Forex demo account is a widely used tool to gain some experience before starting real trading. Forex trading simulator software is not that known, but it serves the same purpose.
Using the trading simulator software gives you many benefits over regular Forex demo account. The simulator also helps use your time much more efficiently.
No Forex Demo Account works OFFLINE!
First of all, any demo account is only working on workdays – when the trading is active.
For many of us with a day job, this is bad news – we usually have no time left during busy weekdays. And on weekends, when we might have time to spare, there is no trading – the Forex markets are closed!
Trading simulator is a perfect solution for that. You can practice any time you want, anywhere – even without an Internet connection.
The simulator works on historical market data. It only uses real ticks and guarantees 100% market modelling quality. The ticks are rendered with up to 1 ms accuracy, according to their original time stamp.
The Simulator can also imitate trading server delays. This will help you test how the order fill work during a fast moving market.
Free high quality historical tick-by-tick market data is available for 15 main pairs since 2009.
Trading Simulator’s unique functionality gives you convenience and saves a lot of your time:
Let us explain.
Practice on a Forex demo account can be huge time waste. Sometimes the markets are just not moving. On a demo, you have no choice except to wait – in real time.
Fast forward* is key to time saving. With this Simulator feature you can skip the dull time and proceed only when there is some action. Just like you would skip the commercials in a recorded TV series.
Moreover, during forwarding, all order operations are also working!
Furthermore, the Simulator data feed also has a slow motion* mode. Sometimes the markets do move fast, e.g. during major events or news releases. So this feature is handy for practicing e.g. news trading.
Pause/resume. When you get interrupted, or need to make a break, you don’t need to worry: just put the Simulator on hold. Once you are back, you can continue from the very next tick where you stopped. No demo account can give you such freedom to manage your time.
Read more of OFFLINE Forex Simulator.
Simulator also saves you time ONLINE
You saw that the Simulator’s offline functionality makes it far superior to any demo account. As a matter of fact, it is like adding a new dimension that no demo account is capable of.
But let’s now compare apples to apples – online mode. The trading simulator also provides access to real interbank prices for 10 main currency pairs (no account is needed).
Bottom line, here the Simulator also wins hands down – thanks to Time Shift*.
Like we said, at times the Forex market can be really slow and boring. You may have to wait for the next quote for over a minute. No demo account can do anything about it – it always feeds all the quotes in real time.
The situation is principally different with the Simulator. It lets you manage and save time the same way as it does offline.
Time Shift* feature makes it possible to pause the live feed! The Simulator will start recording the data. When you resume, you won’t lose any tick, but you can use fast forward mode to only concentrate on the interesting market action and thus don’t waste your time.
Naturally, you can return to the current time any time you want.
Trading Simulator Or Real Trading?
We need to understand that neither trading simulator nor demo account can replace real trading practice. It is all about psychology. Your trading decisions might differ drastically when you are betting your real money.
On the other hand, practicing trading for real money from day one is not the best approach either. Drawing an analogy, you can quite efficiently learn how to swim by jumping from the bridge. But most people might find this practice too stressful. And not even worthy the outcome.
So the trading simulator (and demo account as well) is most beneficial for beginners. The less trading experience you have, the faster you gain skills. However, you might find it useful later as well.
*) Fast Forward, Slow Motion and Time Shift are premium features.