Benefits of simulated Forex trading?

If you are new to foreign exchange, it is recommended to choose simulated trading first.

It’s almost the same as real trading – the price quotes move the same, you have the exact same charting tools at your disposal, and can open and close trades just like you would with a real account. Let’s take a look at the benefits of simulated Forex trading and how you can start to practice and test your trading strategy in a simulated market environment.

Simulated Forex trading offers the exact same trading environment; only risk-free. It allows you to practice on historic price data, which moves with upticks and downticks and replicates the usual trading experience you would have with live trading.

These are the main benefits you get with simulated Forex trading:

A risk-free environment: A Forex simulator allows you to place trades on a demo account without the risk of losing real money. This helps to focus solely on your trading performance, since emotions are minimised with virtual money.

Live simulated quotes: All price quotes on an online Forex trading simulator move the same as in real trading.

Adjustable timing: While in real trading you need to wait for that daily candlestick to close, you can adjust the speed of the Forex market simulator to get more candles, more trades, and more practice during a short period of time. You can see that one day’s worth of data appears in only one minute on a good Forex simulator!

All the tools of your trading platform are at your disposal: While embarking on your simulated trading adventure, you can use all the tools of your trading platform to analyse the market. This helps to familiarise yourself with not only the tools, but also with the various features of the trading platform itself.

Test dozens of strategies risk-free: A Forex training simulator also allows you to test various trading strategies and pick the one that produces the best results. Make sure that the strategy matches your personality and trading style, and test it in a risk-free environment before moving on to a real trading account.

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