In this post I will be reviewing Forex Simulator. This is a very useful forex trading tool that allows you to practice trading over historical data by placing and managing orders as if trading in real time. In this Forex Simulator Review, I will be taking a closer look at this forex trading tool to see exactly what it is and how it works. Hopefully, this will help you to make a decision if it is something that you would like to implement as part of your daily trading routine. I think it is a very handy tool for backtesting manual forex trading strategies but this can be achieved in MT4 without any speciality tools such as this one. Read on to find out more.
What is the Forex Simulator?
A Forex or stock market simulator is a piece of software that “simulates” real market conditions. This allows traders to trade and practice their strategies with virtual money before testing their skills on the live market. Forex Simulator lets you move back in time and replay the market starting from any selected day. It shows you charts, indicators and economic news as if it was happening live. You are able to place your orders, modify them or close them, just like you were trading live. The software gives you access to all Forex major pairs plus XAUUSD and XAGUSD. You can also run simulations on oil and main stock indexes. Choose your favourite instrument and trade it.
Practice makes perfect and the Forex Simulator tool will allow you to train your trading skills faster without needing to take any risk. You can even practice your trading skills on the weekends when the markets are closed. You do not need to wait for specific market conditions or chart watch for hours waiting for your trading system signals, you can practice at a time and pace that suits you. With this tool you essentially control time and can focus on the most important aspects of a trading system. It is a quick and efficient way to test how a trading system would have performed over historical data.
Forex Simulator Features
The main feature of the Forex Simulator tool is the ability to move back into time and replay the markets from any point in history and test a trading system. The tool can display charts, indicators and economic events as if in real time. You can place orders, modify open orders and close them as you would trading on a live chart. The simulation speed can be adjusted so you can adjust it as and when required. It is a much faster way of testing a trading system than paper trading or forward testing. Of course, we must consider that this does remove some of the important factors of trading such as trading discipline and emotions.
The tick data used in the Forex Simulator is very high quality downloaded from Dukascopy up to 10 years back with real spreads, so much more reliable than your normal MetaTrader 4 historical data. You can run this forex trading simulator on 33 forex pairs, gold, silver, oil and 12 stock indexes. It can be used to simulate trading on multiple time frames, custom time frames and even on renko charts. The built in economic calendar will display economic releases on the chart. You can save your simulations, use any indicator, control the risk, apply automatic trade management, save html reports and much more!
Since this trading simulator is an add-on for Metatrader 4, it allows you to use all built-in MT4 indicators as well as many custom ones. You can also use MT4 templates to prepare your charts quickly. The simulation can be saved to a file and loaded at a later time. All your trades, pending orders, stop losses, take profits, trailing stops and other settings will be restored.
Some of the main advantages of the Forex Simulator are as follows:
- The Forex trading simulator lets you train much faster, without taking any risk.
- No more waiting for certain market conditions or price movements.
- No more having to watch the charts all day long.
- With our simulation software you can control the time and focus on most important moments.
How does Forex Simulator Work?
The Forex Simulator works as Expert Advisor for Metatrader 4. It combines great charting capabilities of MT4 with quality tick-by-tick data and economic calendar to create a powerful trading simulator. It uses offline charts, which let you use indicators, templates and drawing tools available in Metatrader.
However, it is not limited to using historical data offered by Metatrader, which is usually low-quality data. It also lets you download and use high-quality tick data from Dukascopy and TrueFX.
In order to use the Forex Simulator software, you will need a trading account with a forex broker. With so many forex brokers to choose from nowadays, it can seem very difficult to find a suitable option. If you are new to forex trading online and looking for some inspiration, please feel free to browse my best forex brokers for some inspiration along the way.
Forex Simulator Summary
This is a fantastic forex trading tool and perhaps the best forex simulator available. It does everything you would need it to do and more. Anybody who wants to practice and test a manual forex trading system should use this. The time it will save you will be invaluable and it can also allow you to master your trading system. It comes with lifetime updates, support and a money back guarantee. If you are looking for a realistic tick data forex trading simulator then this is certainly an option.
Alternatively, you could simply run backtests in the MT4 strategy tester in visual mode. You can select the speed in which you want to run the charts historical data, pause and play. This will let you practice your entry and exits on historical data without needing any third party solution. The MT4 platform you can get free of charge from most forex brokers. However, you will not be able to record and save your trades which is why the Forex Simulator software is so helpful.
- Any Trading Instrument
- Any Timeframe
- 60 Day Money Back Guarantee
- Full Support
- Detailed Instructions
- Practice Your Trading Strategies
- Unlimited Licenses
- Unique Trading Simulator
- MetaTrader 4 Only
- Quite Complex To Setup
- Tick Data Downloads Needed
Self-confessed Forex Geek spending my days researching and testing everything forex related. I have many years of experience in the forex industry having reviewed thousands of forex robots, brokers, strategies, courses and more. I share my knowledge with you for free to help you learn more about the crazy world of forex trading! Read more about me.