or regulated by an EU national competent authority. The entity falls outside the EU regulatory framework i.E. Mifid II and there is no provision for an investor compensation scheme. Please read our terms & conditions


Please confirm, that the decision was made independently at your own exclusive initiative and that no solicitation or recommendation has been made by IC markets or any other entity within the group.


**данные, полученные из независимых источников, подтверждают, что сводный недельный спред по EURUSD был лучше, чем среди 32 прямых конкурентов в секторе форекс в 96% времени в период с января по декабрь 2019 года.


***среднее время исполнения ордера, включающее его получение, обработку и подтверждение исполнения, составляет 36,5 мс.


IC markets не принимает запросы на открытие счета от жителей США, канады, израиля и исламской республики иран. Информация на этом сайте не предназначена для жителей любой страны, территории или юрисдикции, где распространение или использование такой информации противоречит местному законодательству или нормативным актам.


Risk warning: trading derivatives carries a high level of risk to your capital and you should only trade with money you can afford to lose. Trading derivatives may not be suitable for all investors, so please ensure that you fully understand the risks involved and seek independent advice if necessary.


The advice on this website is general in nature and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Please read our legal documents and ensure you fully understand the risks before you make any trading decisions. We encourage you to seek independent advice.


The information on this site in not intended for residents of the U.S. Canada, israel, new zealand, japan and islamic of iran and use by any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.


IC markets is an over the counter derivatives issuer, transactions are entered into on a principal to principal basis. The products issued by us are not traded on an exchange.


International capital markets pty ltd (ACN 123 289 109), trading as IC markets, holds an australian financial services licence (AFSL no. 335692) to carry on a financial services business in australia, limited to the financial services covered by its AFSL. The trading name, IC markets, used by international capital markets pty ltd is also used by other entities.


IC markets EU ltd is authorised and regulated by the cyprus securities and exchange commission with license number 362/18, registration number 356877 and with registered office at 141 omonoias avenue, the maritime centre, block B, 1st floor, 3045 limassol, cyprus.


Raw trading ltd registered in seychelles with company number: 8419879-2, trading as IC markets global, regulated by the financial services authority of seychelles with a securities dealer licence number: SD018. The website is operated by IKBK holdings ltd, registered in cyprus with registration number 362049 and registered address at 38 karaiskaki street, kanika alexander center, block 1, 1 st floor office 113B, 3032, limassol cyprus.



Trade with the no. 1 broker in the US for forex trading*


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Why are traders choosing FOREX.Com?


No. 1 FX broker in the US*


We have served US traders for over 18 years.


Trade 80+ FX pairs, and gold & silver


Global opportunities 24/5 with flexible trade sizes.


EUR/USD as low as 0.2


Trade your way with flexible pricing options including spread only, spread + fixed commission, or STP pro.


*based on client assets per the 2019 monthly retail forex obligation reports published by the CFTC


Financial strength you can depend on


Your FOREX.Com account gives you access to our full suite of downloadable, web, and mobile apps.


Get 20 free, easy to install eas and custom indicators when you open a metatrader live or demo account.


* based on active metatrader servers per broker, apr 2019.


Reward yourself with our active trader program



  • Save up to 18% with cash rebates as high as $9 per million traded

  • Interest paid up to 1.5% on your average daily available margin balance

  • Get guidance and priority support from your dedicated market strategist

  • No bank fees for wires

  • Access to exclusive events and product previews


Open an account in as little as 5 minutes


Tell us about yourself


Fund your account


Start trading


Ready to learn about forex?


New trader?


Welcome, we’ll show you how forex works and why you should trade it.


Have some experience?


Let’s create a trading plan that will help you stay on track and meet your goals.


Want to go deep on strategy?


Great, we have guides on specific strategies and how to use them.


Not sure where to start?


Take our short quiz and get matched resources that fit your trading style.



