Simulators are very powerful tools that traders may use to improve their trading skills. Two of the popular forex simulators are Forex Simulator, and Forex Tester.
Forex Simulator is a very handy tool that works alongside Meta Trader 4 to help you become a more successful forex trader. It provides much more than a demo trading experience.
Rather, it allows traders to actually go back in time and conduct virtual trades as if they were actually trading on the market. It means that all the market conditions that were actually in effect during the selected past period, are being simulated to give traders the opportunity to learn how to trade in actual market conditions. The Forex Simulator provides you with the charts, the indicators, as well as all the economic highlights that were actually available on the selected date and time in history. Forex Tester offers a wide range of features depending on the version that is chosen.
Benefits of Forex Simulator
Forex Simulator offers several benefits to traders. To begin with, this tool helps traders to save time when compared to other tools such as demo trading accounts. This is possible because traders have the opportunity to speed up trading as they deem necessary, cutting out all time periods which they deem as unimportant or insignificant to the overall outcome of the trade.
In addition to allowing traders to use historical data, Forex Simulator also allows traders to access and download high quality tick data from sources such as TrueFx, as well as Dukascopy.
With Forex Simulator, traders have access to all major currency pairs. In addition, the software gives traders the ability to also run simulations in the stock market as well as in some commodity markets.
Some Features of Forex Simulator
One of the powerful features of Forex Simulator is the multiple timeframes offering that allows traders to open several different charts in different timeframes simultaneously. Apart from the common timeframes, traders are also able to create custom timeframes as they deem necessary. Traders have access to range charts, renko charts, tick charts, as well as the regular standard trading charts.
Features and Benefits of Forex Tester 3
With Forex Tester 3, traders can trade any number of forex currency pairs at a time. The software also allows for highly detailed trading analysis. The software also always shows the real number of ticks in any trade. Traders have the ability to also assign hotkeys to any function, allowing for the speeding up of training. In addition to the regular graphical tools, Forex Tester 3 offers price labels, arrows, thumbs up and thumbs down, lines, waves, shapes, Fibonacci and more. These graphical objects may also be easily deleted and edited as necessary. If any mistakes are made, the software allows for the immediate correction of any errors. In addition to all the great features already mentioned, Forex Tester 3 also offers multi-threaded data downloading.
Both Forex Simulator and Forex Tester are very powerful tools that traders can use to up their forex trading game.