Forex live trading


Live forex trading is usually short-term trading, based on real-time charts and quick execution. Forex live trading accounts make use of special trading platforms, which support this type of trading activity. Live trading webinars or forums also represent a great learning tool. Most live currency trading decisions stem from technical analysis. Read on to find out more…


Traders can use real-time charts and technical analysis to place long-term trades as well. In this case, however, tracking by-the-second changes in price offers no advantage.


We are taking a closer look at real-time forex trading and its peculiarities. We cover different aspects of the practice, such as:



  • Live forex trading brokers and accounts.

  • Live trading services.

  • Live prices, quotes, and charts.

  • Trading videos.



Live forex brokers



Best Forex Trading Simulator - Virtual Money, live virtual forex.



Trading forex ‘live’


Live forex brokers are service providers that act as intermediaries between retail traders and the forex markets.


They make it possible for traders to access the markets. A live forex broker features real-time charts and extremely fast electronic execution. This way, it lets traders react to price movements in real-time.


Most forex brokers generate revenue through the bid/ask spread. They may also charge commissions. Some brokers have adopted unique, creative ways to “turn a buck” off their services.


Accounts


To access the services of a forex broker, you need to create a forex account. Brokers offer several types of trading accounts .


Of these, the demo account is the quickest and simplest to open. You may only need to provide an email address to get such an account going.


Real money accounts, on the other hand, require a lot of paperwork. Some brokers will want to know your financial situation, your revenue sources and other such sensitive bits of personal information.


You have to make sure that you open the right kind of forex trading account with the right broker.


Real-time forex trading is electronic. Given the need for real-time price information and near-instant execution, it cannot be of any other kind.


In addition to being an online operation, your real-time forex broker cannot be a market maker. Some brokerages engage in market making. There is not much point in trying to trade live with such a broker.


Live traders need real-time charts. What you need to know in this respect is that different brokers have different liquidity providers.


Depending on these liquidity providers, there may be slight differences in the real-time prices the brokers use.


Platforms


Forex trading platforms, such as metaquotes’ popular MT4, let traders place trades. Most such platforms offer live charts.


Some of these platforms even allow traders to open positions directly from the chart. In regards to the platform, you have to understand that it is a mere interface.


It does not define the offer of your broker. It does, however, define how you can interact with the markets.


What can you expect from your live forex platform?


All forex trading platforms feature charting these days. You need live charting.


Make sure your broker does indeed feature live prices. Understand that the pricing of your broker depends on its liquidity providers to some degree.


They also offer a selection of technical indicators and trading tools.


Most platforms also provide live news-streams. Through this feature, you can handle the fundamental part of your analysis.


Forex trading platforms support several order types. As a live trader, you need to understand how limit orders and stop orders work, among others.


A proper trading platform comes with a reporting function. You will need to use this for tax purposes. Some platforms report transactions erratically, while others produce high-quality reports.


Demo accounts


Demo accounts let you trade for virtual money.


Not all brokers support such accounts, but the majority of them do.


Most forex trading platforms are free to download and use. There are some exceptions in this regard.


As an online forex trader, however, you will probably only deal with free platforms.


As a live trader, you have to resort to a demo account first. You need to acquaint yourself with the ins and outs of the platform.


You should place around 50 demo trades before you move on to real money trading. Experienced traders should go through these demo paces as well.


Only skilled traders should trade in real-time. How do you know whether you possess the minimum required skills? Ask yourself these questions:



  • Do you know what a limit order, a stop order and a market order are?

  • Can you set a limit and a stop when you enter a trade?

  • What is the typical spread of your broker?

  • Is the spread on your traded asset fixed or variable?

  • What lot sizes can you trade?

  • If your connection goes down, can you give the dealing desk a direct call?



Live forex trading apps


Most forex trading apps running on android and ios mobile devices are “mini” versions of the full trading platforms.


As such, they offer the same degree of functionality and the same features, reformatted for smaller screens.


You can download such live forex trading apps from google play or the app store. Forex trading apps are usually free to download and use.


Make sure you understand exactly what your forex trading app offers you. Take it on a demo spin, as most mobile trading platforms support demo accounts.


Ask yourself and answer all the mentioned questions before you begin real money trading through a live forex trading app.


Forex live trading room reviews


Live forex trading rooms are chat rooms through which professional traders interact with and educate an audience. Such chat rooms run from the most sophisticated, dedicated platforms, to simple skype chat groups.


Sophisticated live trading rooms allow their professional users to monetize their seminars and trading sessions.


Educators can share charts, embed various widgets, stream live video, perform analysis and complete trades in a live setting.


Some traders have found much value in such live trading setups. It is fair to say, however, that some of these trading rooms are little more than scams or half-hearted efforts.


Before joining such a trading room, read some reviews on it. Users are usually not shy to share their experiences, whether profitable or not.


What else should you consider?



  • The focus of the trading room. There are chat rooms focused on swing trading, on scalping, on forex only, on commodities, etc.
    The reputation of the live trading room. As mentioned, users are generally keen to share their experiences.

  • The monetization model. With some trading rooms, you only have to pay for sessions that turn a profit. That sounds like an advantageous monetization model.

  • The platform used for communication. Trading-dedicated communication platforms are superior to ad-hoc solutions.



Best Forex Trading Simulator - Virtual Money, live virtual forex.


Live trading services


In addition to making good use of a demo account, a beginner live trader may also find it useful to employ the services of an expert.


Inthemoneystocks


Inthemoneystocks claims to have outperformed top hedge funds since 2007. The trading room peddles the services of several professional traders. Gareth soloway and nick santiago are their headliners.


The specialties of the mentioned traders include swing trading on stocks and options trading.The website of the trading room provides education as well as verified trading alerts.


Prices start from $299.99 per month.


Investors underground


Investors underground is a trading room that offers free video lessons, as well as full, step-by-step guidance.


Nathan michaud is the founder and star day-trader of the operation. He is something of a celebrity in trading circles.


Michaud is, however, only one of some 10 trading experts who peddle their services through investors underground.


The trading room is keen on not making outlandish claims. The community feedback concerning the quality of services offered by investors underground is outstanding, however.


Monthly subscriptions start from $297.


A basic package includes access to the live trading floor, study groups and pre-market broadcasts.


Forex.Com live trading webinars


Forex.Com’s live trading webinars offer market commentary, mixed with real-time insights.


Experts also answer live questions and offer actionable live trading ideas. Forex.Com users can sign up for the webinars through a special form at the broker’s official site.


Those who register can select up to three sessions.


Live trading signals


Forex trading signals are trade triggers. They tell the recipient whether to buy or sell a certain currency pair. The signal may contain additional information about the timing, stop loss, take profit, etc.


Trading signals may originate from expert traders or various technical indicators.


Live prices


For live forex traders, access to live prices and quotes is of the essence. The current price of a currency is its most recent selling price at an exchange.


Trading videos


The benefits of using trading videos to improve your profitability are obvious. Most educators deliver their lessons through videos.


Trading rooms use videos to disseminate knowledge as well.An interesting take on using videos for trading is to record yourself.


This way, you can analyze your emotional reactions later. It is important to record the screen as well as yourself when shooting such videos.



Forex demo account trading


Practice forex trading and learn how to win


It is crucial to learn how to use the features of a forex platform before you start trading on it. Fortunately, traders can test out each platform using a demo account, which means no real money is at risk. Here, we'll discuss the importance of demo trading and let you know what you should look for when trying different platforms.


Key takeaways



  • Every platform is different, so even experienced traders need to learn how they work before trading with real money.

  • It is generally a good idea to place at least 50 demo trades to figure out how crucial features like stop orders work.

  • Forex demo accounts can also help traders to learn how good platforms are at recording transactions for tax purposes.

  • Demo trading is not the real thing, but it can help traders prepare for using live accounts.


Each platform is different


Many brokers offer several platforms. Metatrader 4 and 5, also called MT4 and MT5, are both popular. Furthermore, most brokers provide additional platforms. However, these additional options may be proprietary to the broker. That means that the platform may not be available from other brokers.


While each platform may function and look slightly different, most provide roughly the same features. These features include forex quotes/prices, charts, technical analysis tools, news feeds, trade history, drawing tools, and functionality for buying and selling currencies.


Some platforms have more features than others. For example, some of them have integrated fundamental analysis tools. That may be important for a long-term investor, but it doesn't matter for a short-term trader.


The image below is a snapshot of the MT4 platform.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Along the top of the platform, shortcuts go to various tools and settings. Below these shortcuts, there is a charting window to see the price history of a currency pair or other asset. The terminal is beneath the charting window. There are multiple tabs in the terminal, providing access to news, account history, and current trades. Not every platform is set up this way, but most offer the same features arranged differently.


Placing orders


It's a good idea to place at least 50 demo trades on a platform before trading money to master the specifics of order entry. A trader should never trade live unless he or she can confidently answer all of the following questions:



  1. How do I place a limit order?

  2. How do I set a stop order?

  3. Can I set a limit and a stop at the time of entry?

  4. Are the spreads on the platform fixed or variable? And what is the typical spread?

  5. What is the lot size that I can trade (100 units, 1,000 units, 10,000 units, 100,000 units)?

  6. Can I mix and match the lot sizes?

  7. Do I have another way to trade if my primary internet connection goes down?


Some platforms use pop-up order windows, while others allow you to trade by clicking prices directly on a chart. Typically, you can click on the offer part of the quote (the ask) to buy a currency pair. When you want to sell, you usually click on the bid part. Some platforms allow you to choose a market order or limit order after the quote window pops up. However, others force you to make your selection beforehand.


Here is a sample order screen in MT4. Suppose that you want to bring up a detailed order screen like this one. On most trading platforms, you can right-click on a chart or quote and select a new order or new trade.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


On the left is a very short-term chart of the currency pair for the trade. This currency pair is also listed at the top of the trade box. Next, input the volume you want to trade. Enter a stop-loss and take profit level for the trade. The trade type can be a market order or a pending order. If you want to buy/sell at the current price, choose the market as the type. If you want to buy or sell at a different price, choose pending.


With a pending order, there are more options, as you need to input the price you want to buy or sell at. You may also choose to put an expiry on the order. Once everything is filled out, place the order.


Learning how to set up a stop-loss order on a platform is vital for most forex traders. That is the surest way for heavily leveraged traders to prevent large losses when exchange rates suddenly move in the wrong direction.


Taxes


One function that most new forex traders overlook is tax reporting. Because forex is a global market, dealers as a general rule do not provide any documentation to the tax authorities in the trader's country of residence. Tax reporting is solely the responsibility of the trader. Brokers produce detailed transaction histories from which the trader must then compile their tax reports. Such an arrangement calls for a trading platform with highly organized and flexible reporting functions.


However, reporting quality varies greatly from dealer to dealer. All dealers will provide you with a full transaction report. How those transactions are laid out could mean the difference between spending hours or minutes creating a final report for your accountant. Some forex traders generate thousands of trades in a year. A platform that records all those trades in an easy-to-understand income statement is invaluable.


Tax treatment of currency trading is very much dependent on the individual's tax status. Most dealers will not advise you regarding tax matters, nor should you take their advice if they do. Most of them lack the particular expertise to deal with the multitude of tax authorities around the world. You should always consult with a tax professional before choosing a course of action.


As a general rule, more intuitive platforms with more organized reporting of your trade history are better for taxes. After having done some demo trading, look through the trade history and account statements. Look at how easy it would be to see your profits and losses for the year. Examining the record of your profits and losses can also help to improve your trading skills.


Trade like it is real


Once you have mastered the basic functionality of a trading platform, use the demo platform to experiment with various strategies. Are you a short-term momentum trader who likes high leverage and tries to capture 10 to 20 pip moves? Or do you prefer using less leverage and holding longer-term positions that could potentially yield hundreds of pips? Demo trading can help you discover what type of trading suits you best.


Demo trading is not the real thing, but it does help prepare you for actual trading. Many people are perfectly calm after sustaining a big loss in a demo account. However, some of them become completely unhinged over even a small loss in a real account. To make demo trading as productive as possible, you need to trade the demo account as if the money were real.


Easing into real trading is often the best way to start. Some forex brokers, such as OANDA, allow you to open an account with as little as one U.S. Dollar. When you start trading with even a few hundred dollars, the experience becomes real. Trading small amounts is the natural extension of demo trading.


The bottom line


Even after you decide to trade live, demo trading can be very valuable. Many successful traders will test strategies in a practice account before they try them out with real money. Demo trading does not guarantee profits in a live account. However, many traders agree that failure to achieve success in a demo account will almost certainly lead to failure in real life. That is why demo trading is vital to the growth and development of forex traders.



Virtual versus live forex trading


What is the difference between virtual and live on forex trading? There are so many comments on the topic, but if I can sum it up here, it is essentially a difference about our feeling in treating virtual funds compared to real money.




What is the difference between virtual and live on forex trading? When that question is asked, some people may answer, virtual trade usually can profit. But live trading means loss. Or else, virtual trading lacks sensation, live is more challenging, or virtual trading is easier, there is no loss of funds. There are so many comments on the topic, but if I can sum it up here, it is essentially a difference about our feeling in treating virtual funds compared to real money which lead to difference in decision making during trading.


Practice forex trading with virtual or live account?


So, if virtual funds are different than real money, then what is the use of demo trading? Well, training with virtual account before starting live trading is basically very important for forex trader candidates especially to understand the market, indicators, and other mechanisms.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


The problem is, many beginners feel impatient in prolonged demo trading with virtual account. Because of that, they went directly to live trading by thinking that there is no advantage can be taken from virtual. They considered it meaningless when they can't withdraw anything although managed to make profit. But well, if I may say something to them, you can say that when you have made profit, but what if you suffer losses or margin call?


I understand the impatience felt during demo trading. People usualy went straight to live account as soon as they know how to order buy/sell. Frankly, I was impatient too. First time I trade demo, I got out after the first week and went live. The result? Margin call in a week. That is when I realized that my skill is extremely insufficient and went back to virtual account.


There are some tips from senior traders in relation with training with virtual account:


1. Use virtual funds as much as the funds we are planning to deposit in the future.


If we plan on depositing 1000 USD, then use only that much virtual funds. The purpose is for us to not only learning analysis but also managing margin. Many friends who excels at demo trading lose out at live because there is no margin limit in virtual account. Forex brokers usually gave us relatively huge amountof virtual funds so that we can let a position to float hundreds or thousands pips. But then, after opening trades in live account with significantly smaller funds, the habit of letting floating position go on will soon invites losses and margin call.


2. Use the same leverage between virtual and live accounts.


This is in order for us to get used to the leverage. So, if we want to use 1:500 in live account, use as much leverage in virtual account. Treat virtual funds like real funds and regret it when you lose it. Or alternatively, like my friend said, trade in live account as if you used virtual funds, so we can trade without unnecessary burdens.


When to leave virtual account and start live trading?


The next question people often asked is about when to graduate from virtual account and start forex trading for real. Well, as long as you have abided aby the previous suggestions, here is some signs that point to the right moment to start trading on real account:


1. You can produce profit consistently.


It does not mean that all your strades should profit. It is just that you can make consistent profit from time to time despite of losses every now and then. Check your trading history each month and start trading only when you have satisfactory result for several period. Preferably, the result is something than can be put into a winning probability of 60% or more.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


2. You can run your strategy free of emotional interference


Beside of understanding the market, another purpose of practice forex trading in virtual account is to establish a reliable strategy. Of course, if you have already managed to produce consistent profit, chances are you already have a quite reliable trading strategy and money management. But can you roll out your strategy with the correct money management without feeling greed, fear, or other disturbing emotions? If you are able to do that, then consider yourself ready to trade in live account. Contrarily, if you are still easily get mad or lose spirit after consecutive losses, then keep away because you are not ready yet.


3. You can comfortably trade with your broker and trading platform


The third purpose of demo trading is to test the water, that is to know how suitable is the broker and trading platform that you used with your trading style and whether you can get used to the trading environment they created. In this one, you ought to make sure that your established strategy can run smoothly and your broker is fairly reliable.


If you have passed the three signs, then feel free to deposit and trade in a real account. It does not necessarily mean that you will be able to reproduce the result gained in virtual account though; it just means that you have gained the necessary understanding and feel of forex trading. For some people, experiencing margin call in the early days of trading is considered as some kind of rite of passage, just like how a kid will fall from bicycle at one time or other. The important thing to remember is to not give up after the first failure and keep trying.



Demo account


What is the difference between a demo account and a live trading account?


The primary difference between a demo account and a live trading account is that there is no capital at risk when trading in a FOREX.Com demo account.


FOREX.Com’s demo/practice account is a core element of our educational effort. A practice account is intended to familiarize you with the tools and features of FOREX.Com's trading platforms and to facilitate the testing of forex trading strategies in a risk-free environment using virtual funds.


Results achieved on the FOREX.Com practice account are hypothetical and no representation is made that any account will or is likely to achieve actual profits or losses similar to those achieved in the practice account. Conditions in the practice account cannot always reasonably reflect all of the market conditions that may affect pricing, execution and margin requirements in a live trading environment. Margin and leverage settings by product and account may vary from time to time between your practice account and a live account due to live account settings changes imposed by FOREX.Com resulting from market volatility and other factors. Rollover/financing charges are not simulated in the demo environments. The pricing available in the demo environment is the same pricing available to FOREX.Com account holders. Pricing for managed accounts and accounts referred by an introducing broker may differ.


How long does a demo account last?


Demo accounts last for 30 days after sign up. Afterward, you will not be able to log in using the demo account credentials.


Can I renew my demo account?


Demo accounts last for 30 days after sign up. Afterward, you will not be able to log in using the demo account credentials. Demo renewals are not available at this time. If you have further questions, please contact us.


Can I open multiple demos?


You can only open one demo account of each type (i.E. FOREX.Com platforms or metatrader) per email address.


I forgot my demo username or password. How do I retrieve them?


If you forgot your username, please contact us for assistance. If you forgot your password, please click here to reset your password.



SIMULATE


To sharpen your trading skills and test your ideas risk free.


Ninjatrader is always FREE to use for advanced charting, backtesting & trade simulation.


Learn through free simulation


Simulated trading is an integral component of the trading education process and equally as important for experienced traders wanting to test new concepts.


Verify your trading ideas


Ninjatrader’s high performance backtesting engine allows you to simulate your automated trading strategies on historical data and analyze their past performance.


Best Forex Trading Simulator - Virtual Money, live virtual forex.


Simulate the performance of custom strategies available through the ninjatrader ecosystem.


Play, pause & rewind the markets


Replay FREE historical market data tick by tick, fully synchronized across the platform as if it was happening in real time. Technical info


Control your own data feed


Using ninjatrader’s simulated data feed, you can control market direction to test your automated strategies or simply to help you learn the platform.


Get started for free


Award-winning technology consistently voted an industry leader
by the trading community


Clear savings for traders deep discount commissions and low margins for futures


Personalize your platform customize ninjatrader with indicators,
signals and strategies


Copyright © 2021. All rights reserved. Ninjatrader and the ninjatrader logo. Reg. U.S. Pat. & tm. Off.


Ninjatrader group, LLC affiliates: ninjatrader, LLC is a software development company which owns and supports all proprietary technology relating to and including the ninjatrader trading platform. Ninjatrader brokerage™ is an NFA registered introducing broker (NFA #0339976) providing brokerage services to traders of futures and foreign exchange products.


Futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. View full risk disclosure.





So, let's see, what we have: the best forex trading simulator will help you get rid of the bad habits and become a better trader. Simulated forex trading can be one of the most efficient ways to practice trading risk-free. At live virtual forex

Contents of the article